Bi-weekly Budget Templates

Bi-weekly Budget Templates

People often get confused over what these words mean. When it comes to establishing a budget, these words can get even more confusing. Because you are only getting 2 paychecks no matter which term is used.

The frequency of those paychecks will differ depending on the application of either word. if you are paid bi-monthly, you would be getting a check twice a month or once every two months.

If you are paid bi-weekly, you could get a check twice a week or every two weeks. The dictionaries do not help here as they apply both definitions to these words. To find out how we apply the bi-weekly term just continue to read our article.

What is the Bi-Weekly Budget?

When it comes to budgets, a bi-weekly paycheck means you are being paid every two weeks. This is the standard payment system for a majority of the companies out there. Most employees are paid every two weeks, and to help them save and plan their spending, they need a good bi-weekly budget.

All a bi-weekly budget does is tell you what you should spend and where you should spend your money during any given two-week period between paychecks. Having a budget system like this helps you save for a rainy day and makes sure you control your spending habits a lot better.

This system lets you control your money and make sure all your bills get paid on time, including any surprise emergency bills that tend to arise from time to time. What ever is left over can be saved or used for entertainment or a nice date night with your mate.

Bi-weekly Budget Templates

Bi weekly Budget Templates #01

Bi weekly Budget Templates #02

Bi weekly Budget Templates #03

Bi weekly Budget Templates #04

Bi Weekly Budget Worksheet

Bi Weekly Paycheck Budget SAMPLE

Bi Weekly Budget Templates

Business Math Sample Bi Weekly Budget (Graphing)

Personal Budget Plan

Semi Monthly Home Budget

    Why is it Essential?

    This is not a dumb question. Some people do not know how to budget and wonder why budgeting is so important to some people. One reason that budgeting is important is that it lets you see where your money is going each month.

    If you wonder why you are short all the time at the end of the month, the budget will provide the answer. Another reason why a budget is essential is that it lets you shift money from one priority to another when the need does not arise for the former priority.

    A third reason to have a budget is that it helps you put a little something away for retirement or a nice vacation you have always dreamed about taking. You can cut your expenses to make sure you have that little something for whatever goal you may have.

    Next, a budget helps you prepare for emergencies. You never know what will come each week, thus having a budget lets you be prepared. If you do not need to use that money, then great, you have extra for other priorities in your life like paying off debts.

    A budget helps you be financially ready for whatever comes your way. That is a good position to be in when many others are barely able to tread water financially.

    How to Make a Budget on Bi-weekly Income

    There are numerous steps to take in order to understand how a budget works and how to set one up. here are those steps:

    #1. There is no set schedule- people who are paid once a month have a set schedule. They know when they are going to be paid every month, and it doesn’t change. That routine may get boring, but it helps them pay their bills.

    However, when you are on a bi-weekly budget, it means that there is no set schedule except that you will be paid every two weeks regardless if it is twice one month or three times another.

    It may take getting used to, but you must be ready for the changes.

    #2. Plan ahead- when setting up your bi-weekly budget, you need to do some advanced planning. If you don’t, you may not have the money to pay your rent when it is due. You have to plan which bills get paid when and set some money back if the next paycheck does not arrive in time for your monthly rent or mortgage payment.

    You may need an hour once a month to do this scheduling to make sure you are ready for what comes the next month.

    #3. Make two lists- these should be in a column, and one is for the two paychecks and when they are scheduled to arrive. The other column will be for your expenses, bills, and other payments you have to make.

    Note the due dates on each bill and see where they fall in your paycheck schedule. This calendar will give you an idea of which paycheck will cover each bill. Learn to split big bills like car payments, rent or mortgage payments, etc., in half; both checks contribute something to the important bills.

    #4. Save some money for yourself- some people say to pay yourself first, but some months just do not work out that way. Make sure to leave some room in your budget to set aside some money for emergencies or savings, etc.

    #5. Keep track of your spending- this will help you at budget time when you need to add those figures up and see how much you spent and where you went over budget. Keep details like when you spent it, where you made the purchase and how much you spent.

    #6 Make a routine schedule- keeping a budget schedule is necessary. This helps you keep tabs on your spending and see how much extra you have leftover.

    Since you are on a bi-weekly budget, you should have a budget routine where the day before every paycheck, you go over your budget. This is called balancing your budget, and it helps you keep track of your money.

    Final Words

    It will take some work and discipline to create your bi-weekly budget but it can be done. The benefits are enormous as you get to control your spending habits and focus on what is important to you and your spouse. When you work at it, you can be financially stable and ready for anything.