A Bi-weekly budget is a fixed budget plan that takes into account collecting a paycheck every 14 days. Some of them may be weekly, monthly, and also twice per month. A biweekly budget plan is slightly different from the yearly total number of paychecks. Budget plans have been usually described as much necessary task. It cannot be considered to do fun, so most professionals judge it much important. You can’t consider your project valuable until you plan a good budget, no matter your project is small or big.
A good biweekly budget plan gives you a direction to track your income and expenses as well as measurements that against your projected financial goals. However, it will provide you with full control of the money and resources you use. Budgeting helps a person to save money for the future without cutting. Using it, you can run your business along in countless ways. You can continue to develop your reputation as a professional for your clients if you deliver your projects on time and with a perfect budget.
By adding each expense to your bi-weekly budget, you will be able to evaluate the final cost for your project. Creating a summary for budget, you will get a reasonable idea if you have much income or money to pay for expenditures you predict in your biweekly budget plan.
Working of Bi-Weekly Budget
Having a good biweekly budget plan, you will get much time to collect checks and two months in which you can collect others. However, it is much important for you to know how you spread this money.
Although, you have twice months where your paychecks may be different from each but overall monthly expenses stay the same. When you plan your final biweekly budget, you can easily consider your overall expense as well as your income and lay it out for every month.
How to Make a Bi-Weekly Budget?
Here are a few tips or steps for you that you need to follow to create a good Bi-Weekly budget plan.
1. Setting Up a Calendar
Start planning your budget by setting up a calendar. Using it, you can easily plan your fixed budget. Moreover, a specified calendar will provide you with a visual image of each and everything that happens during the month.
2. Classify Your Expenses
After setting up a fixed calendar, you should arrange your expenses. It must include mortgage/rent, your utility bills, credit card, and all your other dues. However, include all expenses you want to make within the month.
3. Include Different Expenses
When you add all of your essential expenses, you should go back through the calendar and check that any other future expenses that could come up. Such as a vocation plan, a birthday party that coming up, or others.
4. Put Everything in One Place
After placing all of the expenses, go back to your budget and put them all in one place or buffer. This could be emergency saving for your future if there will be an unexpected or emergency expense should come up. If you don’t have a buffer, you need to save it.
5. Start Controlling Your Expenditures
In the end, start keeping track of all of your expenditures as well as savings so that your budget becomes accurate. However, an extra income and expense may not be a part of your budget but you should include all of them to track in your budget.
6. Choose a Template
You can also use a free template of a bi-weekly budget to easily manage all the fixed expenses and your income as well. In this article, you can get any of our free samples to start your own.
Advantages and Disadvantages
Advantages:
- Using a bi-weekly budget, you can plan and save money for future events.
- The time with extra paychecks will provide many places to save and pay down the debt.
- It will provide an easy path to track your bill payments.
- A good bi-weekly budget plan will take into account the timing of your paychecks.
Disadvantages:
- You will face a hesitation on the initial step to start.
- You may get much time to pay your bills.
- There will be a chance to not use the third paycheck.
Free Bi-Weekly Budget Templates
Creating a bi-weekly budget is not an easy task along with all responsibilities. Here are some free exclusive bi-weekly budget templates are available on our website. You can use them to create your own.
Template No. 01 for Bi-Weekly Budget
Start planning your budget by using this bi-weekly budget planner in MS Excel format. This template features separate sections to track income sources, savings, and also two weeks’ expenses details. Further, a chart is provided at the bottom which will display an overview of expenses for two weeks.
Template No. 02 for Bi-Weekly Budget
Here is the simple and empty worksheet of the bi-weekly budget plan also available in Excel for free. It allows to easily manage bi-weekly income, bills, and expenses as well. Download the template and start to plan your bi-weekly budget.
Template No. 03 for Bi-Weekly Budget
This free example of a bi-weekly budget template provides a layout to track weekly expenses day-by-day that start from Monday and end on Sunday. You just need to insert the values of each expense category, then the total outcome will be displayed automatically using built-in formulas. However, get this one for free also in Excel format.
Template No. 04 for Bi-Weekly Budget
Try out this great version of the bi-weekly budget worksheet for free in Excel. Using it, you can get all features that you need to track in a single sheet including income details, fixed expenses, variable expenses, savings, debt, and giving dues. Furthermore, an overall summary and a chart given below will display the total outcome automatically.
Template No. 05 for Bi-Weekly Budget
Here’s another good option to track out your bi-weekly expenses and income sources. You just have to insert the values in the cells accordingly and the total of your values will display using built-in formulas. However, download it for free in Excel format and start to plan your own bi-weekly budget.
Template No. 06 for Bi-Weekly Budget
This wonderful template of a bi-weekly budget planner features an awesome display in a Microsoft Excel worksheet. An exclusive example of this one provides three sections for income and two week’s expenses separately in which the values of projected and actual along with their difference will display using formulas used in it. Therefore, you can easily download it by clicking on the download button given down the sample image.
