How to budget when you get paid weekly

How to budget when you get paid weekly

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Most guides on how to budget normally focus on people who get paid monthly, but people who get paid weekly are often left without help. Although understanding how to budget your money weekly might seem tricky, here we go through all the important points you’ll need to consider to set up your budget.

Making a budget

No matter how often and how much you get paid, putting together a budget plan should always start with a list of everything you need to cover. Write down all of your outgoings for the month – this should include your rent or mortgage, gas and electric bills, insurance payments, your food shopping and any other essentials (e.g. petrol for travelling to work).

You’ll also need to account for any financial commitments that you don’t have to pay every month (e.g. TV licence payments). Work out a monthly allowance for these – take the total yearly cost and divide it by 12 – and write this down. Then divide these total outgoings by four and you should be able to see how much you need to cover every week.

Start making your budget right now by downloading our budgeting spreadsheet.

How to budget when you get paid weekly

The best way to budget weekly is to work out your total outgoings for the year (e.g. multiplying monthly bills by 12) and then dividing by 52. Then you’ll know how much you need to put away each week to cover your bills and expenses.

How to budget when you get paid weekly

The best way to budget weekly is to work out your total outgoings for the year (e.g. multiplying monthly bills by 12) and then dividing by 52. Then you’ll know how much you need to put away each week to cover your bills and expenses.

Prioritise your bills

As with any budget, bills should come before anything else. If you want to avoid spending a large chunk of your weekly wage on a larger bill (e.g. rent), the best thing to do is to set aside money to put towards this bill on each payday.

To plan for this, make a list of all the bills you have and the dates they get paid on, and how often they are due. From here, you can work out how much you’ll need to keep aside for a bill from every paycheck.

For example, if you get paid £400 a week but have a £50 phone bill that’s due every four weeks, you’ll need to keep aside £12.50 every time you get paid. This process can get a little complicated when you start mixing weeks and months, as most bills are paid on a monthly rather than weekly basis. To avoid confusion, we recommend reviewing the dates that your bills and paychecks are due every month to see how the dates match up.

Covering all of the bills

One way you could keep track of your budget is with a thinkmoney Current Account. The account comes with a budgeting feature that holds enough money for all of the bills and financial commitments you tell us about.

This means that when money goes into your account, the account will automatically hold back money for the bills you have up until your next wage. The leftover money will then go onto your debit card. You’ll be able to use your card to spend it on whatever you like without worrying that you’ll accidentally spend money you should have saved for another bill.

Ask for flexibility on due dates

It’s not nice to have to plan for the worst, but if you’re using a weekly budget and one of your paychecks doesn’t arrive on time, you’re likely to feel the pinch a lot sooner. Keeping this in mind, it’s worth checking which bills have flexible payment dates.

A lot of companies will happily accept payment a week or so after the original date, so if your budget’s looking tight in any given week, speak to your providers and see who’s willing to lend you a hand. For the same reason, if you’re paid weekly, it’s a good idea to spread the dates you pay your bills throughout the month. By doing this, you’ll never end up with too many bills to pay in the same week.

Plan for big or unexpected events

As well as setting money aside for your bills, you should also try to save for any big events. In the same way as planning for monthly bills, try to work out how much you need to be saving and how much you can afford to put away every week. Once you’ve figured this out, you can set a target to save with each paycheck.

Additionally, even if you’ve not got any big events on the horizon, it’s still a good idea to save money for any unexpected events. Saving for a rainy day is especially important if you’re using a weekly budget. This is because any costly expenses (e.g. car repairs) will take longer to save up for, which could give you a headache while you’re waiting.

Want some extra help to budget your money? With a thinkmoney Current Account, you’ll be able to put aside the funds your need to cover your bills and start managing your money more effectively.

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