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For many families including military families paychecks come every two weeks. This means families have to be smart with their money and make it go as far as possible. With a little planning and a lot of self-discipline, these biweekly payday tips can make paycheck budgeting work for you.
Why you should budget when you are paid biweekly
Bi-weekly pay can be a bit frustrating if you are not used to it. While getting bigger paychecks is a plus getting them so far apart can come with some challenges. If you take the time to budget your bi-weekly paychecks you can make the most of every dime you have and prevent the struggles of finding yourself without money when you need it during the second week of your pay cycle.
Budgeting allows you to be smart with your money and to ensure that you never have to worry about not having what you need even when something shocking hits in the first week. Budgeting allows you to ensure that you can reach your goals and that your bills always get paid even when you do not get paid near their due dates.
Related: 100 Tips for Living on $30k a Year or Less
Budget Planner Kit
This Budget Planner Kit is a downloadable PDF with a set of over 90 templates that makes budgeting quick, stress-free, and fun. Best of all, instant delivery means that you can start getting organized right away. We know that when it comes to budgeting, one size doesn't fit all. That's why this planner kit comes with a variety of templates that provide the perfect background for whatever financial goals you're trying to achieve.
How budgeting on a two-week budget is a challenge
When it comes to budgeting every two-week paychecks there are some advantages and some disadvantages. It can be great to get a larger chunk of money at one time making it easier to pay large bulls but this comes at a price. You have to then budget better to ensure that you have enough to make it two weeks out to your next paycheck. This is why those on a 2-week pay cycle more often find themselves living from paycheck to paycheck.
Related: 25 Ways to Cut Your Spending by $100 a Month or More!
Tips for budgeting when you are paid every other week
When you get paid every other week you need to plan things a bit more than you would if you knew money was coming in every single week. There are things you can do to make it easier and to avoid living paycheck to paycheck when you are dealing with biweekly pay.
Related: 25+ Little Known Help for Low Income Families
Build a stockpile
Making sure you have enough food, and household goods such as cleaning supplies can be a major source of stress for families living on a two-week paycheck. If you run out of something essential and do not have the money to replace it you and your family are left struggling much longer than if you just had to make it to Friday like others.
The best way to fight this problem is to build a stockpile of things your family uses often and often runs out of. This can be a bit of a challenge if you are on a tight budget but it is worth the effort. Start by buying a few extras of things when they go on sale. This will save you money and the bigger your stockpile becomes the fewer items you will have to pay full price for in the store.
Your stockpile will lower your overall cost and help to save you money making it a smart move for anyone but for those fighting with a bi-weekly paycheck, it can be the difference between comfort and going without.
Related: 6 Genius Frugal Living Tips for Frugal Family Living
Meal planning is a great way to make sure that you have enough food and such for 2 weeks. This biweekly payday tip is one of the best ways to lower your grocery budget which is, of course, helpful when you need to budget for longer periods of time. All in all, making and sticking to a meal plan is one of the best moves you can make to help make the most of your bi-weekly income. Make sure to plan plenty of easy meals that you can make quickly such as soups and dishes you can toss into your Instant pot. This can help make sure you are not tempted to skip cooking and simply run through the drive-through because you are tired, this can end up shorting your budget for later in the week.
Related: Feeding a Family on a Budget – How I Feed My Family of 6 on $200 a Month
List your bills then split them between paychecks
The most important thing to deal with when you get paid bi-weekly is to make sure that you are on top of your bills. Make a list of your bills and support them between your checks as evenly as possible. This may mean paying bills way ahead of schedule to make sure they are paid rather than allowing them to run through autopay. By doing this you can feel confident that your bills will be paid and you can avoid paying late fees. Try to get ahead on your bills or call to see if you can arrange a new due date to make sure you do not fall behind on your bills.
Keep a separate account for spending
This is a great way to make sure your expenses like gas and food are covered in the second half of your pay period without dipping into your savings or using credit cards. Open another bank account and get a bank card for it so that you can transfer funds for the 2nd half of your paycheck over and pull the card out during the second week. Alternating funds this way also allows you to see how much you really are spending. Any leftover funds can go into your savings account or be invested to grow your income.
Build an emergency fund
An emergency fund is vital for everyone to have. When you live on a bi-weekly pay schedule it can be the difference between an emergency and an inconvenience. This fund is where you can pull money for things like a new tire or a busted pipe, so you can handle these without stress and freaking out or putting yourself into debt.
Related: 14 Ways to Build An Emergency Fund Without Pulling From Your Budget
Look for ways to make extra money
Spreading out your paycheck for 2 weeks can be a bit of a challenge but you can do a lot of things to help make your budget go further. Build a side business, start doing a gig job on the weekends, or try something like babysitting to help earn a little extra money. This can be a great way to buffer that week you do not have pay coming in.
Try following these simple biweekly payday tips for a couple of pay periods and see if they make a difference in your ability to stay on top of bills and save money. You may be surprised at how much easier it is to stick to a budget when you get paid more often. Do you have any biweekly payday tips that help you stay on track? Share them in the comments below!
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