Bi-weekly pay - how and when do I distribute funds?

  • 1
  • Question
  • Updated 6 years ago
  • Answered
I get paid every other week. How should I distribute my funds to my envelopes? Do I do this each time i get paid or just monthly? And, when I distribute, do I "Set to budgeted amount" or "Add budgeted amount back in"?

Also, if I'm currently in the middle of a pay period, should i wait until my upcoming paycheck on June 1 to do the first addition of funds to the envelopes? Also, when I spend from my 'irregular' envelopes, why do they reflect a negative amount?

Thanks!
Photo of Tazeen

Tazeen

  • 1 Post
  • 0 Reply Likes
  • anxious about distributing properly.

Posted 8 years ago

  • 1
Photo of Audrey Chau

Audrey Chau

  • 85 Posts
  • 4 Reply Likes
Hi Tazeen,

You can set up EEBA to budget monthly or every 2 week. To do so, find the Edit Budgets page and there should be an option to change the budget period. If you choose to budget monthly, you have the option of funding your Envelopes with each paycheck or at the beginning of each month. You can read this blogpost about saving up a cushion and funding Envelopes once a month, even with multiple incomes: http://blog.eebacanhelp.com/2012/02/h....

When you distribute, "Set" will fill your Envelopes to the brim while "Add" will input the budget amount in a 'rollover' fashion. You can choose either, it depends on what you want.

As you wait for a paycheck, again its up to you. You fill you Envelopes a little bit ahead or schedule, you can spend negative money, or you can fill your Envelopes partially to tie you over until you receive your paycheck.

As for the Irregular Envelopes, they mostly likely reflect negative money because you have not funded the Envelopes yet. Do so using the Add Money page in the same way you would fund Regular Envelopes.

I hope all this information helps you take further steps and appeases any anxiety about distributing funds. And let me know if you have further questions.

Thanks!
Photo of DaveG

DaveG

  • 1 Post
  • 0 Reply Likes
I am trying to change my budget period from Monthly to Every 2 weeks on the Add/Edit Envelopes page, but when I hit Save it doesn't change it. Is there something I'm missing?
Thanks!
Photo of Becky Huang

Becky Huang, Official Rep

  • 1560 Posts
  • 78 Reply Likes
Hi DaveG,

That's odd. When you hit save, you should see that your Envelopes now say "Every Two Weeks." Can you email support@goodbudget.com with your Household Username so that we can see what's going on?