How Do You Budget When You Get Paid Weekly?

Receiving weekly income differs from the monthly pay. It requires you to be more specific about the bills to settle. Accordingly, you need more planning than a monthly pay. It is about covering every bill and saving from emergencies without affecting necessities.  

Most part-timers, freelancers, hourly workers, and shift workers get paid weekly. They receive a small payment slip weekly, which is unpredictable. You may get high or low depending on the project length. Here is how you can create a sound budget with a weekly pay. 

Strategies to save money on a weekly pay 

Begin by writing down the essential expenses. Understand the critical expenses like rent, utility bills, groceries, etc. Next, add on the occasional expenses like birthdays or occasions. Add up the monthly bills and divide them by 4. Save the number that you get in a separate bank account. Once done, identify other miscellaneous expenses. Check where you can save more money. Here are other strategies to follow and save on a weekly pay:  

1.       Work out less critical payments 

After identifying the most important payments, like rent, utility bills, and groceries, check out less critical payments. It may include aspects like Wi-fi connection, mobile recharge, council tax, insurance, credit card payments, and other OTT subscriptions. Can you fetch a cheaper option? For example, you may check for a cheaper mobile plan than the current one. Similarly, analyse the ways to downsize on the wi-fi as well. It will help you save money.  

However, attend to priority expenses first. If you encounter a small short-circuit, call experts immediately. It may disturb your budget temporarily, but you cannot ignore it. For additional cash, check loans for bad credit with instant approval in the Ireland marketplace. It helps you get cash quickly into your bank account. You can repay the dues later according to the agreement.  You may benefit if you have pending payments but need urgent cash. 

2.       Analyse your expenses on living costs 

Next, calculate how much you typically spend on aspects like food, travel costs, clothing, and toiletries. You can first calculate the monthly costs and then divide them by 4. It would help you get the weekly amount that you spend on such aspects. Always be realistic about the amount you must spend here. 

 Check whether you can do without incurring a huge sum. It will prove budget-savvy and help you save money for other critical aspects.  It is about knowing and prioritising the expenses. For example, if you must meet the credit card payments, delay the shopping for now. Later, you can concentrate on wants when your income slightly improves. It may mean spending money on your desires without worries. 

 

3.       Set direct debits for savings  

It is one of the most important parts of financial management.  If you struggle to save money on a weekly pay, set direct debits. You can do that after setting up different payments for the lifestyle requirements. Direct debit involves automatic amount deduction from your bank account.  

However, your bank account must have this facility for it to work. You can thus set a separate savings account and link it with your account with direct debit.  Alternatively, check personal loans in Ireland marketplace to meet big-ticket item purchases. It will help you if you need more money to meet the requirements. You can check it if you have expensive repairs to deal with, furniture replacement or paying school fees.  

4.       Save money for emergency funds/insurance  

Next, identify your bank statements, credit report and accounts to analyse further savings. Check how much you can save for an emergency fund. It is important to have this account to avoid panic later. Situations like unemployment, business loss and disability may affect the earnings. Here, you can tap the emergency fund to meet the necessities. It is generally advisable to have at least 6-8 months of emergency cash savings.  

Thus, saving even €50 towards the goal may help.  Similarly, identify the insurance you need and the ongoing ones. It will help you know your liabilities. It may prove challenging for you to save for one with a part-time income. However, individuals with multiple incomes may save some more money towards insurance premiums. Moreover, you only need to pay the premium annually.  

Bottom line  

Saving money on a weekly income is challenging. It may hamper your daily tasks and cash requirements. However, having a strategic approach to payments may help. It may also help you save money. Prioritise expenses from the most important to the least one. Calculate the amount required and save accordingly. You can set a direct debit for bills and a savings account.