Bi-Weekly Paychecks

tigerfighter

I get paid bi-weekly and plan on budgeting with just my normal hours pay (overtime pay will go towards financial goals).  I plan on budgeting so I use 2 paychecks a month and so I get 2 months with a bonus check.  Now I am not sure which paycheck I should use as the bonus check (which will be going all towards goals).  My first "extra" check comes next month.

Xstatic3333

Hmmm, the way I do it is that the last paycheck before the rent day goes to rent and first half of the month bills, first paycheck of the month goes to the rest of the bills, second paycheck is "bonus" and third is the next months rent.

tigerfighter

That sounds like a good idea.  I was planning on putting half of rent away each of the 2 paychecks, and paying as many bills as I can with whats left.  And a budget of $100 a pay period on food.  

hoffse

I get paid bi-weekly.  In months where I get 3 paychecks, I always save the third one.  I pretty much fund my Roth from my "extra" paychecks each year.

My rationale is that if I save the third paycheck, I'm not going to run into issues with money clearing my account before the end of the month to pay bills.  I will already have my two budgeted paychecks in my bank account.

I just don't like getting paid on the last day or second to last day of the month.  I pay all of my bills at the end of the month at once.

Mom987

We also have an extra paycheck in May (yay) and I hope to put it towards the mortgage.

tigerfighter

I am hoping that it will finish up my current credit card I am clearing up. Between the overtime pay for the next four checks and that check it should be gone and then time to move on to the next card.

Erikan73

I use the final paycheck in the 3 payday months as my bonus & use it to catch up on bills that I'm working on paying off

formerlyGDaisy09

I went salaried, paid monthly a year ago.  I miss those "extra"-check months.  I used to take the 3rd check and split it between the various debts we had to pay off and building up our e-fund and savings accounts. 

KatieCutie05

I would cound your reliable income as the 2 checks each month and work your monthly budget based on that income only.... on months you get more then that (bonus check or months where you get 3 paychecks) then I'd immediatly take that extra check and put it toward your goal like saving or paying off debt. Like my husband has 2 jobs for example so what we do is we only count our 2 full time jobs as our monthly income and work our budget based on that (food, gas, mortgage, debt minimums...everything) and then when a paycheck from job 2 comes in i immediately make a debt payment in one lump sum payment (right now it goes to my car loan) for that exact amount. I never round becuase every penny has a name.