Middle of month income

I’m starting a new budget and I have everything ready to go. If I don’t receive any income till the 15th how do I account for any spending I have to do before the 15th.

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  • When you start your budget, it takes all the money in checking, and savings (whatever cash accounts you have "on budget") and puts those $s into To Be Budgeted.

    From there, you budget money into categories that you will need to spend out of before your check on the 15th comes in.  When your check on the 15th comes in, that will also go into TBB, and you can budget for your needs for the rest of the month.

    The thing you need to ask yourself (every time you have money in TBB) is "What do I need this money to do until I get paid again?"  Then you budget it accordingly.

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  • If you find you have no money, but you are paying those bills with a credit card, you will quickly find out if you are potentially riding the credit card float. The credit card float is when you are using future income to fund current expenses. You can search for lots of information in the forum on this topic.

    If that is the case, you would record those transactions using your credit card and fund them as much as possible with the cash you have. If you run out, leave them unfunded. Then, when you get your money on the 15th, fund all of those items first. Then use the remainder to fund the remainder of your expenses. 

    But I would advise doing reading on credit card float if that is the case for you.

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