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.
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.
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.
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.
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.