You guys. This is the first paycheck of mine where I'm contributing such a large amount of pre-tax income to my 401k (30%!). By contributing 30% to my 401k my net pay is a lot less than I'm used to, about $400 less. However, that was going to my emergency fund, which I'm just going to scale back for now (see my budget for this paycheck below).
Paycheck amount: $873.85
Budget for July 20th - August 2nd:
Rent: $225 (this gets split up between paychecks, total rent is $450)
Travel: $180 (preplanned hotel stay out of town with friend)
Emergency Fund: $100
Pet Food: $41 (our cat has special diet needs)
Pet Supplies: $20
I'll follow up with actual spending before the next payday.
At the end of 2017 my company announced that we were going from a bi-weekly pay schedule to a semi-monthly pay schedule. This means that instead of payday being every other Friday, it will be every 15 days, unless it falls on a weekend or holiday (or something like that, it's really dumb). So you can see that the pay date, although usually falling on the 5th or 20th, varies. Sometimes it's a Tuesday, sometimes it's a Thursday, sometimes there are three weekends between paydays. And the pay period isn't always going to be the same number of work days. For instance, one of my paychecks in February had only nine work days so my paycheck was smaller than usual.
This may not seem like a big deal to some, but for a planner like me, it is extreeeeemely frustrating. The lack of consistency in days and paychecks makes me feel like I'm going to short circuit. But alas, despite the feedback from employees, I don't think it's going to change. So until then, I'll just refer to chart they provided and wait not-so-patiently for my pay stub to become available to budget off of.
I'm going to start posting my budgets at the beginning of the pay period and what I actually spend at the end of the pay period. Until then, since I don't have any of that information on file, I figured I'd show you my spending from January 2018 to today, courtesy of Mint.com.
You can see the majority of spending went to paying the last of my student loan. My shopping category is higher than what I'd like but that's including a large handful of Amazon purchases ranging from housewares, gifts, and personal care like face wash that I just didn't separate out.
Check out my income graph below showing my monthly income. It varies each paycheck because of the extremely inconvenient pay cycle my company switched to, which I'll talk about in another post.
February income was high because of my tax return and for some reason, Mint only has one April paycheck on record (I definitely got paid twice that month). July is also small because I haven't yet received my second paycheck.
This trend will soon be changing as I'm beginning to contribute more pre-tax income to my 401k but will keep you posted on what exactly that is.