![]() Writing a biweekly budget is the first step to creating financial stability. By taking into account both types of expenses, you can get a more accurate picture of how much money you will need each pay period. In the next steps, you will lay out what paycheck will cover what bills.įor example, some costs, like your rent or mortgage payment, will likely stay the same from one biweekly period to the next. This includes both predictable and unpredictable costs. This way, you can make sure that you’re not overspending each month.Ī zero-based budget is a type of budget that starts with the assumption that there is nothing in your bank account. With this method, you start by assigning every penny of income a job, whether it be for rent, groceries, or savings. Step 4: Focus on Zero Based BudgetingĪdditionally, it’s important to use a zero-based budgeting approach. Honestly, these are not forgotten expenses – just something you forgot to plan for. The expenses you “forgot” about are what blow your budget. One-time only expenses: These are one-time only costs and you don’t anticipate them again.įor most people, the struggle happens when organizing expenses.Annual or quarterly expenses: These costs are less frequent, but take a good chunk of your budget like an annual insurance payment or kid’s sports fees.Variable or occasional expenses: These are expenses that happen each month but vary in amount, like groceries or entertainment.Fixed or recurring expenses: These are expenses that happen every month, like rent or utilities.There are a few different ways to categorize your expenses, but the most common are: ![]() The easiest way to do this is by category. Then, we always have at least one month of expenses on hand – just in case. Then, at the beginning of the month, we transfer money into our “bills checking” to cover our expenses for the month. Ideally, you should try to save at least two weeks’ worth of living expenses so that you know you’ll be able to cover your costs even if something goes wrong.įor us, all of our income goes into an “income checking” account. This will help ensure that you don’t have to worry about going into debt if something unexpected comes up. This will help you see your budget at a glance. Many people find it helpful to color code by category and add stickers. This will help you get an idea of where you are spending your money and where you can cut back. Write down when you get paid along with when your bills and expenses are due. On the biweekly paycheck, Fridays are usually pay dates you just need to know which Fridays! You need to print out the dates you get paid from your employer. ![]() Now, here are the steps to creating a biweekly budget that works. Compare your regular expenses to your spending from the past month.Be flexible when adjusting to this 2 week budget style. ![]() There are a few key things to keep in mind when creating a biweekly budget: The planner allows you to track your income and expenses, as well as financial documents such as bills and bank statements. This template is available as a free download and can be used in conjunction with our budget binder. Money Bliss Biweekly Budget Template (see below to get your copy). You can either create your own template or use one of the many templates that are available online for free. This is a basic example, and you should use your own personal situation when developing your own budget.ĭo you struggle to keep your finances on track? If so, here are some tips for creating a biweekly budget.Ĭreating a biweekly budget is a great way to start getting your finances in order. We will go through the exact steps I use to create a biweekly budget to cover two weeks’ worth of expenses, get one month ahead on your bills, or adjust your planning to cover your monthly expenses. This post will show you how to create an easy-to-manage and effective biweekly budget so that you can conquer your financial goals in the most efficient way possible! While biweekly budgeting isn’t easy, it can be done! While most financial bloggers and gurus would agree, budgeting with biweekly paychecks makes the whole concept of budgeting hard. And thus, we quickly had to change how we focused on budgeting. Recently, we moved over to a biweekly pay period. But, in reality, most people give up on budgeting or move to a budget by paycheck method. So, the thought process is more people should be interested in learning knowing how to create a biweekly budget. That is an interesting statistic because 43% of Americans are paid on a biweekly pay period ( source). Many people create budgets, but only a few budget on a biweekly basis. As an Amazon Associate, I earn from qualifying purchases. This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you.
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