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Budgets for Beginners: The Paycheck Budget

Did you know that 78% of workers in the United States that are living paycheck to paycheck? Millions of Americans are struggling to make ends meet and are just one paycheck away from not being able to pay their bills on time.

Budgets for Beginners The Paycheck BudgetNot paying your bills on time that can result in late fees, which means more money you don’t have that you need to pay other expenses, and a lower credit score. The Paycheck budgeting method will help you get on track to paying all your bills on time every month and hopefully help you become more financially stable. Before you start budgeting, track your expenses for a few weeks to see where all your money is going so you can create a realistic budget.

After tracking your expenses and determining where your money is going, need to determine when you get paid/how much you get paid, and when all your bills are due. Add all your recurring bills first (rent, credit card, cell phone, etc.) and put them into a calendar/planner (below is an example you can use and modify). Make sure all your bills are paid first when you receive your paycheck. This way, you can eliminate any late fees you may be incurring.

Next budget for your flexible expenses (groceries, gas, eating out, entertainment, etc.).  Make sure you are putting money aside for irregular expenses like holiday shopping, vacations, or car insurance and adding that to a savings account. Set realistic amounts for your flexible expenses. You will get discouraged if you are always spending more than what you have budgeted for.

Living paycheck to paycheck is not a way to live. Paying your bills on time every month is your main priority and this budget method will help you with that along with making sure you’re not overspending on things you may not need.

Month: ______________

 

Paycheck #1: ______________ Amount: $_____________                          Date: __________

Expense

Date

Amount Budgeted

Actual Amount

Remaining Balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paycheck #2: ______________ Amount: $_____________                          Date: __________

Expense

Date

Amount Budgeted

Actual Amount

Remaining Balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Julia Fabijanic, undergraduate student / Human Development and Family Science

Carrie Johnson, Ph.D., AFC, Extension Specialist and Associate Professor  /  Human Development and Family Science

 

Want to learn more about budgets?

Budget Like a Boss  Using Envelopes to Track Expenses Budgets for Beginners Getting Started Budgets for Beginners 50 30 20 Budget RuleBudget Boss Tracker

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