The template ought to itemize all your expenses to meet your basic needs first, then other auxiliary expenses.īy using a bi-weekly budget template, You don’t need to prepare any budget sheet from scratch, but all you need to do is fill out each blank space with the appropriate information based on your needs for that specific budgeting period. However, using a bi-weekly budget template is considered more effective in having a more consistent budget plan. It is always advisable to create a personalized budget that addresses your expenses based on your income. You may be required to reschedule bill payment dates/times when implementing a bi-weekly budget.Įssential Components of a Bi-Weekly Budget Template.There is always a possibility of misappropriating income generated from the two extra paychecks in a 26 paychecks situation.Laying down the framework for a bi-weekly budget template is frustrating at first.With short notice, a bi-weekly budget can help you save up for special events such as birthdays, holidays, school field trips, etc.Bill payments and due dates are easier to track using a budget.With a bi-weekly budget template in place, you can plan for extra income from extra paychecks, which can be directed to secondary needs such as saving, investment, and loan repayments.A bi-weekly budget helps you budget your income while considering the timing of your paychecks.Semi-monthly paychecks give you two extra paychecks that must be considered in your income and expenses.A bi-weekly budget template can work to your advantage but can sometimes have its downfalls.īelow are the pros and cons of a bi-weekly budget template: Pros However, if you’re paid after every 14 days, you have 26 paychecks to consider when budgeting. If you collect your paycheck twice a month, you have 24 paychecks to budget for in a year.
While creating a bi-weekly budget, you have to consider the number of paychecks you will receive depending on the bi-weekly remuneration approach used by your employer.
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