BudgetsTwo paychecks
Biweekly paycheck budget
A paycheck-by-paycheck budget on one page. Each of two paychecks gets its own list of bills with due days, amounts and a paid box, so you can see which bills each payday has to cover and how much is left afterward.
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On this page
What prints
The sheet is headed Paycheck Budget, with a single Month line at top right. The page is split into two columns, one for Paycheck 1 and one for Paycheck 2. Each has a shaded header with Payday and Amount lines, then a table with the columns Bill or expense, Due, Amount and Paid. Every row ends with a small empty checkbox to tick when the bill goes out.
At the foot of each column are three boxes: Paycheck, Bills and expenses, and Left over. A line of small print under them says to list each bill under the paycheck that arrives before its due date.
The settings
- Heading. Replace "Paycheck Budget" with your own words, such as "November, two paychecks".
There is no notes box on this layout, because the space goes to bill rows.
Why budget by paycheck
A monthly budget assumes your money arrives in one lump. When you are paid every other week, bills land between paydays, and a rent check can fall when the account is thin. Matching each bill to the payday before its due date shows the squeeze early.
Remember that 26 biweekly paychecks make two months a year with three paydays. Print a spare copy for those months and treat the third check as a bonus: put it toward savings or a debt, not everyday spending.
If a bill's due date is awkward, call the company. Many will move it to a day that suits your pay schedule.
Worked example: two $1,800 paychecks
Paycheck 1 ($1,800, payday Friday, Nov. 6) covers rent $1,100 (due the 10th), phone $60 (12th), car insurance $120 (15th) and a student loan $250 (18th). Bills: 1,100 + 60 + 120 + 250 = $1,530. Left over: 1,800 − 1,530 = $270.
Paycheck 2 ($1,800, payday Friday, Nov. 20) covers electricity $95 (22nd), internet $65 (25th), car payment $310 (28th) and a credit card $400 (30th). Bills: 95 + 65 + 310 + 400 = $870. Left over: 1,800 − 870 = $930.
The first check is tight and the second is loose. Moving the student loan to the 25th would shift $250 across, giving $520 and $680. Groceries come out of the left-over amounts, so write them in as rows too.
Filling it in
Start with the two paydays and amounts. Then list every recurring bill with its due day, and slot each under the paycheck that lands first. Annual and quarterly bills, like insurance or a car registration, can go in the month they fall, or you can set a little aside from every check. Tick the Paid box as each bill leaves your account, which doubles as a record if a payment is ever questioned.
One last thing
This is a bookkeeping aid, so use your own judgment about what to pay first. Anyone behind on essentials can get free guidance from a nonprofit credit counselor.
Sources
- Consumer Financial Protection Bureau: Bill calendar, know what you owe and when it's due consumerfinance.gov
- Consumer Financial Protection Bureau: Creating a cash flow budget files.consumerfinance.gov