I think I'd have added that you can modify the budget at such time as you find out there'll be overtime income in it. When I get assigned something at work that'll cause me to have higher than 'standard' income, I modify the expected income and give those dollars names right away. Then when the check comes in I tweak the numbers as necessary to match the exact dollar amounts.
I don't factor in my overtime. I do a budget every two weeks a couple of days before I get paid and few variables change. Overtime simply gets applied to my debt. Five months or less left! No debt besides the house and I'll only be a couple thousand from my 6 months of expenses, 18K, as well. Thanks Dave!
I use my bonus I get 4 times a year and put it in a sinking fund for a car as I am learning to drive. One bill I only pay 10 months of the year but again I put the months I don't have to pay into a sinking fund for utilities.
I dont factor my Overtime because sometimes Overtime falls away. I usually do my regular pay check and then at the end of the month I put the overtime money in savings (because we are debt free) but if not you could put it toward debt or something for the next month.
I modify my budget as it goes to include OT so it doesn't just disappear. Usually it all goes into saving unless there's something we need to get done. We're on step 3, about done. Should be done with it in a month if we don't get hammered in fines from Obamacare.
I get paid bimonthly, but my overtime is almost always less than around 8 hours per pay period. I make my budget based on my base pay of 40 hours per week, and then consider the overtime as "bonus money." Sometimes I'll put that money in savings, and sometimes I'll use it to splurge on something.
Just base it without the overtime. I think that's easier. Just take any overtime to accelerate savings and/or debt payoff.
You NEVER factor in OT cause that fluctuates. Just budget your straight 40 hour pay
Exactly. OT is all gravy, baby.
I don't do it that way myself. anything left over after all the bills are paid goes to my savings.(above my regular pay I should add)
John Sebeny My method is similar to yours, but I usually add the "leftover" to my extra mortgage payment.
I think I'd have added that you can modify the budget at such time as you find out there'll be overtime income in it. When I get assigned something at work that'll cause me to have higher than 'standard' income, I modify the expected income and give those dollars names right away. Then when the check comes in I tweak the numbers as necessary to match the exact dollar amounts.
pault726 exactly...I do the same with my spreadsheet a two minutes.
I don't factor in my overtime. I do a budget every two weeks a couple of days before I get paid and few variables change. Overtime simply gets applied to my debt. Five months or less left! No debt besides the house and I'll only be a couple thousand from my 6 months of expenses, 18K, as well. Thanks Dave!
MrBoredom123 exactly just dump all of the OT money on debt
I use my bonus I get 4 times a year and put it in a sinking fund for a car as I am learning to drive. One bill I only pay 10 months of the year but again I put the months I don't have to pay into a sinking fund for utilities.
After funding baby step 1, I used OT money to pay down debt (baby step 2).
I dont factor my Overtime because sometimes Overtime falls away. I usually do my regular pay check and then at the end of the month I put the overtime money in savings (because we are debt free) but if not you could put it toward debt or something for the next month.
Thank u I like that because I didn't understand this video🤦🏾♀️
I modify my budget as it goes to include OT so it doesn't just disappear. Usually it all goes into saving unless there's something we need to get done. We're on step 3, about done. Should be done with it in a month if we don't get hammered in fines from Obamacare.
I get paid bimonthly, but my overtime is almost always less than around 8 hours per pay period. I make my budget based on my base pay of 40 hours per week, and then consider the overtime as "bonus money." Sometimes I'll put that money in savings, and sometimes I'll use it to splurge on something.
I really wish the app was available for Europe.
Interlude Adventures there are other budget apps out there just make sure you account for every dollar so you spend every dollar in a category.
Interlude Adventures or there is the cash envelop method that goes hand in hand with the budget
Duh