Should We Use a Weekly or Monthly Home Budget?

Determining whether you should use a weekly or a monthly home budget requires you sitting down and doing a little thinking. First of all, when do you get paid? You may get paid weekly, bi-weekly, or even monthly. Now that you have that down evaluate your expenses. Do you have a lot of monthly expenditures or a few? Also, do you have control over when you make payments? All of these questions need to be addressed to determine which option is best for you.

Weekly Pay

If you get paid every week then a weekly budget will probably benefit you best. It is easier to manage and you know exactly how much you make each week and exactly how much you can spend. This makes paying bills and staying current a lot easier. If you get paid weekly and try to use a monthly budget by the end of the month you might find yourself short of money because you dipped into some of your funds that you should have saved for bills. So, people who get paid on a weekly basis should pay their bills on a weekly basis as well.

If you can, try and stagger your monthly payments throughout the four different weeks. That way your weekly budget will be easier to manage and will stay about the same each week. For example, you may need your first two weeks income to pay the mortgage and then pay all the smaller bills the last two weeks. Whatever works for you is best.

Monthly Pay

If you receive your paycheck once a month then a monthly budget will work best for you. Do your best to schedule your bill payments on the same day or the day after you get paid. That way you can deposit the money in your account and simply have all the bill payments drafted. Doing this allows you to make all your payments on time and what you are leftover with is all you have to live on until the next paycheck. This keeps you from overspending or living beyond your means.

What Works For You

The above two suggestions are simply that and they tend to work for most people. However, you may find yourself in a different situation and a different type of home budget will work better for you. As long as you are keeping track of your expenditures and your income and paying attention to your budget then you should have no problems with your finances.

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