Tuesday, March 31, 2009

Bi-weekly Budget

So far I'm finding it easier to budget on a paycheque to paycheque basis. Potentially I might try doing a full monthly budget in May but doing it by pay period makes me feel like I have more control. Plus, my inner geek now loves budgeting so I get to do it more often.

Tuesday, March 31st to Tuesday, April 14th
Income $2,636.31 * Incl. $1,100 from S for Rent & Util.
Groceries (100.00) *April 5th
Internet (34.84) *April 1st
LOC (210.00) *April 2nd
Rent & Utilities (1,790.00) *April 1st
Visa (53.00) *April 10th
Total $448.47

Days In Pay Period, 15
No Spend Days, (5)
Save as Much as Possible Days, 10
Max Spend per ok to spend Day, $44.85

Minimum Bank Balance Per Day
Tuesday, 31-Mar $2,636.31 *no spend
Wednesday, 1-Apr $766.62
Thursday, 2-Apr $556.62 *no spend
Friday, 3-Apr $511.78
Saturday, 4-Apr $466.93
Sunday, 5-Apr $322.08
Monday, 6-Apr $277.24
Tuesday, 7-Apr $277.24 *no spend
Wednesday, 8-Apr $232.39
Thursday, 9-Apr $232.39 *no spend
Friday, 10-Apr $134.54
Saturday, 11-Apr $89.69
Sunday, 12-Apr $44.85
Monday, 13-Apr $0.00
Tuesday, 14-Apr $0.00 *no spend
Wednesday, 15-Apr Pay Day

My mininmum bank balance takes into account my budgeted expenses, then deducts my ok to spend amount on my ok to spend days. So far I prefer the flexibility of a budget like this rather than breaking down a specific amount for clothes, entertainment, etc. As long as I keep my account above my daily minimum's, I'll reach my current goal of paying off Visa #2 by the end of September.

For my planned purchases (right now: hot yoga class card, yoga mat on sale, ski helmet) I was originally going to put all the $$$ I could on my Visa and then for planned purchases, just use my Visa. But I'm changing that plan. Now that Visa #2 balance is starting to come down, I don't think I could handle seeing it increase again - too anti-motivational. Since I need to change my financial habits anyway, I'll save up my ok to spend amounts instead for these purchases rather than resorting to plastic.

Today, my bank account balance is $2,666.31 - I'm $30 over my minimum but the $20 I budgeted for March bank fees hasn't come out yet so technically, I'm probably only about $15 over (hopefully bank fees won't be the whole $20). Have a great day everyone!
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3 comments:

  1. AnonymousMarch 31, 2009 at 1:24 PM

    i have to say, you have one of the most unique budgeting methods i have ever seen! i keep track of when payments come out to make sure that i have enough in there too, but i do keep a more traditional budget as well. but hey - it seems to work for you! good luck with your goals!

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  2. AllieInTheCityMarch 31, 2009 at 5:50 PM

    Thanks Flirty! I haven't fully figured out if this is just a novice budget or if it's really what works best for me. At this point, I want to give myself the greatest chance of success and categorizing all my cash makes me feel a bit claustrophobic. Pretty soon I'm sure I'll get down to the nitty gritty though!

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  3. The Asian PearApril 1, 2009 at 7:37 PM

    I totally see where you are going with the bi-weekly thing. I sort of do this too. But not in so much detail. I break mine out by pay dates and known expenditures going out. Basically, tracking by account in real time. Money-Time Management.

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