If you’re paid every other week, it may make sense to create a biweekly budget. Every other week budget is best for those who get paid every other week. Don’t overlook anything with money, as you can build a budget around your salary.
There are many monthly budgets to choose from, but paying several times a month can be confusing. Or maybe you’re simply trying to budget by each salary to get better control over your finances.
Personally, I found out that I’m using this budget game change. By budgeting this way, I have more control over my finances than ever before. As long as you have time to plan and prepare things, the process is not complicated.
If you’re interested, I have this guide to help you create a biweekly budget. There are also links to some great biweekly budget templates to help you get started!
What is a biweekly budget?
A biweekly budget is a budget that takes into account those who are paid every 14 days. So you usually get your first salary and then the second salary in the same month (for example, if you rely on a certain month, then it depends on a certain month.
Other pay schedules are paid monthly, weekly and half months.
Differences in pay schedules for every other week and half month
Every other week and half-monthly pay schedules vary slightly due to the total number of annual salary differences. The key difference is that you get 24 biweekly wages and 24 half-month pay.
That said, creating a biweekly plan will allow you to allocate certain expenses to a specific salary each month, allowing you to manage your finances.
How does a biweekly budget work?
In a biweekly budget, there are 10 months to collect two checks and 2 months to collect three checks.
Salaries may vary from month to month, but most of the fixed costs remain the same. When setting a biweekly budget, you need your expenses and income and lay out it monthly.
When I first started biweekly budgeting, I need to make sure I’m properly distributing my income to specific expenses and goals. At first, it was a bit difficult to figure out how to do this, but a few weeks later I came up with an approach to working for myself.
I essentially allocated an invoice that has a deadline for the first two weeks of the month to one salary, and a bill that has a deadline for the last two weeks of the month to another salary. As for savings goals, I decided to “pay myself” a specific date each month and split those payments according to when they were paid.
Pros and Cons
There are a few things to consider when setting up a biweekly budget. Some people feel that weekly or monthly budgets can be made easier.
However, you can budget based on your payment method. Here are the pros and cons of a biweekly budget:
The advantages of biweekly budgets
- Consider the timing of your salary and the duration of your wages.
- With a biweekly expense planner, you can plan your own events and save money.
- Months with extra pay will allow more space to pay off and save money on debt.
- It’s much easier to set up your budget and track bill payments and time.
Cons of biweekly budgets
- Initial input and setup takes time.
- You may need to move the invoice payment date to make it work.
- You may not use your third salary properly.
How to create a biweekly budget
There are basics, but let’s take a look at the steps to create a biweekly budget. Make it easy to cover all your essentials.
This means rent (or mortgage), utilities, groceries, and more. Follow these steps:
Step 1: Set the calendar
To start creating your biweekly budget, you need to set up a budget calendar with your invoice due date, payroll date, savings plan, and other important dates.
With a calendar, you can take a visual look at everything that happens in that month. This allows you to plan your bi-weekly checks accordingly. This means you can manage your first and second pay without worrying.
Doing this in a spreadsheet will allow you to visually see everything that happens on the month.
Step 2: Organize your expenses according to your biweekly payments
Once you have set up your calendar, ask yourself if you want to adjust the due dates for a particular invoice and space it out more evenly. This is based on when you receive biweekly payments so you don’t get late with your bill.
Look at when you have a mortgage, utility bill, or credit card deadline. Think about all the monthly expenses you pay from your account.
The goal is to cover the cost of falling into the window for each 14 days with a biweekly salary. It will help you split your costs into different categories to get this right.
Utilities companies and other sources of recurring invoices can be extremely kind when it comes to moving bill payment dates. Don’t call shy and ask them to be impressed with your due date.
If you want to make sure you haven’t missed anything, it can be helpful to check out the bank statements from the past few months.
Step 3: Don’t forget variable costs
Once all the regular costs are in place, go back the month to look at other potential variables, such as entertainment costs or one-off costs.
For example, do you have a birthday this month? Do you need to make extra payments for larger debts? Are you planning a holiday or do you have a shopping list to return to school?
