Setup budget for April – paycheck to paycheck

25 March 2020 11 Comments

20st of March was my payday. I setup my budget for April with the Corona pandemic in mind. Keeping in mind that some monthly payments will be reduced or stopped because I cannot make use of their services.
I used a couple of things this month:

The steps I take to setup my budget
  1. List my expenses
  2. List my sinking funds & jars
  3. List my debt(s)
List my expenses

I always start by listing my expenses of the month before. So I checked all my expenses in March. I ended my monthly subscription on a Dutch lottery. So that will differ in my expenses for April.

Because of the Corona virus some monthly expenses will be put on hold or reduced. My movie membership is put on hold until June. How much I have to pay for my gym membership is still unclear. But I have budgeted everything fully so my expenses are covered.

My expenses for April
List my sinking funds & jars

I start by listing my sinking funds of the month before. Then I checked if I needed to use it in April – I don’t. And then I list my jars of the month before. I didn’t have to change anything.

My sinking funds for April
List my debt(s)

I have been very focused on paying of my student loan these last months. With the current situation I have put my extra payments on hold and will only pay the minimal amount. I will sent the extra payment towards my emergency fund. If everything goes well I will sent it afterwards to my debt.

My jars for April
Dividing my paycheck

I sent the sum of the sinking funds and jars to my Moneyou account. Then I separated the money over all the acounts I have in Moneyou GO. If necessary my sinking funds will be used as an emergency fund.

Have you setup your budget for April?

Read my previous post about setting up a budget here.

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