Budgets come in varied shapes and sizes. One such is the bi-weekly budget. As its designation implies, this is a budget that is crafted twice a week. It hence covers the expenses that revolve or recur twice a week as opposed to the monthly cycles that are in vogue for a large part.
Owing to the potentially complicated nature of this kind of budget, you can never go it alone. You badly require a template to guide you through. The bi-weekly budget template is the one to use for realizing this end. In our discussions below, we examine it in finer details and how it may be of use to you.
- Income. This is a listing of all the sources of money in your household and the amounts that each source potentially brings in. Remember, every expense you eventually pay up for depends almost exclusively on the amount of money you rake in from the various sources.
As you enter the income information, break the same to finer details. List each income on the left-hand side and the corresponding value or amount of money on the other side. Make a grand total underneath the listing.
- Home-related Expenditure. This forms the core of this particular budget. Here, you showcase the amounts of money you spend to cover the various home-related expenses. These include rent and mortgage, utility bills, maintenance, food, telephone, and domestic servant wages, among others.
As always, you have to list all the expenses on one side and the corresponding amounts of money to be paid to settle them on the other hand. Round up this step by summing the individual expenses to arrive at a grand total.
- Health and Insurance. Another significant expense which many people tend to downplay is health and insurance. You have to take care of this expense as well. That is because many healthcare institutions these days do charge exorbitant amounts of money for the services they offer or tend to provide.
It is also important that you categorize the various expenses in distinct groupings and listing. The purpose of this is to minimize confusion and allow for easier tracking and handling of the associated expenses altogether.
- Miscellaneous. There are a host of miscellaneous expenses that you have to take good care of as well. Examples of these are the savings, charity, obligation, and a host of small expenses here and there. Like is the case with the other expenses we have already looked into, these require that you make a full listing of the associated expenses.
Then, go ahead to assign figures and values against each cluster or category of expense. Finish off the procedure by summing up the expenses in a grand total. That will enable you to make good comparisons between the expenses on the one hand and the incomes on the other hand.
Bi-Weekly Personal Budget Template
- MS Excel
Bi-Weekly Paycheck Budget (Sample)
Bi-Weekly Pay Budget (PDF)
Bi-Weekly Home Budget (PDF)
Bi-Weekly Family Budget Template
Bi-Weekly budget Worksheet
Tips to draft the Bi-weekly Budget
- Always maintain a keen eye on your expenses. This is a feat you achieve principally by saving all the receipts and other proofs of purchases after you have bought the various goods and services.
- Set goals for saving money and adhering to those goals as diligently as can be. That approach sees to it that you won’t overspend or devote a disproportionately large amount of your financial resource base to the expenses.
- Start with a daily budget and then proceed to a weekly and finally to a monthly budget. This progression allows you to transition smoothly from one form of period or cycle to another one.
- Do some follow-ups to see to it that your budget is truly serving the purpose intended. Make appropriate adjustments every now and then to ensure that the budget runs on course as anticipated.
- Use less of the credit cards for purchases. Not only do you spend what you do not have but also suffer the risks of charges and penalties if you choose to follow the path of the credit cards.
On the whole, a bi-weekly budget is the one that you use to track and oversee the implementation of petty expenses that recur every quite often. Given its comparatively shorter lifespan, this is a form of a budget that we would recommend that you use for the common everyday expenses rather than mortgages and other long-term expenditures.