Here is a wonderful guest post from Angel on how a weekly budget can help you save more money.
Weekly Budget – examples of weekly cost savings
Making a weekly budget can help you save more money than making a monthly or yearly budget because many people (probably yourself, included) don’t see the amount of money they spend on frivolous things weekly. Here are a few examples of weekly budgets and how they can save you some major cash.
Gas money- $50
Eating out- $40Spending (for coffee, snacks, etc)- $25
This would be your total weekly allowance for the items above. This does not include your monthly bills, savings, or spending on bigger items. Those should all be done on a monthly basis. So, consider that your monthly budget looks something like this:
Car payment: $400
Car insurance: $175
Health insurance: $300
Cell phone: $200
Utilities: $150Clothing/Misc.: $200
Credit Card: $10
Now, add in your weekly costs on top of that. Yes, these weekly costs are things you have to have, but they are also things that CAN fluctuate depending on how you budget and save. Consider that you’re working with a four week month and you have a total of $960 additional to your monthly bills. Did you realize you were spending that much? Or maybe more? IF not, this is where a weekly budget helps you start saving money.
First, look at ways you can save on that budget. Cut coupons and buy in bulk or on sale to knock off about $25 from that weekly total. That will save you $100 a month!
Next, make a schedule with your spending money. On Monday, Wednesday, and Friday you plan to have coffee out of the house, but on Tuesday and Thursday you will drink coffee at home. That can save you about $10 a week, or $40 a month.
Third, get creative! Do you need to drive to the office every day? Or can you work from home or travel with someone. Maybe you just need to reroute a bit to save on gas money. Even saving $5 a week in gas can save $20 a month.
Finally, use all three for eating out expenses. Eating out doesn’t have to cost you that much each week. Schedule to go to a cheaper place every other week where you can cut your food prices down. Order water and smaller portion sizes, cut out the appetizers (or only order an appetizer) and clip coupons for restaurants on the restaurant website. That can save you at least $40 a month.
Once you have totaled the monthly saving, you are looking at reducing your spending by $200 month, or more! That can all be easily achieved by giving yourself a weekly budget. One final tip: use cash only on your weekly budget items so you know exactly what you’re spending and what you have left.
Take a look at our Free Monthly Budget Template to get your finance under control.