multiple pay dates each month

My wife and I are semi- retired. I receive a monthly retirement deposit around the 25th of each month (earlier if the 25 falls on a weekend). We also receive a monthly investment payout around the first of the month, and my wife receives a small bi-weekly paycheck for part time work. I'm finishing up my 2nd month on YNAB. Right now it's the 20th of the month and my retirement deposit has just been made. I've set our budget up based on the calendar month for simplicity sake, but I'm wondering if I should do something different considering the multiple pay dates.  Thoughts?

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  • It’s going to be by calendar month because that’s how the app works. 

    It might be administratively easier, if it’s possible, to aggregate the income into an Income For Next category so you can budget a month at a time but, besides that, multiple pay dates don’t really change anything. 

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    • MsTJ
    • YNAB has given me back my future
    • Believer_in_YNAb
    • 1 yr ago
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    • Reported - view

    I am also semi-retired and have income from several different sources of income in any given month, all at different times during the month and varying amounts, of course.  In YNAB, it's like you were still working, in that when you were working, you probably received paychecks at different times during the month, like weekly, bi-weekly, or semi-monthly, you get the idea, it still works with whatever your pay cycle is.

    As you receive income, give every dollar a job.  

    A good initial goal is recommended that you get a month ahead so that at the beginning of a month, you have all your monthly income to work with and are able to budget a full month at a time.  After this, you can do one of two things, either create a category for 'income for next month" (I recommend this one) or go ahead and budget next months expenses as you receive income during the month.  

    Until then, fill in your budget as you receive income, and hopefully put a little aside so you can save up to get a month ahead.  

    Here is a recording of a class about budgeting with different pay cycles that might help.

    It sounds like you might be just getting started with YNAB.  I highly recommend getting immersed in the YNAB method for a while.  It is different than any other budgeting system I have ever tried, and it works.  

    Here is a link to their YouTube site, There you will find a couple of series, "Four Rules for Less Money Stress" and "Get started with your YNAB Budget Here!" There are a bunch of videos that help along with some podcasts.

    For me, the budget is fairly easy.  It's the YNAB method that was the magic.  Take your time.  Learn something new today and put it into action.  Then, once that is solid, go back and learn something else new.  Each new thing I learned brought me closer to my goals.  

    Wishing you much success with your new budget.

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      • LeeKeys
      • LeesKeys
      • 1 yr ago
      • Reported - view

      MsTJ I like your idea of an "income for next month" line item. I think that's the way to go. I'll try that for next month and see how it works out.

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