Creating a biweekly budget is accomplished by the standard budget formula subtracting expenses from income. The biweekly aspect is only impacted by remembering to separate your income and bills by weeks they occur. A biweekly budget can be created on paper with pencil or by using computer programs, including applications through your bank or a spreadsheet program.
- Establish the time line
Determine how your weeks are divided. This is most simply done by using the first two weeks of each month and then the second two weeks.
- Add up your income
Add up all your income that takes place within the two weeks for which you are creating a budget.
- Estimate expenses
Estimate your expenses based on previous experience; expenses such as mortgage or rent payments should be the same each month. Estimate non-regular but recurring expenses such as groceries and transportation. Compare your income and expenses. Any money left once your required expenses are met can be divided among discretionary spending money and savings.
- Consult the budget regularly
Make sure to review your budget regularly to ensure accuracy. You can also write in the accurate expenses as they occur to have the best understanding of your budget every two weeks.