When You’re Making More, But Seeing Less

Have you ever felt like the more you make, the less you have? You know you’re bringing more money home each month, but somehow it feels like you have less to spend than ever. That’s what it feels like when you don’t have control over your spending, and that’s when it’s more important than ever to have a budget.

I experienced this a few months ago when I got a raise at work. Perfect, I thought, since I was already living off my current income the raise would all be extra. I could set it aside towards a goal in EEBA, add it to my Savings, or whatever I needed. Unsure of how I wanted to use the extra money, I decided to just let it gather in my Unallocated Money. As the months passed, however, I was surprised to find that my Unallocated Money balance wasn’t increasing as I thought it would, but was in fact decreasing. What was going on?

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Budgeting with Financial Aid

With Fall fast approaching, students everywhere are leaving their nests to set off to college. With more and more students taking loans to finance their education, however, learning how to budget and live off student loans is more important than ever.

The hardest part about budgeting with student loans is that you get it all at once. With a pile of cash in the bank, it’s just too easy to look at your bank balance and think you have more to spend than you really do, leaving yourself short in the months ahead. To make sure you don’t overspend, treat your student loan like an income you receive over time. If you’re borrowing 6,000 to pay for the next four months, treat it as a monthly budget of 1,500 (6,000 / 4 = 1,500) that you’ll need to maintain each month. That way, you can be sure you’ll have enough to cover your needs till your next loan disbursement.

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New Release of EEBA on Android and the Web!

We are proud to announce a new release for EEBA on Android and the Web! Get it now on Google Play, or learn more about what’s new below. Streamlined Budget Management, All in the Android App Create Envelopes to represent your budget. Compare your spending against your income. Customize your budget period, now with… Enhanced Budget … Read more

FAQ: How Can I Handle Multiple or Variable Incomes in EEBA?

Update

EEBA is now Goodbudget! Goodbudget has all the great features of EEBA (and more!) in a new and updated interface. Check out our updated article on this topic, and check out the Goodbudget Help Center for the most recent help content.

Q: I have multiple or variable incomes with expenses that are due throughout the month. How can I keep track of everything in EEBA?

Q: I have a monthly budgeting period, but I get paid bi-weekly, how can I manage my budget in EEBA?

Keeping track of a single, stable income can be hard enough. For those with more than one income, or an income that varies month to month, things can quickly get more complicated. You aren’t certain how much money you really have to spend, or which paycheck you should use to spend on which expenses. Thankfully, EEBA can help.

Working Towards a One Month Cushion

The ideal solution is to pool your income into Unallocated Money as a one month cushion for your budget. Then, use it fund your Envelopes all at once at the beginning of the month.

If that’s not an option for you yet, don’t worry! You can still use EEBA to manage your incomes and build up that one month cushion. Here’s how you can do it in 3 simple steps.

1. Make sure your budget makes sense

For many, building up a one month cushion is simply an issue of cash flow. For others a more serious change is needed. Check out our guide on creating a budget based off your income to know you’re starting off on the right foot.

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