What could be more pleasurable than sitting down and making a budget? There are numerous factors to consider. Budgeting on a regular basis, on the other hand, can only benefit you and help you battle debt and better organise your spending.
It’s also beneficial to your mental wellness. “Many people are suffering with financial stress,” said Angela Marie Christian, a personal development and business coach as well as a financial controller.
“This means they’re more prone to procrastinate or simply ignore what’s going on with their money.” “However, the funny thing is that the easier it becomes and the less tension you feel once you start tackling it full on and alter the energy surrounding the topic of finances and budgeting.”
What are some other benefits of budgeting on a weekly basis? Let’s have a look at it.
You’ll be able to keep better track on your spending habits.
“The first, and possibly most important, benefit of setting aside time for budgeting each week is that it will help you become more aware of your spending habits,” Julien Brault, CEO of Hardbacon, said.
“Keeping track of where each minor purchase was made can be challenging if you just budget once a month.” Weekly budgeting makes it much easier to recall where your money goes and to set weekly goals. Weekly budgeting would also help you plan ahead for upcoming large expenses.”
You’ll Be Aware If You’re Spending Too Much (or Getting Overcharged)
“You’ll know sooner if you’re overspending in a certain category, for example,” Julie Ramhold, consumer analyst at DealNews.com, said.
“Or if there’s been an issue with autopaying a payment and you can take concrete steps to correct it now rather than later, when it’s possibly out of control and more difficult to fix.”
Taking up less time than a monthly budgeting session
“Having a weekly budget provides for greater flexibility while also taking less time to maintain because you’ll only be focusing on transactions for a week rather than a month,” said Bankdash founder Steve Wilson.
“A monthly budget may be a suitable fit for dealing with fixed expenses that I have to pay once a month.” Other expenses, such as eating out, unexpected vehicle repairs, and clothing expenditures, are less predictable and occasionally unforeseen.”
It’s Easier To Distribute Funds
“Calculating the amount of money accessible in a week is easier than calculating the amount available in a month,” said Elena Jones, creator of Finance Jar and a credit and personal finance specialist.
“For example, if you set a $300 grocery budget and spend more than half of it on unexpected plans during the first week of the 30 days, allocating finances will be incredibly tough.”
If you split that $300 by an estimated $75 per week, you’ll see that you just need to spend half of your budget the next week.”
Encourages Payments Every Week
“Another benefit of having a weekly budget is that you can make credit card debt payments or savings contributions weekly rather than monthly,” said Carl Jensen, a financial and management consultant and the founder of Money Mow.
“In the long term, this will save you money.” Weekly payments are also psychologically good because they allow you to observe your progress toward your financial goals much sooner, despite their small amounts.”
Assists You in Avoiding Extra Interest
“Another benefit of a weekly budget is the ability to avoid paying extra interest by making weekly card payments,” Jones noted.
“While disentangling set monthly spending into weekly amounts can be tiresome and repetitive, it is helpful in determining where one’s money is going. Individuals can do so by multiplying the result by 12 and dividing the month-long estimate by 52.
Even if they don’t disintegrate their recurrent monthly expenses, they should at the very least dissolve the money justify over after debts, bills, and savings are paid.”
It Is Possible To Have A Good Time (Sort of)
“Using printed budget templates can make budgeting more entertaining,” said Jeffrey Zhou, co-founder and CEO of Fig Loans. “You may customise free printable templates based on your needs and goals by downloading them from the internet.
Something about writing forces you to pay attention to details, learn more, and remember what you’ve learned. If you’re feeling crafty, you can use highlighters, colourful pens, and interesting stickers.”
Every week, you reclaim control
“Budgeting each week might help you regain control of your finances,” says Alan Harder, a mortgage broker. “It allows you to prioritise your spending, track your success, and determine when changes are required.”
A budget also develops a strong financial plan that is easy to follow, allowing you to plan and prepare for the future. It’s the most powerful tool you have to change your financial future, and it allows you to start right now.”
Budgeting Tip of the Week
Now that we have a better understanding of the necessity of weekly budgeting, let’s look at some of the best budgeting tricks from Debt to Zero founder Shaun Meyers.
Keep the goal in mind at all times. Remember, your budget’s main objective is to ensure that your costs do not exceed your revenue.
Include all of your bills, both regular and unscheduled, in your budget. If you have quarterly or yearly invoices or premiums, divide the total cost by 12 to account for them in your budget.
Separate your spending money from your funds for essential expenses. It’s far easier to cut back on things like groceries than it is to figure out how to pay your mortgage when your money has been depleted.
Consider your savings to be a requirement. If you lose your job, you’ll need money. Saving for an emergency fund should not be an option if you don’t already have one.