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.

Also note that I've updated this post about our bank account breakdown and this post about our income and debts. You can always easily find links to these on the Finances page.

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