29+ Professional Weekly Budget Templates (Excel / Word)

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The maintenance of a weekly budget template is the most effective way of keeping an eye on your budget. It helps you in saving money in the long run.

Why do you require to make a weekly budget?

You can easily prioritize your expenditures and consequently manage your savings with the help of a weekly budget template. Here are some reasons that why you require a weekly budget;

Control your budget

You can curb your urge to overspend if you have the ability to keep track of your expenses.

Focus on saving

You can use a budget template as a guide. It provides you a good idea of either you’re on the path towards meeting your goals or not.

Control your expenditures

You will control your expenditures better with this template as your constant reminder. This is because it will give with you an overview of your income and expenses.

Additionally, maintaining a weekly or bi-weekly check on our expenses and income assists in the prioritization of your wants and requirements. The budget also helps you in keeping record of your finances. On a weekly basis, monitoring and planning your budget makes you able to determine and possibly remove unnecessary expenses. This makes it easier for you to get your financial goals. You may also like Non Profit Budget Templates.

How to create a weekly budget spreadsheet?

Use MS Excel and make a column for each the following;

  • Make an ‘income’ column in the spreadsheet. Then, input your expected income. In the different sections, list each of your paychecks separately.
  • Now, make an “expenses” column. All of the categories you usually spend your money on, input them. To monitor your expenses, entering vague categories makes it harder. here are some categories you may include when it comes to budget;
  1. Fixed expenses: auto insurance, electricity, health insurance, internet, life insurance, mobile phone bills, mortgage or rent, other insurances, subscriptions, and utilities.
  2. Variable Expenses: clothing, date night, entertainment, gas, gifts, groceries, grooming or haircuts, household, personal allowance, and restaurant.
  3. Miscellaneous Expenses: this indicates to a category for an expense that only incurs in the month you’re presently budgeting for or expenses that don’t occur on daily basis.
  • When you have listed your categories, for each of the categories, input the amount that you estimate to spend in your “budgeted” column.

How to calculate weekly budget?

For the first time, if you’re making a weekly budget planner then consider the following tips to make thing easier;

Don’t try to over complicate things

Sometimes, making a budget is too tedious. This is especially true if you think about how much math you have to do.

At first, you have to deduct your expenses from your take-home pay and the difference you receive will be your leftover that you may spend on leisure expenditures. If you get a negative value, this indicates that you have to eliminate certain expenses.

Your savings must be an automatic part of your budget

Set a part of your paycheck deposited into a savings in order to grow your savings account. For employees, if your company has a retirement savings plan then take advantage of this. Then, ensure to contribute to it as much as you can. You may also see Company Budget Templates.

Pay your bills always on time

You should ensure to pay your bills on time each month and in full in order to avoid sky-high interest rates on your outstanding debts. This also helps you in keeping a healthy credit rating.

Take the exact estimate of your monthly expenses

By keeping every bill and receipt you get is the effective way to identify how much you spend each month. Then, enter these numbers into a simple budgeting template or a budgeting spreadsheet.

Conclusion:

In conclusion, a weekly budget template is an important document that makes sure your finances are always kept in order. By budgeting your paychecks separately is the effective way to maintain your weekly budget template.

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