World Executives Digest | How to Create a Weekly Budget That Allows You to Save, Too! | Creating a weekly budget is one of the best ways to start saving money. It allows you to take a look at what an average week in your life costs you. It can also help you realize what you may be wasting money on.
If you look into all the extra expenses you do not need, you can also learn to save money.
Here’s our guide to creating a weekly budget you can stick to and save money in the process.
Open up the Bank Statements
The only way to start making a budget is to look at how much money you have coming in and how much money you have going out.
Many people refuse to look at their bank statements every month because of the anxiety associated with looking at anything financial. But this avoidance is what can lead to overspending unnecessarily.
When you’re looking at your bank statements, it is important to determine what is a need, something you absolutely can not survive without. And then determine what is a want, something you are splurging on but could have been held off.
Realize Your Food Habits
Fast food and going out to eat in general is one of the biggest wastes of money. An average meal to feed a person at a fast food joint is $6, and if you’re going for fast-casual like Chipotle or Five Guys, the cost gets doubled to $12.
Compare that to getting a box of spaghetti at the grocery store and cooking it at home. A box of spaghetti routinely costs around 99 cents to $1.50 and provides multiple meals. You throw in a sauce to add flavoring and pick up rolls to have on the side and the entire meal costs $7 to feed the entire family.
This meal can also provide a lot of servings, meaning there can be leftovers and thus reducing the cost even more. Setting up a weekly budget planner for food can help you start saving money.
Setup Automatic Deposits Into Your Savings
One of the best ways to start saving money is to not realize you are saving. Setting up automatic deposits into your savings or investing account can help stop you from overspending.
By setting up a one time deposit every week, you are creating a weekly budget that prioritizes both your current situation and future you. Depending on the type of savings or investing account, you can be saving for emergencies or retirement.
For those looking to learn how to save money fast, be sure to click the link.
A Weekly Budget Can Benefit Everyone
At the end of the day, a weekly budget can help everyone regardless of their income levels. Everyone should be aware of what their finances are at any given time. So sit down and get a sheet out to start creating your weekly budget.
For those looking to get their finances under control, be sure to check out our other articles. If you know someone who is dealing with budgeting problems, be sure to share this article with them.