Monthly Budget Planners - 20 FREE Printables | Printabulls (2024)

FAQs

What is the 50 30 20 rule of budgeting worksheet? ›

A 50/30/20 budget is a simple, easy way to organize your money, cover your expenses, and set yourself up to make long-term financial progress. It's all about dividing your monthly income into three buckets – Needs (50%), Wants (30%), and Goals (20%).

DIY with the Personal budget template

This Excel template can help you track your monthly budget by income and expenses. Input your costs and income, and any difference is calculated automatically so you can avoid shortfalls or make plans for any projected surpluses.

Google Sheets has plenty of budget templates and spreadsheets to choose from, and unlike Microsoft Office, it's free with your Gmail account. If you love looking at the numbers and tracking every last penny, then a Google Sheets budget spreadsheet will be perfect for you.

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

Excel and Google Sheets are the most commonly used spreadsheet programs, but if you have a MacBook, you can also use the Numbers app. Google Sheets is primarily online, allowing you to access your budget anywhere, but if you want maximum security, Excel and Numbers can keep the file strictly on your hard drive.

Once your Google account is set up, you can explore the wide variety of budget templates available in Google Sheets. These templates are designed to suit different financial needs and preferences. Here are a few types of budget templates you can find: Monthly budget.

How to make a simple monthly budget? ›

Try a simple budgeting plan. We recommend the popular 50/30/20 budget to maximize your money. In it, you spend roughly 50% of your after-tax dollars on necessities, including debt minimum payments. No more than 30% goes to wants, and at least 20% goes to savings and additional debt payments beyond minimums.

The free NerdWallet app lets you track your cash flow, including how your spending fits into the 50/30/20 budget guidelines. You can also see your net worth and debt, and monitor your credit score. We also offer other free options you can try: Use a budget planner to record your expenses.

The 50/30/20 rule is an easy budgeting method that can help you to manage your money effectively, simply and sustainably. The basic rule of thumb is to divide your monthly after-tax income into three spending categories: 50% for needs, 30% for wants and 20% for savings or paying off debt.

The Takeaway

Using them, you allocate your monthly after-tax income to the three categories: 50% to “needs,” 30% to “wants,” and 20% to saving for your financial goals. Your percentages may need to be adjusted based on your personal circ*mstances and goals.

To best use the 50/30/20 rule, balance your current income and expenses with your short- and long-term goals. Let's say you earn $2,500 per month after taxes. You'll aim to spend no more than $1,250 on necessities and $750 on wants, leaving $500 for savings and debt payments.

Moneywyn: 50/30/20 Budget Rule on the App Store.