The Pros & Cons of a  Weekly Budget

via Sofi

Learn why implementing weekly budgeting with your spouse is a helpful practice in this article by SoFi.

No matter what your financial goals might be — paying down student loans, saving for a new car or house, or just getting a better grip on spending — using the right budget strategy could help you get there.

Do you use a weekly budget

with your partner?

If you think tracking your money with a monthly budget is a pain, the idea of putting even more effort into the process — and breaking it down by the week — may feel like overkill. But there could be some benefits to be had from the effort.

Benefits of a Weekly Budget

Especially when it comes to discretionary expenses, using a weekly budget could help you spot when, where, and why you overspent in a certain category. And you can react more quickly to make changes to get back on track.

Pro: More Flexibility

The less time-consuming and tedious your budget routine is, the less annoying it may be — which might make it easier to stay with it.

Pro: Tracking Fewer Transactions

If, like most Americans, you’re paid every week or every other week — or your spouse is — a weekly or biweekly budget could offer more flexibility for saving and spending.

Pro: Planning Around Paychecks

Switching to a budget that aligns with weekly or biweekly paydays also could make saving more manageable.

Pro: Simplifying Savings

The flexibility that can make a weekly budget appealing also could make it easier for some people to be tempted off course with discretionary spending. Telling yourself that you’ll spend less “next week” to justify getting what you want right now could become a habit. 

Con: Too Much Temptation

Taking the time each week to review your purchases and update your budget may not be realistic for some people. If finding time to check in with your budget each week feels too overwhelming you may want to try a bi-weekly or monthly approach.

Con: Weekly Check-ins 

Creating a budget — whether it’s set up to be weekly, biweekly, monthly, or a bit of a combo — can be a good way to get control of your finances.