Free Printable Excel Bi Weekly Budget Template
How to Create A Bi-Weekly Budgeting
Traditional employees, especially those who work in sales and real estate agencies, are mostly paid every 2 weeks. So, weekly budgeting or monthly budgeting is not suitable for them. A bi-weekly budgeting is ideal for them. Such budgeting is not rare. You can easily find an excel bi weekly budget template on the internet. Many websites provide such a template.
Samples of Bi Weekly Budget :
But, if you insist on making one yourself, here are the steps to create a bi-weekly budgeting.
Creating Your Budget Categories
The first step is creating your budget categories for your bi-weekly budgeting. Expenses are usually divided into 2 categories, which are mandatory and discretionary. Mandatory expenses are the ones that you have to pay, such as the rent cost, groceries, credit card, and so on. While discretionary expenses are the non-essential ones. For example, anything related to entertainment, such as hanging out in a coffee shop, going to a movie, and so on.
Allocating Your Income to Expenses
You should start with your mandatory expenses when you are allocating your income. If you have any funds left, you can allocate the remaining funds between your flexible expenses. If you have a spouse, make it based on mutual understanding. If your income does not cover all of your mandatory expenses or you have a little remaining fund in your hand, you should review and evaluate your expenses. Try to reduce certain expenses where you can.
Managing Your Third Paycheck
Last but not least is managing your third paycheck. Once you have known your regular expenses and savings in your bi-weekly budgeting, now you can manage your bonus or also known as the third paycheck. If you have no bill to pay off, you can allocate your bonus to other goals. You can save it for your emergency fund or retirement account.
Excel Bi Weekly Budget Template – download