Your template can include the amount you intend to save towards any current or expected medical bills. Savings for medical bills and co-paymentsĪnother expense you can save for is medical bills. Adding a section that covers how much will go into the kids’ college fund can be a massive step in coping with the expensive cost of education. Parents with kids in education levels can also plan for their kids’ college education through a bi-weekly budget template. A popular way of saving for retirement is using automatic deductions from your checks to your savings account. Your budget template can have a section to record how much you intend to set aside in your retirement savings account. However, it is important to set money aside for car and house repairs as they often cost you a lot of money whenever they occur. It may often seem unnecessary, especially if you don’t have urgent repairs needed for your car or house. Money put aside for car repairs and home repairsĪnother expense that should be included in a bi-weekly budget template is repairing expenses. You can fill this section by breaking it into the sub-categories such as appropriate health, life, car, and house insurance. The bi-weekly budget template should therefore outline your monthly instalments on insurance. Insurance is a vital factor to consider when creating a personal budget. The template should have a section to input how much money will be directed to each utility category. Examples of utilities to consider are water, electricity, gas, security, phone services, internet, recycling, cable TV, and AC. Utilities are commodities or services that improve the quality of life. UtilitiesĪ bi-weekly budget template ought to cover utility expenses. In addition, your template should have a section to cover your rent or mortgage. Housing or shelter is one of the primary basic needs. Your budget needs to be aligned with your priorities as the top of the list. Now, what do you include in your bi-weekly budget template?īelow are the components that ought to appear in a standard bi-weekly budget template: Your rent/mortgage 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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