Managing money for a month is not easy. Unwittingly, you often spend money more than you planned. This is way budgeting is important. A weekly budget will be really useful and helpful to manage your money. Besides, having a weekly budget will help you figure out how much money you have in a week.
What Is Budgeting?
Budgeting is a plan to spend your money that will be used in a specified time. If you don’t have a lot of money and have to spend a lot money, it will help you focus your money on things that are most important to you.
What Type Of Weekly Budget Plans Should You Try?
There are 4 types of personal budget you can choose. Here are the lists you can find more detail below.
Spending First Budget
Spending first budget means a weekly budget plan spending your money on the most important things and save whatever left over. It’s suitable for you who know your spending is well below your earning.
Saving First Budget
This type is the opposite of spending first time, the prioritize before spending money is saving. Even though you sacrifice in other areas but your saving will continue to grow.
The Anti Budget
The concept of the anti budget is setting aside some percentage of your money at the very first and then you can spend the rest. You don’t need to track anything when you use this type of budget.
The 50-30-20 Budget
You can try a weekly budget with this type of budget. You need to break down your income into 4 weeks. This is how you spend your money each week, you spend 50% on needs, 30% on wants and 20% saving.
Why Is Budgeting Crucial?
Having financially secure is important and it starts with making healthy financial decision. Budgeting can save your money in long run and also it’s easy to do. Here are some advantages of budgeting.
Setting aside your money means you’ll learn to live on budget and not spend more than you earn.
Having a back-up plan is such a good idea. You’ll be ready when life changes and bring financial hardship.
Achieving Your Goal
Budgeting will help you achieve your goal consistently and regularly. You can focus on saving and spending your money on things you need.
How to Make A Weekly Budget?
How much do you earn?
You have to know well how much money you earn.
How much are you spending?
Sum up all your outgoings. This includes fixed expenses and daily expenses.
Split Your Outgoings
You have to split your outgoings into mandatory and lifestyle. Mandatory outgoings are like fixed expense and lifestyle outgoings are like general expenses.
Think About the Future
It’ll help you set your boarder financial goals. You’ll be able to save your money wiser to achieve your goals.
A weekly budget is right recommendation for housewives or employees with a biweekly salary. You don’t have to bother to create weekly budget because you can download it from the internet. Many websites that provide types of weekly budget template for free. You can choose according to your needs. It’s really easy because it doesn’t need a regristration, editable, customizabable and also professional.