Category Archives: Paycheck Guide

The Paycheck Guide

I told you last week that payday for us is extremely complicated because of our irregular income and two bank accounts.  I decided yesterday that I needed a way to make payday easier.  So I created The Paycheck Guide and now I can’t wait until payday, okay I can never wait for payday, but I’m super excited to use our Paycheck Guide next week.

Income  $  2,000.00  $  1,900.00  $  1,800.00  $  1,700.00
         
 Paycheck   $  1,086.52  $  1,045.00  $      990.00  $      935.00
  15% 15% 15% 15%
         
 Church   10% + $10   10% + $10   10% + $10   10% + $10 
 Taxes  25% 25% 25% 25%
 Home   $      252.50  $      252.50  $      252.50  $      252.50
 Insurance   $      293.02  $      293.02  $      293.02  $      293.02
 Utilities   $      160.00  $      160.00  $      160.00  $      160.00
 Company  5% 5% 5% 5%
 Savings  5% 5% 5% 5%
 Gasoline   $        85.00  $        85.00  $        85.00  $        85.00
 Groceries   $      112.00  $      112.00  $      112.00  $      112.00
 Medical   $        32.00  $        32.00  $        32.00  $        22.48
 Other   $        25.00  $        25.00  $        25.00  $          0
 Repairs   $        75.00  $        75.00  $        20.48  $          0
 Gifts   $        42.00  $         0.48  $           0   $          0

 

Income  $  1,600.00  $  1,500.00  $  1,400.00  $  1,300.00
         
 Paycheck   $      880.00  $      825.00  $      770.00  $      715.52
  15% 15% 15% 15%
         
 Church   10% + $10   10% + $10   10% + $10   10% + $10 
 Taxes  25% 25% 25% 25%
 Home   $      252.50  $      252.50  $      252.50  $      252.50
 Insurance   $      293.02  $      293.02  $      293.02  $      293.02
 Utilities   $      160.00  $      160.00  $      160.00  $      160.00
 Company  5% 5% 5% 5%
 Savings  5% 5% 5% 5%
 Gasoline   $        85.00  $        85.00  $        54.48  $          0
 Groceries   $        79.48  $        24.48  $        0  $          0
 Medical   $         0  $          0  $        0  $          0
 Other   $         0  $          0  $        0  $          0
 Repairs   $         0  $          0  $        0  $          0
 Gifts   $         0  $          0  $        0  $          0

 

Income  $  1,200.00  $    1,100.00  $ 1,000.00 Cap
         
 Paycheck   $      715.52  $       715.00  $     650.00  
  15% 10% 10%  
         
 Church   10% + $10   10% + $10   10% + $10         –
 Taxes  25% 25% 25%        –
 Home   $      252.50  $       252.50  $     252.50        –
 Insurance   $      293.02  $       293.02  $     293.02        –
 Utilities   $      160.00  $       159.48  $       94.48  $  160.00
 Company  5%  $          0  $         0  $  500.00
 Savings      up to 5%  $          0   $         0         – 
 Gasoline   $         0  $          0   $         0  $    85.00
 Groceries   $         0   $          0   $         0  $  112.00
 Medical   $         0   $          0   $         0         – 
 Other   $         0   $          0   $         0   $    25.00
 Repairs   $         0   $          0   $         0   $  500.00
 Gifts   $         0   $          0   $         0          –

I began by listing what we wanted to spend each month in every category.  In order to pay for everything we want to Rob would need to make $4000 a month, so $2000 became our highest income amount.  I wanted to know what $1700 or $1100 would cover so I listed the income from $1000 to $2000.  The $1000 column, for example, $1000 – $110 – $250 – $252.50 – $293.02 leaves only $94.48 for utilities. Now I now if our income is only $1000 I will only get to utilities and there’s there won’t be any money available to deposit in the company or savings accounts.

Next I can’t write us a paycheck for $2000 because 30% of that amount is staying in the company account, so I added up what our paycheck would be. $10 (church) + $252.50 (home) + $293.02 (insurance) + $160 (utilities) + $85.00 (gasoline) + $112 (groceries) + $32 (medical) + $25 (other) + $75 (repairs) + $42 (gifts) = $1086.52 + 15% (church and savings). 

Confused yet? Let me explain my plan using our last payday.  Our income was $1968.54 so I would us the $1900 column as our guide.  I would put $492.14 (25%) in taxes and $98.43 (5%) in the company. Our paycheck would be $1045.00 + $295.28 (15%) = $1340.28. Leaving $37.69 in our payday savings. The payday savings will be used for paydays when the income is less than $1000. 

The “cap” is the amount I will leave in each category at the end of the month. Some categories like Utilities or Gasoline can have up to one payday leftover and others like Company or Repairs can have $500 leftover. Some categories don’t have a cap, either they will grow until they are used or will always be $0 at the end of the month.  They have “-” instead of a number.

Let me know if you have any questions or advice for The Paycheck Guide.  Thanks