Updated: Apr 28, 2021
Hey girl, hey!
So there you are getting paid every two weeks… thinking that you are rollin’ in the dough. Yet, even with this pay frequency, it seems that the money is leaving your pocketbook faster than the direct deposit is hitting your account. And somehow, someway there’s always a bill or two that ends up getting paid late or not at all (noooo!). But how in the world is a girl supposed to manage monthly bills when your pay is split up into two or three checks a month?” Girlfriend, I got you! Let’s take a closer look:
Now if you’ve been following my posts regularly, you know that I’m a huge advocate of having an excel spreadsheet to keep track of your income and monthly expenses, but with bi-weekly pay periods, things can become a little tricky.
Folks with bi-weekly pay frequencies will have a beginning of the month check, an end of the month check, and sometimes an extra third check during any given month (winning!). So the best way to manage this situation is to pay close attention to the due dates of your bills and plan accordingly.
Below I have created a sample budget based on a hypothetical, single, career woman with no children who nets about $1400 every two weeks. Please note, not every budget will look the same and yours will have to be adjusted to fit your lifestyle.
To some of you this spreadsheet example may seem like a lot of mumbo-jumbo, but let me break it down for you column by column so that we're all on the same page.
The first column is a list of all your regular monthly obligations. Color coding can help keep track of "bill categories". For example:
Green = Savings
Blue = Necessary Household Bills
Orange = Transportation Expenses
Purple = "Nice to Have" Household Bills (can be reduced and/or eliminated)
Red = Debt
The second column lists your due dates for each bill. As you see... not all items on your spreadsheet will have set “due dates”, so money can be allocated toward those items as your budget allows. However, notice that all bills that do have required due dates are scheduled to be paid on or prior to the actual date it’s due.
The third and fourth columns are split into two parts. The top portion shows each pay date and how much was on each paycheck (income).