Believe it or not, whether you’re budgeting for a monthly income or a weekly income, the process is pretty much the same – but weekly budgeting is obviously over a shorter period of time.
To create your weekly budget, you should begin by writing down your weekly income. This should include everything you earn/receive in a week.
You’ll then need to write down your weekly expenditure. This should include everything you spend on your essential costs (mortgage/rent, utility bills, etc.) and your day-to-day living costs. Do not write down your weekly spending on your unsecured debts just yet – we’ll look at this next.
Once you’ve got both weekly totals written down, you should subtract your expenditure from your income – which will leave you with your ‘disposable income’.
This is the money you’ve got available to spend on your unsecured debts. Of course, you’ll probably be making your debt repayments monthly – so it’s important to work out just how much they would cost you per week and leave this amount to one side until you are required to make the payments.
Any money left after accounting for your unsecured debts can be invested in a savings account, for example, or used to purchase non-essential/luxury items.
You’ll need to figure out if your disposable income is going to be enough to cover your debt repayments. If it is, you should be fine, and could even use any spare money to ‘overpay’ your debts.
If it isn’t enough, though, you should address this problem straight away… you could start by seeking professional debt advice. Or, if you’d prefer to handle your debts on your own, you could assess your situation and see if you could cut back on any areas of your spending (your food shopping, for example, could be reduced if you selected ‘budget’ items rather than ‘branded’ items) to free up the money you need for your debts.
There are plenty of budget guides available on the internet that can help you to create a budget for your monthly expenses. If you don’t want to use a budgeting template, though (or you’d just like some more information about how to budget when you get paid on a weekly basis before using the template), this guide should provide you with the information you need.