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October Extra Paycheck Allocation

September 24, 2009

I wholly agree with Always the Planner:  Budgeting is an important tool, and it isn’t just for personal finance “beginners”.  I get that budgeting may not be your style — that is totally acceptable, as long as your finances are healthy.

But please don’t tell me you don’t keep a budget because your finances are so automated and your spending habits so ingrained that you just don’t need one.   I’m never close to spending everything I take home, but that doesn’t mean i don’t budget for what I plan to save and spend..  Each month is a little different, and my budget is always adjusting as things come up.  And I guess it may not REALLY be a budget, because if i reach the limit in a category, I usually just adjust it up to fit my needs.  But if I’m constantly spending too much on things I don’t really value, I can spot it early on and fix it.

With that in mind, October is a 3-paycheck month, and here is my spending/savings plan for that “extra” paycheck.  Of course, 401k and Roth IRA are taken out automatically as usual.

Fitness Fund (for bootcamp):  $175
Wedding Fund:  $350
Student Loan Account:  $380
Big Dreams Fund:  $170
Travel Fund:  $350
Clothing Fund:  $25
Misc Fund:  $100

6 Comments leave one →
  1. September 25, 2009 5:26 am

    This is the first time I get to experience the joys of an extra paycheck! I’m so excited! (I always budgeted weekly before, so it wasn’t a factor.)

    But yes, I agree too. To me, any kind of “money plan” is a budget. You can’t automate everything without making sure that you’ll always have money in the account to pay things. You need a budget. Even if you adjust things after spending more than expected….its still a budget! You allocated all of your dollars, no matter where they went.

  2. September 25, 2009 9:04 am

    Love it! October is a 3 paycheque month for me too 😀

    I’ve been playing with my numbers, but haven’t quite settled on where the money will go. A lot depends on my landlord/living situation – which is now up in the air for at least 3-4 weeks.. ugh.

  3. September 25, 2009 2:58 pm

    I don’t really keep a budget but for other reasons… I just try to let it go with the flow and keep my variable spending in check

    Other than fixed expenses that have to be paid — rent, groceries, utilities — everything else is up for grabs .. and with that kind of knowledge I just try to keep my extra purchases in check

  4. September 26, 2009 10:37 pm

    Yeah, I guess it depends on what you define “budgeting” as. Like QL girl, I think as long as you’re actively involved in deciding where your money goes…that’s budgeting in itself.

  5. September 29, 2009 12:25 pm

    Yay, extra paycheck month for me too! My plans are

    1) Christmas funds, the holidays will be here soon
    2) Plump up the Misc Fund – covers the unbudgeted/unexpected expenses
    3) Extra Savings

  6. September 30, 2009 1:56 pm

    I agree. I hate it when people say they don’t budget because everything is automated (and isn’t automating everything a way of budgeting anyway?).

    I say call it what it is! =)

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