I have a new budget for 2019 and I am really excited about it. I recently moved for a new job starting in the Spring of 2019 as a professor at a University.
If you’re interested in learning more about the new budget stick with me past the jump!
(If you are not reading this post at www.howisavemoney.net or in your feed reader, it may have been stolen from my site.)
I will actually receive my first real paycheck for the new job today when this post goes live. The job began at the end of the Fall 2018 semester. I got on the payroll…but the paycheck for that period was very small. I basically only worked about 2 weeks since I began right before finals. Now I am on the full monthly pay rotation since I have been employed for a full month.
What is changing
- I will get paid twice a month
- I will get paid a larger check
- I will pay state income tax
Two paychecks per month
The current position pays every two weeks. This applies even for those of us on salary as faculty.
My old budget was simply based on monthly income vs. monthly expenses. My new budget will be the same except I now get paid twice a month.
I have not gotten paid twice a month since 2004 when I had an hourly position shortly after graduation!
Luckily I can still manage my budget on paper in a monthly fashion. I will simply create my budget based on the monthly income. All my bills are due during the first week of the month anyway.
I now have a grown up job once more. I am making a nice little income and it is suitable for me to stop living like a student.
I’m not rolling in dough but it is definitely more than what I made as a graduate student. My income definitely covers my monthly expenses. I do have higher rent payments because this area is a bit expensive.
My loan payment is also going up voluntarily. I revised my calculations so I can end the loan in December. I will increase my payments starting with the February check.
State income taxes
I lived in a state where there was no income tax in the past. I moved to a place where there is state income tax. There is also county tax and township tax!
Tweaks I have made
I have already started tweaking the budget in Mint. The tweaks will account for the greater income and the greater expenses.
My new budget for 2019 is slowly taking shape. I will monitor it over the next two months to ensure I set everything correctly.