UNspent money from last month
I have set up my budget for June and only have three expenses that are due to come out by the end of the month. I have allocated the balance of the money to be budgeted into items that are due next month. Is this correct?
My next pay check is 1st of July. Do I open the July budget and add this then?
Yes and yes. 🙂
One thing to consider if you have multiple checks per month is to get to where you can budget your checks in the month following the month of receipt. This allows you to work with a month-sized chunk when you budget. (You would just queue up checks throughout the month in a holding category.)
The benefit is convenience and clarity, again, primarily if you have multiple income events per month.
The only drawback is it can take awhile to get this far ahead, especially if you regularly receive a check on the 1st.