Having this head start and awareness of the month ahead can help you ensure you are financially stable. It takes an hour or so at the beginning of the month to plan out any expenses and income for that month. Biweekly budgeting tipsĪs you can see, the process for setting up a biweekly budget is not all that difficult. These can be both extra income and extra expenses make sure you track them all. There will be things that come up that are not part of what you have planned for. You must make sure that you are keeping track of all spending and saving so that your budget is accurate. Now that the budget is in place, the last thing to do is to start tracking. The buffer, which could be emergency savings or a sinking fund is a bit of extra money that allows you some room if an unexpected or big expense should come up. When all of the consistent and variable expenses are put into place, go back through the budget and put in a buffer. For example, are there birthdays this month? Do you have to make an extra payment toward a larger debt? Are you planning a vacation or back-to-school shopping? Step 4: Put in a buffer Once you have all the standard expenses in place, go back through the month and look at any other potential expenses that could come up. Don't forget to f actor in your bi-weekly savings as a bill you pay yourself! Step 3: Incorporate varying expenses A cash calendar can be very helpful in tracking your cash flow. If you want to be sure you haven’t missed anything, it can be helpful to look back at your last few months of bank statements. Think about all the expenses that come out of your account each month. Look at when your mortgage, utility bills, credit cards are all due. Once you have your calendar split up, start plugging in expenses. The calendar gives you a very visual view of everything that will occur during the month. This allows you to plan your budget easier. Start creating your biweekly budget planner by printing out a calendar to track your budget. Now that we have the basics down, let’s look at the steps involved in creating a biweekly budget. Chance of not using the third paycheck appropriately.You may have to move around bill payment times to make it work.It is much easier to keep track of bill payments and times with the budget in place.The months with extra paychecks allow room for saving and paying down debt.Allows you to plan and save up for the unique events.Takes into account the timing of your paycheck.Here are some pros and cons of the biweekly budget. However, you can budget based on how you are getting paid. Some people find it makes life easier to budget on a weekly or monthly basis. Pros and consĪ few things to consider when setting up a biweekly budget. When you set up a biweekly budget, you will consider all of your expenses and income and lay it out for each month. Therefore, ensuring that you know how to properly spread this money out and make it work for you is essential.Įven though you have months where the paychecks may be different, many of your monthly expenses will stay the same. With a biweekly budget, you will have ten months where you collect two checks and two months where you collect three checks. The biweekly and twice per month pay schedules are slightly different as the total number of paychecks per year varies. You'd get 26 biweekly paychecks and 24 twice-per-month paychecks. Some pay schedules are monthly, weekly, biweekly, and even twice per month. We also have links to some excellent biweekly budget templates below to help you start! What is a biweekly budget?Ī biweekly budget is a budget that takes into account a person collecting a paycheck every 14 days. The process is not complex as long as you plan things out and set aside some time to prepare it. Luckily we have you covered with this guide on how to create a biweekly budget. There are many monthly budgets out there, but it may get confusing if you get paid a few times in the month. Or perhaps you are just simply looking to budget by each paycheck. A biweekly budget is perfect for those that get paid every other week. When you are paid on a biweekly basis, it may make sense for you to create a biweekly budget.
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