Penny PaydayThe example
One person, paid $800 every other Friday, with these monthly bills:
| Bill | Due | A month |
|---|---|---|
| Rent, your share with a roommate | 1st | $700 |
| Electric and internet | 25th | $110 |
| Phone | 12th | $40 |
| Monthly bus pass | 1st | $70 |
| Streaming and apps | 15th | $20 |
| Card minimum | 18th | $40 |
| Total | $980 |
Two checks a month, so each check covers half: $980 ÷ 2 = $490. The check that lands before rent is due won't always hold exactly half; here's how to even it out.
No car in this example: a $70 bus pass instead. A car would add insurance and gas, and at this check size that comes straight out of the daily number.
One check, start to finish
| Take-home check | $800 |
| Half the monthly bills | −$490 |
| Set aside | −$25 |
| Groceries for two weeks | −$140 |
| Left for day to day | $145 |
| ÷ 14 days = $10.36, rounded down | $10 a day |
| Left over at payday (14 × $10 = $140) | $5 |
$10 a day covers everything not on the list: food out, coffee, a store run. Spend less one day and the days after get a little more; spend more and they get less. To see it with your own numbers, open this example in the calculator and change what's different.
Where the $800 goes
| Part | Amount | Share of the check |
|---|---|---|
| Bills (half the month) | $490 | 61% |
| Set aside | $25 | 3% |
| Groceries $140 | $140 | 18% |
| Day to day, including the $5 left over | $145 | 18% |
| Total | $800 | 100% |
Shares are rounded to whole percents.
Compared with the 50/30/20 rule of thumb
The 50/30/20 rule of thumb splits take-home pay into 50% needs, 30% wants and 20% savings. On a $800 check that's $400 for needs, $240 for wants and $160 for savings.
In the example, needs (the bills, groceries) take $630, 79% of the check. Half the rent alone is $350, 44%. When rent is that big a share, the rule's split doesn't fit, and the set-aside starts smaller ($25, 3%). It's a rule of thumb, not a rule; the daily number is what tells you whether the check works.
If your numbers are different
- Every extra $100 of bills on this check takes about $7 off the daily number ($100 ÷ 14 = $7.14).
- Two months a year bring a third check: $2,400 that month instead of $1,600. Find your 3-paycheck months.
- Hours change from check to check? Plan on your lowest regular check and treat anything above it as extra when it lands.
- Paid weekly instead? A $400 weekly check is the same money; plan it over 7 days.
Questions
How much is $800 biweekly a month?
$1,600 in most months, from two checks. Averaged over the year it's $1,733 a month (26 checks ÷ 12 months), because two months bring a third check of $800.
How much is $800 biweekly a year?
$20,800 in take-home pay over 26 checks. Some years have 27 paydays, which makes it $21,600.
How much can I spend a day on $800 biweekly?
There's no single right number: it's what's left after the bills due before your next payday and what you plan to set aside and buy, divided by 14. In this made-up example it's $10 a day. Try yours in the calculator.
Penny does this with your real numbers. Type your check and bills once; every payday she splits the new check and gives you one number a day.
Other paycheck sizes: $900 biweekly · All paycheck sizes
This page does arithmetic on example numbers. It is not financial advice.