Staying on top of bills can be challenging, especially when paychecks come in on a bi weekly schedule Luckily, bi weekly bill pay templates make it easy to match income and expenses to prevent overspending or bills going unpaid
At my website, we often get asked “What is a bi weekly bill pay template and how do I use it?” So in this comprehensive guide, I’ll explain everything you need to know about bi weekly bill pay templates to take control of bill management.
What is a Bi Weekly Bill Pay Template?
A bi weekly bill pay template is a tool to organize, track, and pay bills every two weeks The template allows you to schedule all recurring expenses like rent, utilities, loans, and subscription services over a two week period.
Bi weekly templates help you align variable bills that fluctuate each month like groceries, gas, dining out, etc. with your income schedule. This prevents struggling to pay bills at the end of the month when the money has run out.
Key features of a bi weekly bill pay template:
- Bill due dates calendar – Know exactly what’s due each week
- Payment tracker – Log what you paid and when
- Budgeted column – Plan bill payments
- Actuals column – Record what you actually paid
- Overview – See if you over or underspent
Benefits of a Bi Weekly Bill Pay Template
Using a bi weekly bill pay template has many advantages:
Avoids Late Fees
When you map out due dates and plan payments in advance, you avoid paying bills late and prevent unnecessary late fees.
Helps Stick to Your Budget
By allocating bill payments each paycheck, you don’t overspend your income. You can also track if you go over or under budget.
Automates Bill Management
Since it’s automated, you save time not having to manually track bills. Everything is laid out for easy bill payment when funds are available.
Improves Cash Flow Visibility
With a bi weekly template, you know how much is owed and when, preventing surprise bills that throw off your finances.
Reduces Stress
When you have clarity around what bills need to be paid and when, it greatly reduces financial stress.
How to Make a Bi Weekly Bill Pay Template
If you want to create your own bi weekly bill pay template, follow these steps:
1. List Income Schedule
Record pay dates and expected income amounts for context on funds available for bills.
2. Compile List of Bills
Make a master list of all bills and loan payments with due dates and average amounts.
3. Add Calendar
Build out a calendar view listing bill due dates for the month broken down by each week.
4. Insert Payment Tracker
Include columns for budgeted bill payments and actual payments made each week.
5. Add Overview Section
This summarizes total income vs. total bills so you can see if you over or underspent.
6. Automate Calculations
Use Excel formulas to autopopulate totals for easy tracking.
Free Bi Weekly Bill Pay Templates
To make it easy, here are some free templates you can download and customize:
- Bi Weekly Bill Tracker – Vertex42
- Bi Weekly Budget Planner – SpreadsheetShoppe
- Biweekly Bill Organizer – Free Sample Templates
These templates have sections for bill due dates, payment tracking, budget vs. actual, and more – all set up for a bi weekly pay period.
Tips for Managing Bills with a Bi Weekly Pay Schedule
Managing finances around a bi weekly pay schedule takes some planning. Here are some top tips:
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Stick to needs vs wants – Focus bill payments on needs like housing, utilities, insurance, loan payments, etc. first.
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Pick one pay date for bills – Pick the same pay date consistently to pay bills to avoid confusion.
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Use bill autopay – Set up autopay for any fixed expenses within your budget to ensure on-time payment.
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Cut discretionary spending – Reduce dining out, entertainment, shopping and other variable costs to free up more for bills.
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Build an emergency fund – Have a buffer for surprise expenses or income drops.
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Pay down high interest debt – Focus extra payments on reducing credit card and high interest debt first.
Alternatives to Bi Weekly Bill Pay Templates
If you find bi weekly templates too rigid or time consuming, here are some alternatives:
Expense Tracking Apps
Apps like Mint, PocketGuard, and EveryDollar connect to bank accounts to automatically track income and expenses, send bill reminders, create budgets, and more.
Bill Pay Services
Bill pay services like Prism and doxo will pay your bills for you, either from your bank account or through their platform. This automates payments.
Personal Bookkeeping Services
A bookkeeper can create customized bill calendars, manage payments for you, keep you on budget, and optimize cash flow management around your pay schedule.
Key Takeaways on Bi Weekly Bill Pay Templates
- Templates help organize variable bi weekly income & bills
- Avoid late fees, overspending and keep cash flow smooth
- Easy to automate bills for on time payment
- Provides visibility into upcoming bills and money available
- Alternatives include apps, services, and bookkeepers
BI-WEEKLY PAYCHECK BUDGET | HOW TO PAY BILLS USING THE SPLIT BILL METHOD
FAQ
How to pay bills on a biweekly paycheck?
What is a biweekly budget template?
My biweekly budget template is designed to help you stay on top of your finances and save for the future. With my biweekly budget, you can achieve the financial stability and freedom you’ve always wanted! 1. Click The Image 2. Download & Print 3. Gather Your Bills & Determine Expenses 4. Get Your Paystubs & Income Details 5.
What does a bi-weekly paycheck mean?
When it comes to budgets, a bi-weekly paycheck means you are being paid every two weeks. This is the standard payment system for a majority of the companies out there. Most employees are paid every two weeks, and to help them save and plan their spending, they need a good bi-weekly budget.
How do I write a biweekly budget?
Writing a biweekly budget is the first step to creating financial stability. It’s important that you set up a plan for each paycheck to make sure your bills get paid. When creating your first biweekly zero-based budget, you’ll want to start by paying your immediate obligations.
How do I make a monthly budget if I receive biweekly paychecks?
There are a couple of ways to make a monthly budget if you receive biweekly paychecks. You can either budget by paycheck, divide out your expenses between biweekly paychecks, or focus on a monthly budget. If you choose to budget by paycheck, you’ll create a new budget for each pay period and then stick to it.
Should you create a biweekly budget?
When you are paid on a biweekly basis, it may make sense to create a biweekly budget. A biweekly budget is perfect for those who get paid every other week. You can structure your budget around your paychecks so you don’t miss anything with your money, and you can find out how here! What is a biweekly budget? How does a biweekly budget work?
What should I look for in a bi-weekly paycheck?
Look at when your mortgage, utility bills, and credit cards are due. Think about all the monthly expenses you pay out of your account. The goal is to be able to cover the expenses that fall in each 14-day window with your bi-weekly paycheck. Split your expenses up into different categories to help you get this right.