Add your income and expenses to this monthly budget template, and we’ll show how your spending aligns with the 50/30/20 rule.
What is a budget planner?
A budget planner is a valuable resource, typically in the form of a worksheet or template, used to create and manage your finances. By utilizing a budget planner, you can effectively allocate your income and make informed decisions about your spending. The primary objective of a budget planner is to aid in optimizing your financial choices, allowing you to prioritize essential expenses, minimize debt, and make room for savings. One popular budgeting approach, endorsed by NerdWallet, is the 50/30/20 budget rule. According to this strategy, 50% of your income should be allocated to cover necessities, 30% to fulfill wants, and the remaining 20% for both savings and paying off debts. Adopting a budget planner can lead to better financial control and a more secure financial future.
Create a budget plan that works for you
The best budget planner is one you can live with, so tweak your approach as needed. For example, the 50/30/20 breakdown is a recommendation to help you get started. Adjust your spending as needed until you reach your ideal budget.
And if a hands-on monthly budget template isn’t working for you, consider one of these budget apps. Most of them sync with your financial accounts, so they can track and categorize expenses for you.
If you can’t make your ideal budget a reality, or if you’re struggling to get a handle on your finances, budgeting might not be enough for you. Explore other options, such as seeking expert financial advice or resources that can help you pay bills.
Monthly budget worksheet
Use the free budget worksheet below to see how your spending compares with the 50/30/20 budget guide.
Monthly Budget Worksheet function calculateBudget() { // Get input values const income = parseFloat(document.getElementById(‘income’).value); const needsTotal = sumInputsByClass(‘needs’); const wantsTotal = sumInputsByClass(‘wants’); const debtTotal = sumInputsByClass(‘debt’); const savingsTotal = sumInputsByClass(‘savings’); // Calculate 50/30/20 split const needsPercentage = (needsTotal / income * 100).toFixed(2); const wantsPercentage = (wantsTotal / income * 100).toFixed(2); const debtPercentage = (debtTotal / income * 100).toFixed(2); const savingsPercentage = (savingsTotal / income * 100).toFixed(2); // Update the total spent fields document.getElementById(‘totalNeeds’).textContent = `$${needsTotal.toFixed(2)}`; document.getElementById(‘totalWants’).textContent = `$${wantsTotal.toFixed(2)}`; document.getElementById(‘totalDebt’).textContent = `$${debtTotal.toFixed(2)}`; document.getElementById(‘totalSavings’).textContent = `$${savingsTotal.toFixed(2)}`; // Update the percentage fields document.getElementById(‘needsPercentage’).textContent = `${needsPercentage}%`; document.getElementById(‘wantsPercentage’).textContent = `${wantsPercentage}%`; document.getElementById(‘debtPercentage’).textContent = `${debtPercentage}%`; document.getElementById(‘savingsPercentage’).textContent = `${savingsPercentage}%`; } function sumInputsByClass(className) { const inputs = document.getElementsByClassName(className); let total = 0; for (const input of inputs) { const value = parseFloat(input.value); if (!isNaN(value)) { total += value; } } return total; }
Monthly Budget Worksheet
Enter your total monthly income: $
Needs (50%)
Rent/Mortgage $
Utilities $
Insurance Premiums $
Groceries $
Transportation $
Healthcare Costs $
Wants (30%)
Dining Out $
Entertainment $
Shopping $
Hobbies $
Debt (0% – 20%)
Minimum Loan Payments $
Credit Card Payments $
Savings (20%)
Emergency Fund $
Savings Account $
401(k) Contributions $
IRA Contributions $
Additional Debt Repayments $
Your Budget Summary:
Total Needs: $0.00 (50% of income)
Total Wants: $0.00 (30% of income)
Total Debt: $0.00 (0% – 20% of income)
Total Savings: $0.00 (20% of income)
Percentage of Income:
Needs: 0%
Wants: 0%
Debt: 0%
Savings: 0%
