Each second Thursday (fortnightly) I receive $2750 net pay. Once a month I should receive about $140 of child support but it is irregular.
I have created envelopes based on estimating my monthly expenses. Regular bills I pay fortnightly.
I’ve set my first “fill” to be next time I get paid, next Thursday. I set it to “monthly budgeted amount”.
Does this mean the fill will automatically work out the fortnightly amount and do that, or do I need to manually halve all the envelope fill amounts to take into account that it’s fortnightly. What is the best option for a person new to budgeting doing this fortnightly?
I have some larger bills, like strata fees and car insurances which are annual and quarterly so I also need to make sure I have money for those when due. Currently my goal is to pay down consumer debt (around $10000 following divorce) and I have an envelope of $1200 a month for that. I haven’t set any “goals” in the app, should I do this? Thank you for your help!