These bills include mortgage, rent, car payment, insurance, etc. Split more considerable expenses into halfĪs you already know, you’re working with a bi-weekly budget, so it’s a no-brainer to split your monthly expenses into two, especially if you have huge bills to settle. So, in line with your choices and the events on your calendar that require you to spend money, you should identify your variable expenses for every month. Mention variable expensesįor every individual, variable expenses differ. Ensure you note and sort every single expense. However, there are also variable expenses you are expected to incur once in a while (gifts for your friend or birthday dinner, food, entertainment, and so on). You have to pay fixed expenses (utility bills, rent, or mortgage). List and organize your expensesĪs stated earlier, you need to highlight and organize your expenses according to priority. By doing so, you’ll understand where the money from each check goes and be able to make better plans if necessary. It would be best to list what the first check would cover and do the same for the second one. Since you’re expecting two checks on an average every month, have a budget for each one. Create a budget for each bi-weekly paycheck Using a calendar while planning a budget gives you an overview of everything expected to happen over the month. You can print out one or use the calendar app to track your budget by writing all your expenses and due dates. Here are the steps to follow: Make out a budget calendar Now that you have familiarized yourself with adequate information about the bi-weekly budget template and what it entails, it’s time to try your hands on one. On the other hand, flexible expenses include money for eating out, birthday gifts, vacation bills, car repairs, emergency funds, etc. They include rent, mortgage, credit card bills, utility bills, health insurance, etc. As the name implies, fixed expenses are recurring bills that you pay. In your bi-weekly budget template, you will need to identify all your expenses and categorize them as fixed (fixed) or flexible (variable) expenses. So, it would help to plan your budget by dividing it into two payments. If you get paid bi-weekly, you’ll receive an average of two paychecks monthly. When you earn bi-weekly, dividing your monthly bills and overall budget into two is ideal by using the bi-weekly budget templates. What to Include in a Bi-Weekly Budget Template? And this isn’t obtainable if you get paid twice every month. In other words, a bi-weekly budget will make it easy for you to set the extra cash aside for other essential needs or savings – since your bills will most likely remain the same every month.Īnother reason a bi-weekly payment is different from getting paid twice a week is that in a bi-weekly payment, you are sure to get three paychecks for two months in a year. Then for two months, you receive three paychecks. When on a bi-weekly pay, what happens is that you get paid twice a month for ten months in a year.
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In addition, since you know the expected timing of your paycheck and understand where your money goes, budgeting makes it easy to save, invest, or settle debts. As a result, you can make plans for all your bills for two straight weeks, track your expenses, and avoid spending more to save up for unexpected events. It helps you break down your monthly bills and essentials into two.
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Similarly, a bi-weekly budget is the budget plan of someone who gets paid every 14 days. In the bi-weekly payment model, you will receive 26 paychecks, but if you get paid twice a month, you’ll receive 24 paychecks instead. However, it is essential to note that it isn’t the same as getting paid twice a month. In essence, you will get paid by your employer on a set day every other week, and for two months in the year, you’ll get three paychecks. Your annual salary is broken down into 26 paychecks when you’re on bi-weekly pay. In many companies in the United States, the bi-weekly pay model is the most common. Then, you will learn how to create one and successfully manage your monthly expenses even when you get paid twice a month.
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To simplify the process, we will discuss all there is to know about the bi-weekly budget template in this article. However, what makes it easy is the availability of numerous bi-weekly budget templates all over the internet. Creating a bi-weekly budget and sticking to it cannot be easy, especially if you are new to getting paid every two weeks. A budget will also quickly help you track where your money goes every two weeks. Having a budget will help you manage your expenses and put a cap on your spending. And when you get paid once every two weeks – like the majority of employees in the United States – it is ideal to have an expense budget in place. Budgeting is an essential part of financial management.