How to budget your salary, from payday to payday
Updated
Most salaries in Pakistan arrive near the end of the month, but most budget apps start the month on the 1st. That's why a budget so often feels wrong by the 10th. The simple fix is to plan from payday to payday. Here's a way to do it that takes a few minutes, and how Jayb handles each step for you.
1. Start the month on payday
If your salary comes on the 25th, your month is the 25th to the 24th. In Jayb, set the day budget months start (any day from 1 to 28) and every budget, the Home card and the month in review follow it.
2. Take out the fixed things first
Rent, school fees, bills and any instalments leave every month. Set them to repeat once (weekly, monthly or yearly) and Jayb adds each one when it's due, so what's left to plan is real money.
3. Put savings aside at the start
Decide what you'll save and move it on payday, not at the end of the month. In Jayb, the Save type moves money into a savings account: it stays in your net worth, never counts as spending, and a goal that follows that account moves on by itself.
4. Set one cap and a few category budgets
A monthly cap for everything, and budgets only for the categories that tend to run away: groceries, eating out, fuel, shopping. Don't know where to start? Jayb suggests budgets from your last 3 or 6 months, and shows what your category budgets add up to against the cap.
5. Check one number each day
"Safe to spend today" on Jayb's Home screen is what today can take and still keep you on track for the rest of the month. A 9pm reminder tells you how the day went, and an alert comes when a budget reaches 80% (or 70% or 90%, as you choose).
6. Plan for the unusual months
- Ramadan, Eid or a wedding: give one month its own amount, and the usual amount comes back after.
- Zakat or Khums: leave those categories out of budgets. They still show in reports, but never count against a limit.
- A yearly bill like insurance: spread it over twelve months, so each month carries its share.
7. Look back once a month
At the end of each budget month, Jayb's month in review shows what you spent against your cap and the month before, how many budgets held, and suggests what to change next month, one tap each. Turn on carry-over and what's left moves into next month.
Questions
- Can my budget month start on my salary day?
- In Jayb, yes. Pick any day from 1 to 28. With the 25th, September runs from 25 September to 24 October.
- How much of my salary should I budget for each category?
- Start from what you actually spend. Jayb suggests budgets from your average over the last 3 or 6 months, and you adjust each one.