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5-Steps To Creating A Sunday "Plan Day" That Will Save You From Spending On Stuff You Don't Need

The weekends aren't just for brunching and football. Take a sliver out of your lazy Sunday to create a financial plan for the week ahead and you'll be en route to reaching your financial goals without ever changing out of your PJ's.

You probably already know that creating a monthly budget helps ensure your bills are paid on time and you're putting money toward your savings, but what you might not realize is creating a weekly budget can help wrangle your spending habits as well. Plus, it's a lot easier to keep your budget in line when you only need to remember what you bought a few days ago versus a few weeks ago.

Managing your cash flow is an important step in saving for the future, that's why Beneficial Bank makes viewing all your transactions simple with Online Banking. When you see how and where you spend your hard-earned money today you're better able to plan for tomorrow.

1. Find Your Weekly Income

The most important step in creating a weekly, or monthly, budget is knowing how much income you have. Since most companies pay bi-weekly, you may have to do a little math to find what your average weekly pay is. Also, make sure you're accounting for your take-home pay as opposed to your gross pay.

Write out all of your income sources--salaries, interest, pensions, etc. Include your spouse's income as well if you're living in the same household. Add these totals together for your starting point.

2. Estimate Your Daily Expenses

Go through your daily routine and write down any habits you have that cause you to dip into your wallet—Are you filling your gas tank every Monday for the commute? Do you always grab a coffee, too?

If you have a bill coming up that week, be sure to take it into account as well. Automated plans, like Online Bill Pay from Beneficial Bank, usually send a reminder of upcoming monthly bills a few days before they're taken out of your account.

3. Find The Difference

Once you have an estimated income and outcome you can start to plan for the week ahead. Subtract your expenses from your income. A positive number means your budget is looking stable for the month. A negative number could indicate it's time to cut back on a few things. Is there a bill this week that might cause you to skip the coffees? Would taking public transportation save you more than filling up on gas each week?

4. Be Exact

Now that you see the flow of money in and out of your account and have adjusted your budget, it's time to keep track of your spending. As you go through each day of the week, keep track of what you buy and keep a receipt for your records.

Or, go paperless and keep track using your bank's mobile app, like BenMobile from Beneficial Bank. You'll be able to make mobile deposits, pay bills, view account balances, find a branch and keep track of your potential rewards for using your debit card at your favorite spots all with one secure login.

5. Readjust Weekly

If you see yourself spending more than your budget, or you're coming close to your budget, it might be time to adjust your spending habits. Learning to create a budget--and stick to it--is one of the most beneficial ways to build credit, stay on track and manage your wealth in the future.

If you're ready to get started with a bank that has your best interests in mind when it comes time to plan for the future, visit TheBeneficial.com today.

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