My Budget: 1st June Paycheck

Hello June.

Normally I would be excited for the fresh start that is a new month, but 2020 has been intense; just one thing after another. I saw this floating around the Internet and thought it summed things up perfectly:

And yet, still life must go on.

Today we are going to take a look at my paycheck budget, with a side of monthly budget estimation thrown in. For the record, I have determined I am NOT (yet anyway, the jury is still out) a monthly budgeter. While budgeting by month is helpful for many people and what many financial gurus suggest, if you are like me and have trouble with a monthly budget, try a paycheck budget. This doesn’t get you out of creating a budget, it only means you will have to budget more frequently.

In addition to not being a monthly budgeter, I do not make much use of a monthly calendar. It is not because I do not see the value in a monthly view; I just find myself not using it as a reference. I am so fastidious about paying my bills on time that the monthly calendar does not help me keep track of my regular bills. If you are a visual learner, absolutely keep the monthly calendar so you can see what is going on. I am, however, going to try this month on one page calendar and see if it helps with irregular or infrequent things that pop up as well as use it for a monthly budget review.

I have adopted The Budget Mom’s (thebudgetmom.com) layout for paycheck budgeting, but modified it to better suit my needs. It has been working well for me thus far. When creating your budget, do not be afraid to mix and match styles to discover what works best for you. Personal finance is about your situation and what you will stick with to help you reach your financial goals. 

Not too much exciting here. The carryover amount is large because it includes money set aside to pay bills from the last check that did not come out before the new payday.

A Monthly Budget View

If you’ve read some of my other paycheck budget posts, my expenses currently regularly outweigh my income. However, there are a few things to note: 

1. I could cut back some more in my budget, but I currently want to start with realistic numbers and see how it goes.
2. Despite my student loan minimum monthly payment going up, the COVID-19 forbearance has allowed me to feel what not being short every month feels like (GREAT, by the way).
3. Taking advantage of the forbearance, I have paid off two credit cards (YAY!) and fake paid off two more (transferred balances to a zero interest card). 

Since I am focusing on saving for the moment, I will only be paying the minimums on my debts for the time being, then re-assessing what I have left. I will continue to keep my standard savings amount.

Here’s to a financially stable June.