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How to budget your money weekly
Managing money can feel like a lot sometimes, especially with all the bills, groceries, and everyday stuff to keep track of. But don’t worry – budgeting doesn’t have to be hard. In fact, weekly budgeting is a super simple and flexible way to take control of your money and reduce that stress.
Whether you’re paid weekly, monthly, or your income changes, a weekly budget can help you stay on top of things, making sure you’ve got enough for the essentials and any surprises that come up. In this guide, we’ll walk you through an easy, stress-free process to make weekly budgeting work for you.
Why weekly budgeting works
Weekly budgeting is a fantastic choice for many because it’s flexible and makes it easier to stay on top of things. Unlike monthly budgeting, which can sometimes feel a bit overwhelming, weekly budgeting gives you more opportunities to check in on your spending. This way, it’s simpler to make adjustments if you overspend or if things change along the way.
If you’re paid weekly, it lines up nicely with your pay cycle and helps you manage those monthly bills. But don’t worry, if you’re paid monthly or somewhere in between – weekly budgeting works for everyone. It’s all about making small adjustments along the way to help you feel in control and less overwhelmed.
Looking for more budgeting information? Learn how to manage money in our Money Confidence article.
How to make a weekly budget
Creating a weekly budget is easy when you break it down step by step. Here’s how:
- Work out your monthly income: Divide your monthly income by the average number of weeks in a month to find your weekly income. Remember to watch out for those longer months.
- Account for fixed costs: These are your regular bills like rent or mortgage payments. Deduct these from your weekly income.
- Plan spending in key categories: Budget for essentials like food, transport, and utilities. Make sure you know how much you need for these each week.
- Track focus areas: Focus on areas where you tend to overspend (e.g., eating out, entertainment) and set clear limits for these.
- Allow for flexibility: Unexpected costs happen—like repairs, or an unexpected bill. Build a small buffer into your budget to handle these without stress.
If you’re paid weekly, make sure to set aside the right amounts each week for monthly bills, so you’re not caught off guard when they’re due.
Why not explore TSB Savings accounts if you want to learn more about savings.
Tips to sticking to your budget
Creating a budget is one thing; sticking to it is another! Here are some tips to keep you on track:
- Weekly check-ins: Review your budget regularly to see if you’re on track. Make it a weekly habit.
- Use banking apps: Many apps let you set up pots or spaces for different goals, like bills or savings, making it easier to keep track of where your money is going and you can check your account balance as often as you want.
- Set reminders: Set up alerts for upcoming bills or when you’re getting close to your budget limit for the week.
- Pay yourself first: If you can, set up automatic transfers into your savings pots or accounts. Even small amounts add up over time.
Common mistakes to avoid: overspending early in the week, forgetting to track bills, and not reviewing your budget regularly.
What is a good weekly budget?
A good weekly budget really depends on your income and lifestyle. There’s no “one-size-fits-all” answer, but here’s an example:
If you earn £400 per week, you might budget like this:
- £100 for bills (rent, utilities, subscriptions)
- £150 for essentials (food, transport)
- £100 for lifestyle (entertainment, dining out)
- £50 for savings
You might choose to follow the 50/30/20 rule applied weekly:
- 50% for needs (bills, essentials)
- 30% for wants (entertainment, dining out)
- 20% for savings
The key is to set realistic limits based on your own spending habits and income. Don’t forget to allow some wiggle room for unexpected costs!
Discover tips on how to save on your bills.
Looking for more money tips?
Feeling stuck with your budget? Don’t worry, we’re here to help! TSB has lots of resources to help you manage your money confidently.
Remember, budgeting is a skill that takes time to master. With the right tools and a little patience, you’ll soon feel more in control of your finances!
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