Weekly Budget – Increase Your Savings

Here is a wonderful guest post from Angel on how a weekly budget can help you save more money.

 

Do you use a budget? Most people do not realize the amount of money they can save each month by having a budget. Figuring out your income and expenses can help you to determine the amount of money you can save each month. Learn how a weekly budget can save you 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.

Example Week:

Gas money- $50
Groceries- $125
Eating out- $40Spending (for coffee, snacks, etc)- $25

TOTAL: $240

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:

Mortgage/Rent: $800
Car payment: $400
Car insurance: $175
Health insurance: $300
Cell phone: $200
Cable/Internet: $150
Utilities: $150Clothing/Misc.: $200
Credit Card: $10

TOTAL: $2,385

Weekly Budget: How To Save More Money

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.

Do you use a budget? Most people do not realize the amount of money they can save each month by having a budget. Figuring out your income and expenses can help you to determine the amount of money you can save each month. Learn how a weekly budget can save you money.

Take a look at our Free Monthly Budget Template to get your finance under control.

More Ways to Save Money:

Creating a Budget

Family Budgeting

How To Save Money For Your Hobbies

4 Financial Vows Every Newlywed Should Take

Also, make sure you checkout the Frugal Fanatic Facebook page and follow us on Pinterest for DIY projects, recipes, money saving tips and more.

Leave a Reply

Your email address will not be published. Required fields are marked *

CommentLuv badge

Privacy Preference Center

Necessary

Advertising

Analytics

Other