Bi-Weekly Budget Template (2024)

FAQs

What is the best budget for a biweekly paycheck? ›

Option 1 for budgeting with bi-weekly paychecks is to pay bills on a bi-monthly basis. This means using the first paycheck of the month to pay for bills from the second half of the current month, and using the second paycheck of the month to pay for bills from the first half of the next month.

Create two biweekly budgets.

One method when using a spreadsheet is to create two separate tabs for each of the budgets. To make these two budgets, list your income and expenses, along with corresponding paycheck dates and due dates. List the dollar amount next to each paycheck or expenditure.

Determine your total income every two weeks. Then, subtract all predicted outgoings in the same period to get your biweekly budget.

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

In his free webinar last week, Market Briefs CEO Jaspreet Singh alerted me to a variation: the popular 75-15-10 rule. Singh called it leading your money. This iteration calls for you to put 75% of after-tax income to daily expenses, 15% to investing and 10% to savings.

The easiest way to do this is to “chunk” your savings contributions so they align with your pay schedule. For instance, if you're paid weekly, aim to save around $97 each week. If you're paid biweekly, aim for roughly $193 every paycheck. And if you're on a monthly pay schedule, try to save around $417 a month.

Your bi-weekly pay is calculated by multiplying your daily or hourly rate times the number of days or hours you are paid.

I created EveryTwo because I couldn't find a low-cost and easy-to-use budget app that would let me do biweekly budgeting. This budget planner will let you fully customize your budget schedule whether it's a weekly budget, biweekly budget, bimonthly budget, monthly budget, or any other time frame you need.

Financial experts recommend saving between 10% and 30% of your salary, with 20% being a common figure. The 50/30/20 rule suggests allocating 20% of your take-home income to savings, including retirement, short-term savings, and other goals, such as debt repayment beyond the minimum due.

It's a simple rule of thumb that suggests you put up to 50% of your after-tax income toward things you need, 30% toward things you want, and 20% toward savings.

What is the formula for monthly to biweekly? ›

Use the following formula to calculate a bi-weekly cost: Formula: (Monthly cost x 12 months) / 24 pay periods – bi-weekly pay amount.

The 40/40/20 rule comes in during the saving phase of his wealth creation formula. Cardone says that from your gross income, 40% should be set aside for taxes, 40% should be saved, and you should live off of the remaining 20%.

Consider an individual who takes home $5,000 a month. Applying the 50/30/20 rule would give them a monthly budget of: 50% for mandatory expenses = $2,500. 20% to savings and debt repayment = $1,000.

making $4,000 a month using the 75 10 15 method. 75% goes towards your needs, so use $3,000 towards housing bills, transport, and groceries. 10% goes towards want. So $400 to spend on dining out, entertainment, and hobbies.

What Is Biweekly Budgeting? With bi-weekly budgeting you only budget money you actually already have, instead of trying to anticipate what will come. Every 2 weeks on payday I add up what we got paid and use that money to budget our expenses for the next 2 weeks.

We recommend the 50/30/20 system, which splits your income across three major categories: 50% goes to necessities, 30% to wants and 20% to savings and debt repayment.

The standard rule of thumb is to save 20% from every paycheck.

Our 50/30/20 calculator divides your take-home income into suggested spending in three categories: 50% of net pay for needs, 30% for wants and 20% for savings and debt repayment.