How to Make Bi-Weekly Budget Template
Are you paid on a bi-weekly basis and manage your budget monthly? Managing a bi-weekly payment with a monthly budget might be difficult. Thankfully, monthly budget is not the only way to manage your money. There is also a bi-weekly budget. Here, we will tell you how to make a bi-weekly budget template.
Why Bi-Weekly Budget?
There are many reasons why. For instance, if you receive your payment every two weeks, it would be easier to manage your budget using a bi-weekly budget template. Also, with a bi-weekly budget, you might also feel ‘restarted’ as you allocate your money on a bi-weekly not monthly basis. Below are the steps to make the budget.
How to Make the Budget Template
1. Write It Down
Start by writing down your take-home pay that you received
2. Look at Bank Statements
Next, take a thorough look at your bank statements. Find your fixed monthly expenses and divide each expense in two. The expenses here include groceries, mortgage/rent, internet, loans, car payment, entertainment and so on
3. Put Your Eggs on Different Baskets
Subtract the total expenses from your payment. Put it into your savings account. If you want, you can also pay your bills bi-weekly so you can get ahead of the bills’ due date
4. Other Funds
Subtract ‘extra fund’ for vacation or savings. Put it in a different account
5. Spend What’s Left
The remaining money is the amount you can spend for the upcoming two weeks
Benefits of Using the Bi-Weekly Budget Template
What are the benefits? When you use this template, you are managing 24 paychecks throughout the year. And if you paid on a bi-weekly basis, you will get 26 checks per year. Since you manage 24 paychecks, you can use the ‘bonus’ checks for whatever purposes like paying mortgage, debt, etc. or better yet, save it.
Weekly budgeting also allows you to use a paycheck to pay for larger bills as well as goals while leaving the other paycheck to be spent for the entire month. Doing this should give you peace of mind as your most important responsibilities are taken care of earlier. This makes everything a lot more manageable.
The above are the steps to make a bi-weekly budget template. Of course, the end result would differ from an individual to another as the needs and wants are different. The best template will be the one that suits your situation the most. And if you follow the steps above, it will be easier to make one.