Bi-Weekly Budget Tool

               As you begin to work with the bi-weekly budget, determining the month that will be covered in the first step. Afterwards, it is important to understand the meaning of its six static horizontal lines and six-column headers in the summary. This is where all the information available in the bi-weekly budget will be put together succinctly.

Horizontal Lines

Beginning Balance – This is a manually inputted segment that tells the user how much money is easily available (e.g. checking account).

Total Income – Formula that totals the amount in the income section for that specific column.

Total Expenses – Sums the expenses in its relevant table for that specific column.

Net Income – Total Income minus Total Expenses.

Net (Income) Distribution – Amount dispersed in the Net Income Distribution table.

Remaining – Residual value once expenses and net distribution are subtracted from income.

Column Headers

               This segment is divided between Bi-weekly 1 and Bi-weekly 2, which for most use cases, it would be the first, second week of the month and the third, fourth week respectively.

Budget – This is a person’s estimation of their bi-weekly income, expenses and net income distribution.

Actual – Tells the user what happened to their income, expenses and net distribution.

Variance – Shows the difference between Actuals and Budget, helping to determine any discrepancies to support improved budgeting in the future.

               Do note that for Bi-Weekly 2, the beginning balance uses a formula that assumes the summation of bi-weekly 1’s beginning balance and the remaining. It is possible to manually input it as needed.