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Mid or Late Monthly Pay budgeting

If you only get paid once per month at or near the end of the month then you can approach your Budget in one of three different ways.

The method you choose should be the one that works best for you but regardless of which path you take you won't be locked into doing the same forever - you can change how you do it the very next month.

Enter all income for the current month.

  1. Enter your income in the account register where the money was deposited as Income for (the current month).
  2. Budget your entire Available to Budget amount to zero in the current month on the Budget fully funding all of the Categories that need money before you get paid again. Since any money left unspent in a Category Balance will roll forward automatically any money you don't spend this month will be there waiting for you next month.
  3. When you get paid next month repeat!

Enter your check as a split transaction.

  1. Record enough out of your income check in a split transaction as Income for (the current month) to last out the remaining days of the current month.
  2. Record the remainder of your check in that same split transaction as Income for (the next month).
  3. In the current month Budget your entire Available to Budget amount to zero on the Budget fully funding all of the categories that need money in the current month.
  4. In the next month Budget your entire Available to Budget amount to zero on the Budget fully funding all of the categories that need money in that month.
  5. When your check arrives next month repeat steps 1-4 while adjusting the amounts you budgeted in step 4 if they need additional funding.

Getting away from either of the above

Your ultimate goal is to Live on Last Month's Income and with a once-per-month pay situation you're nearly there! All you need to do is strive to not spend as much as normal through the month so that you'll arrive on payday with money still in hand. Eventually you'll have enough on hand when your income arrives to categorize it completely as Income for (the next month) and budget the entire month.