Determine the best location for your biweekly budget template. You should plan to check your variables and one-time costs in advance each month.
If you need additional help here, there are plenty of tools. Some people find that it works by using, for example, cost trackers or debt trackers.
Step 4: Create a buffer
Personally, I think this is the most important step in your biweekly budget. Once all the consistent variable costs are in place, go back to your budget and add the buffer.
The buffer must be for emergency money and large costs that fall into the sinking funds. Having this extra money can be a great help if you have unexpected or large expenses. If you do not use the buffer, save it.
Step 5: Start tracking your budget
Now that you have your budget in place, the last thing you need to do is start tracking. You should track all your spending and savings so that your personal budget is accurate. Maintaining your spending journal helps!
There will be things that are not part of your plan. These can be extra income or additional costs, so keep track of everything.
So, set up a biweekly reminder, check in your budget, pay invoices and transfer your savings account every two weeks. Use the budget binder or download a PDF budget template to help you.
Every other week budget tips
As you can see, the process of setting a biweekly budget is not that difficult. It takes about an hour at the beginning of the month to plan your expenses and income. It can take time if there are mainly repetitive costs.
Starting this head start and realizing this month’s month will help you ensure you are financially stable. Below are some great tips on biweekly budgeting.
- Write it all down.
- Use your phone app to track your spending when needed.
- If the invoice due date has not been resolved, please call the company and ask them to change the due date.
- You can save a month’s money and always know that the month is covered if something comes up.
What should I do if I have a third salary?
Are you ready for the good news? Getting your third salary in a month feels like a bonus when you follow your biweekly budget correctly. There are many great ways to use that salary, but here are some of the best options.
- I’ll pay off my debt.
- Pay for the big bills coming next month.
- Plan ahead and increase your emergency funds.
- Except for holidays and substantial housing costs that could come.
- Use it to put aside the monthly expenses as a backup.
Best biweekly budget template options
You can always create your own biweekly budgeting template, but it can be much easier to print. There are a variety of styles there, so you can find the one that suits your taste.
- Every other weekly budget planner from a well-versed mom
- 101 Planner Free Budget Template
- Templates Free biweekly budget template
- Vertex biweekly budget template
You can try each biweekly budget template. Alternatively, use binders to create a biweekly budget planner, creating space for invoices, bank statements, and other financial documents.
Expert Tips: Save “Fun” Funds too
We have come up with ways to cover your basic expenses, but that said you will make money so you can enjoy your life. When creating a budget, set aside cash for the fun things in your life.
Alternatively, you can use your third salary from time to time for this. For example, this extra “bonus” has been found to be useful when covering travel, parties, and special occasions.
How much should I save every other week?
If possible, setting a goal of saving 10% to 20% from each salary when you’re budgeting every other week is a great idea.
Of course, saving that amount is out of reach. If so, you’ll want to maintain it as a future goal and instead aim to save at least 5% of each salary income.
Are the biweekly budgets different from the half-month budget?
Yes, biweekly and bimonthly budgets differ. The biweekly budget plans finances based on receiving payments every two weeks (14 days). You will receive 26 payments in 12 months.
Meanwhile, in a half-month budget, the plan is based on being paid twice a month. And you will receive 24 payments over a 12-month period.
With a biweekly budget, you receive two extra salaries a year. Therefore, it is important to look at the calendar and determine which month you will receive three payments. That way you will be able to properly plan this money. I like to use this salary to accelerate my savings goals and plan big events like family trips.
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Try your biweekly budget to manage your finances!
Now that you have everything you need to develop your biweekly budget, you can start by making time on your calendar. I know that the process of placing all of this can be a bit daunting, but in fact it is the right path to financially responsible and success.
It’s hard to see exactly where your pay is headed until you put it on paper. Putting your budget together is eye-opening and changes the way you think about daily spending.
If you are paid every other week, a biweekly budget will be the best way for your finances. The more specific these plans become, the better your chances of success.