Milvionne Chery Copeland, Writer
@milvionne_copeland
A good weekly budget allocates 50% of your weekly income to your necessary expenses, 30% to your wants, and 20% to your savings. This is based on the very popular 50/30/20 rule, which prioritizes your essential expenses and saving while still leaving room for discretionary spending.
To determine your weekly budget, you should first divide your annual income after taxes by 52 (the number of weeks in a year). Then, split that amount among your needs, wants, and savings based on the 50/30/20 rule. The table below shows how much to budget for each spending category based on your income.
Good Weekly Budget Amounts Based on the 50/30/20 Rule
| Weekly Income | Needs | Wants | Savings |
| $250 | $125 | $75 | $50 |
| $500 | $250 | $150 | $100 |
| $750 | $375 | $225 | $150 |
| $1,000 | $500 | $300 | $200 |
| $1,500 | $750 | $450 | $300 |
| $2,000 | $1,000 | $600 | $400 |
| $2,500 | $1,250 | $750 | $500 |
| $3,000 | $1,500 | $900 | $600 |
| $3,500 | $1,750 | $1,050 | $700 |
The 50/30/20 rule is just one way to determine a good weekly budget, and it may not work for everyone, especially if you have to allocate more of your income to your needs.
The average household spends $1,486 per week, according to the U.S. Bureau of Labor Statistics. You can use that as a measuring stick for your weekly budget. However, you may spend more or less than that depending on your income.
Average Weekly Spending By Income
| Annual Income | Weekly Spending |
| Less than $15,000 | $617 |
| $15,000 - $29,999 | $684 |
| $30,000 - $39,999 | $904 |
| $40,000 - $49,999 | $965 |
| $50,000 - $69,999 | $1,143 |
| $70,000 - $99,999 | $1,383 |
| $100,000 - $149,999 | $1,744 |
| $150,000 - $199,999 | $2,266 |
| $200,000+ | $3,365 |
*Source: U.S. Bureau of Labor Statistics
How to Find the Best Weekly Budget for You
You may want to try different budgeting strategies to find the best weekly budget that works for you. For example, you can try something like the 60/20/20 rule, which allows you to allocate more of your income to your necessary expenses, or the envelope budgeting strategy, which lets you decide how much to allocate to each of your expenses.
WalletHub gives you multiple different budgeting strategies to choose from, allowing you to create a weekly budget that works best for your financial situation. You can make a simple weekly budget with your expenses and income only, or create a budget based on the 50/30/20 rule, pay-yourself-first method, envelope budgeting, or micro-envelope budgeting. You can also do a zero-based budget by referencing the “Remaining” field in your budget summary.
To learn more, you can check out WalletHub’s guides on the best budgeting strategies and how to make a weekly budget.
People also ask
What are the four walls of budgeting?
The four walls of budgeting are the basic expenses that you need for your family’s survival: food, utilities, shelter, and transportation. This concept was created by Dave Ramsey, a financial expert and radio show personality, who believes these are the expenses you should prioritize in your budget.
The Four Walls of Budgeting
Food
If you have trouble paying all your bills, food is the first item you should budget for, since you...
read full answer by Milvionne Chery Copeland, WriterHow much should I budget for groceries?
You should budget $504 for groceries. This is the recommended amount to start off with based on what the average person spent on groceries each month, though the exact amount you end up spending will depend on factors such as the size of your family and the specific items you buy.
How Much to Budget for Groceries per Month
| Family Size | Cost |
| ... | $504 |
How much of your income should go to expenses?
You should spend no more than 80% of your income on your expenses, with 50% going to your needs (like housing, food, and utilities) and 30% going to discretionary spending. If you allocate the remaining 20% to savings, you'll be following the popular 50/30/20 rule. Even if you use different budget percentages or categories, keeping your expenses below 80% of your income can allow you to save for the future and help prevent you from...
read full answer by Milvionne Chery Copeland, WriterDid we answer your question?
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