![]() ![]() If you think it will work for you, you can even download our printable MAJORITY monthly budget worksheet for free. We’ll go over how to budget using the 50-30-20 rule, plus give you examples. The hardest part is always sticking to it.īut whether you’re new to budgeting or simply looking for a method that works for you, the 50-30-20 budget rule works for nearly everyone no matter what their income, and it’s easy to follow! Budgeting can be as easy or complex as you want to make it. Don’t hesitate to contact us if you need expert, confidential help.A budget is a financial plan you can use to better organize and manage your money by calculating your income and expenses. All of these worksheets give you a concrete point of reference as you live with your new budget and evaluate how well it’s working for you from month to month.ĭon’t forget, a personal financial coach can assist you with any questions you have and help you create a budget and a plan to become debt free. One thing we’ve learned is that budgets work much better if things are written down. Keep this worksheet going from month to month as a living document-you’ll learn over time which budget categories are more expensive than you anticipated, and where you’re able to make budget cuts and still get by. This worksheet will help you lay out how your monthly spending should look.ĭon’t worry if you miss your budget targets the first month. ![]() Once you’ve calculated your income, expenses, and debts, you’re ready to propose your first detailed budget. This sheet will help you keep track of every transaction going in and out of your bank account, and give you the detailed information you need to make your budget effective. Regular tracking is critically important to having a successful budget. This is the category where you’ll have to make some decisions and decide which of these items are most important so you can keep this category within 20% of your total budget. These are optional things that you can survive without, but might be important to you. For example, the bare minimum you need to pay to have a phone and cellular service is included in this category, but any extra spending on upgraded cellular services and features are counted in the “Lifestyle” category.Ģ0% of your spending is designated for Lifestyle expenses. Things like savings, debt payments, automotive expenses-you need to have these expenses, but you’ll want to take steps to minimize your spending to keep this category under 30%. These aren’t discretionary in the sense that they are optional, but you do have some discretion in the amounts you spend in this category. The 50/30/20 budget separates your spending into 3 broad categories to keep you on track.ĥ0% of your spending will be for Necessary expenses-these are the major expenses in your life that are not essential and not flexible-your rent or mortgage payment, monthly utility bills, insurance, etc.ģ0% of your budget will be Discretionary. There are different ways to break down your expenses, but we want to keep things as uncomplicated as possible. This worksheet will help you dive deeper into your debts and help you calculate exactly what your debts are costing you monthly as you set out to create a working budget.Īs you document what your balances and monthly payments are, use our free payoff calculator to figure out when you expect to have these debts paid off, and revisit this as you adjust your budget to see if you can accelerate the payoff of any of these debts. Let this form help you figure out which debts to tackle first and where to start building more assets. This will be a good worksheet to start with as it will help you set some of your first financial goals, and those goals should be a critical part of every budget you create. Use this form to calculate your assets and liabilities to establish your current net worth. Start your journey to better personal finances with an assessment of where you stand. We offer some free, interactive pdf worksheets on our Downloads page that can help you get started on the budgeting process. “Beware of little expenses a small leak will sink a gre at ship.” – Benjamin Franklin Knowing where your money is going is the first step towards financial security. Creating a budget or spending plan is a great way to know where your money goes before you get it. By using some easy, free budget worksheets, anyone can get started on the road to financial freedom right away. For many of the people we help, the toughest part is knowing how to start. There are many budgeting methods people can use to effectively manage their money. ![]() Use our Free Budgeting Worksheets to Create a Budget ![]()
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