Have you created your monthly budget?  Are you still short just before pay day?

Here is the next step for your budget.  It is time to create your pay cheque planner.  Planning your expenses by pay cheque, instead of by the month, allows for a more successful and workable budget.

Begin by listing the net pay-cheque amount for each person in the household. Remember to include other sources of income such as Child Tax Benefit and Universal Child Care Benefit.

Next, list the expenses that are payable at a specific time and assign them to a pay that occurs before the expenses becomes due.  Depending on your income level, you may need to split some of these monthly expenses between your pay-cheques.  For instance, if your rent is $1,000, you could put aside $500 each biweekly pay for rent.

Now, list expenses that are payable throughout the month, such as food, dining out, etc.  Divide these expenses evenly between the pay-cheques.  If you are spending $400 per month in groceries and you are paid biweekly then put $200 under each pay-cheque column.   If you are paid weekly, assign $100 per pay for food.

Finally, list the remaining expenses into the plan.  These are items that do not have to be paid at a specific time and can be assigned to the pay that has room.  Some examples are investments, savings, and clothing expenses.
Example: