So you have used the Budget Binder to make your family’s budget for the next 3 months. You’ve written down the expected amounts of your paychecks and your budget is set. But what do you do when your paycheck is more than what you budgeted?
First, I absolutely do not want you to blow it. It is great that you now have more money than you planned, but it doesn’t mean that you don’t need to tell this money where to go. Also it really isn’t worth the energy to redo your Budget Worksheets unless you didn’t have enough to pay all your bills for this period.
If you have not yet established your $1,000 emergency fund, put the extra money towards that. Even if it just a few dollars. Remember to track your Emergency Fund balance on the Savings Account Breakout sheet.
If you are working to pay off your debt, put it towards that. A few dollars can really add up!
If you are out of debt, put it towards the 3-6 month emergency fund we talked about yesterday.
Or if you are saving for something your family needs, put it towards that. If you need a new fridge, sports equipment for your child, etc, it is ok to save this money towards that. You are going to have to purchase those items, so you need to make sure you are earmarking money for that.
Just don’t blow it going out to eat. ;)