When do you start next month budget?

I fix any errors,pay off my credit card and make sure my balance's match whats in the bank. I must take care of this before the end of the month cause sometimes its hard to figure out what went wrong in the last month. I hate starting all over. So the 1st - 5th is when my budget is set for the month.

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  • All of my funding for May is from April paychecks so I did my May budget after my last April paycheck cleared. I reconcile my accounts every 2-3 days so I don't have lingering issues. I also don't spend if the category doesn't have enough money. If I know I want to spend and there isn't enough, I move the money from another category before I make the purchase. This way I don't have to worry about fixing the previous month's budget.

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  • I get paid on the last business day of the month for the entire proceeding month.  Thus, today is payday!!!!!!!  On payday I reconcile all my accounts, empty any excess category balances for the month into my E-fund (my top priority right now), budget for next month (I don't let any categories get overspent, knock on wood, otherwise I would deal with that first), and track my net worth and some other parameters in a google spreadsheet.

  • Usually, It's the first-ish of the month.  I reconcile my accounts, and make sure that there aren't any categories that inadvertently went "over",  And I go through the categories that I don't expect to accumulate, and transfer any remaining balances into either a holding category (what some have called "what I forgot to budget for"...  I call it "slush fund" but same basic thing) and possibly move some extra into my wish farm. 

    I have a "Next Month's Budget" category that accumulates all income for the month, so I Move that to TBB and if the amount is equal to or greater than the amount in the "underfunded" quick budget, I  just hit that.  Otherwise, I go by category group, and fund them, until the money runs out.

    Then I spot check a few categories, and move things around as I see fit.

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