A weekly budget includes list of all weekly expenses incurred in a households or organization. It is used to chart all the weekly expenses and keep track of them for the next week. It also includes your expenses for entertainment in your family. Using a weekly budget, every member of the family or organizations learns how to spend money intelligently. For an organization, maintaining a weekly budget can be a difficult job because in some cases many expenses go unrecorded. Unrecorded weekly expenses can lead to confusion in calculating the monthly expenses. It is just a simply used to track and target the area where it can minimize expenses and save for efficient use of cash.
There are different types of weekly budget template available on the internet. But usually it includes five columns. The first column is the name of week days. The second and third column list income and expenses in each week day. Entertainment and savings are the last two columns to record in a weekly budget. The first columns have the name of week days and rest of the other columns is left blank to be filled with exact amount during the whole week. At the end of the sheet there is row under the first column listing the total amounts of all the columns.
Creating a weekly budget is an easy task but to make a full use of it will require you to follow some instructions. By following the step by step instruction you can easily create a weekly budget and implement it. The step by step instructions are given below:
Step1
Firstly of all, you can create a weekly budget by printing a template from the internet and writing on it manually. But, if you using it for organizational purposes you can use computer programs like excel to avoid errors, since it involves calculations.
Step2
The next job you need to do is designing the weekly budget template. You can follow a simple downloaded template or create it yourself using excel. The weekly budget template found on the internet can be used to customize it to your desired needs.
Step3
Create 5 columns of weekdays, income, expenses, entertainment and savings.
Step4
List the name of seven days of week in the first column. Leave the other columns blank to record the inputs.
Step5
At the end of the first column make a row named “Total” to calculate the totals of the next four columns.
Step6
Set up formula in the excel sheet so that it calculates in real time. Now it is ready to input all the amounts in the blank fields with the actual amounts.
Step7
Everyday, record all your inputs of income, expenses etc. At the end of the week you will get the results of your weekly budget plan.
Step8
Make indications to the expenses as significant or insignificant. Make sure your inputs are correct and you are placing them in the right fields.
Step9
You can look up your savings and judge if your weekly budget plan was successful or not. If not make changes to it and apply it in the next week.
1
For the first week after recording all your income and expenses you just get a detailed view of your expenses. You have to minimize all your expenses in order to benefit from weekly budget plan. Increase in your savings is a good indication of an effective budget plan.
2
If you want to create a weekly budget template from scratch it may be difficult. But you can download different templates from the internet and customize it according to your needs. Don’t stick to the downloaded template, consider them as universal.
3
You must take into consideration the number of family members in case of family weekly and no of employees in case of an organizational weekly budget.
4
The entertainment expenses for family or organizations can be targeted the most to reduce in order to maintain weekly budget discipline.
5
Week to week comparisons is an effective method to track and minimize you expenses. Mark the weekly expense that is out of budget and plan on how to reduce it and save money for other purposes.
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