When to redo budget?

Tjh1412

Hi, I have recently gotten a new job so was wondering when people say is best to look at budget again; before paycheck hits on the day or after?advice muchly appreciated

HappyMJ

You should redo it every time your circumstances change.

I would do it now and change it as you figure out the exact cost of getting to and from the new workplace and if there are any expenses they expect you to pay for.

When you get your first pay you an enter the correct income figure but an estimate will be fine for now.

I normally do it before I accept a job to see if taking the job is actually worth it or not. If I end up worse off or hardly any better off I'll turn the job down.

Sanctioned_Parts_List

You can use somewhere like http://listentotaxman.com to work out what your actual pay will be, given a gross figure. The number won't match exactly as pension/student loan/tax code differences all have an effect, so round down to the lower hundred.

Worth doing from time to time anyway, just to check that your employers are being honest citizens.

datlex

I do my budget in full once a year then tweak for changes, eg rises in council tax, changes to bills, changes to pay. If you are having to redo every month then you need to ask if you have your budget correct in the first place. Your budget is your planned spends set out in advance. Ideally you come in on budget most of the time and on occasion slightly below. Note just because you have budgeted for something you don't have to buy it or spend the money. Any time you do have money left over from any pot just transfer it across to savings in case you need it another time.