Now that our budget accounts for the newest member of Team Wharton, I thought it would be a good time for a financial update. Chris and I revisit our budget throughout the year to make adjustments so our budget is not a static document but this will show you how we are currently allocating our paychecks.
Our paychecks have changed slightly since the last budget update. Starting January 1, 2013, the two-year tax holiday ended and both of our paychecks went down slightly because we are now paying more in taxes. Mine went from $1,441 to $1,398 per two-week pay period. Chris's paycheck also went down but then he got a 4% raise so his paychecks are now $2,300. I still get 26 paychecks/year (one every two weeks) and Chris still gets 20 paychecks/year (one every two weeks, nine months out of the year because he is on a nine month teaching contract).
Our current budget, including how we split expenses and what we save, is below.
You can download this budget in an Excel document here: Download Budget_13October