A TikTok user is drawing praise after sharing their simple, easy template for setting up a bi-weekly budget.
The step-by-step guide comes courtesy of user @kanbeeapp, the official account behind the automatic budgeting app Kanbee. In it, one of the app’s founders shows how to break down your spending and savings in seconds.
It’s just the latest money-saving tip to go viral on TikTok, where financial advice is surprisingly frequent. In the past, users have shared tricks for saving money on flights, Uber rides and even laundry. Meanwhile, the highly popular community on “StockTok” has long been a source of investment tips and info.
The budgeting guide by Kanbee is just a template, but it can be adapted for most people who get their paychecks every two weeks. To start, the video’s host suggests, you just write down your bi-weekly income.
Next, the host draws two columns — one for the first paycheck of the month and another for the second. After that, he draws rows for every major monthly expense, ordering them from most to least important.
Then, he begins sorting the costs. Some expenses, like food, will occur during both paycheck periods. Others, like rent, likely only come up once a month.
At the bottom of the chart, the host totals the expenses from both columns and then subtracts them from the paycheck total. He then records the total amount left over, which can go into savings.
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Kevin, a Kanbee founder who also manages the company's TikTok page, told In The Know that he started posting on the app earlier this year. After a slow start, he realized that budget how-tos were a hot topic.
“[One day I] made an excel budgeting tutorial on how to automate your budget in excel using simple formulas,” Kevin said. I woke up the next morning and saw my phone flooded with TikTok notifications. People were commenting, asking for advice and sharing our videos.”
“The idea behind this is to show you where the money goes from your paycheck every month,” Kevin said. “You probably know how much you get paid each month, but most people don’t have a clear idea of where and how much they are spending.”
In general, Kevin hopes Kanbee’s videos can help people “build better money habits.” And so far, TikTok users seem to be responding well to his advice. Many commenters praised the guide, while others asked for more help.
“I’m gonna use this,” one user wrote.
“Thanks for the breakdown,” another added.
“Omg, it’s like TikTok knows what bothers me. Thank you so much,” another added.
Some users were curious as to how different pay frequencies might affect the budget. Some asked for breakdowns for people paid weekly or service industry workers who are tipped out each night. The good news: It sounds like Kanbee has plenty of topics to cover in the future.
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