Budget spreadsheet sample12/31/2023 This template has a tab for one person or two persons to compare each person’s income to their needs, wants and savings.ĭownload Here: 3. The 50/30/20 budgeting strategy can be easier to achieve if you live in a two-income household. Thankfully, there are simple ways to save money when you don’t have free time to pursue a side hustle. Separating your necessary monthly expenses (needs) from your wants can be challenging at first. The remaining 20% for savings and extra debt payments should include saving for retirement and boosting your emergency fund. Your “wants” might consist of streaming plans and date nights. The 50/30/20 rule divides your cash into one of three categories:Įxamples of your “needs” include your minimum monthly loan payments, insurance and living expenses. You’re also more likely to be able to afford a one-time financial surprise or temporary pay cut without going into debt. Only spending half of your income on needs means you’re not living paycheck to paycheck. The “50/30/20 rule” encourages you to only spend half of your monthly income on necessary expenses. Most budgeting templates are a zero-sum budget where you assign a budget category for each dollar you earn. Want a way to automatically pull your data into your spreadsheet from your bank? Check out Tiller which syncs with over 21,000 banks! 2. You can modify the income and expense categories to fit your personal spending plan. Expenses – Groceries, giving, “His” and “Her” spending, vehicle and gas, etc.Housing expenses – Mortgage/rent, utilities, internet, insurance, etc. Income – You and your spouse’s (if applicable) monthly salary.The Starter Budget takes a monthly look at these categories: However, the Starter Budget is easy to use if you decide to skip the video. There is also a brief YouTube video to help you start using the template. You can open the Starter Budget in Microsoft Excel or Google Sheets. Using Well Kept Wallet’s very own Starter Budget is free and saves you time. The digital alternative is manually logging each transaction into your spreadsheet.īuilding your own template can be effective, but it’s easy to overlook certain expenses. The simplest budget is writing your income and expenses on a piece of paper. These complex budgeting templates are “too smart.” Our budget is based directly off of these templates and we have used them for years in order to control our spending, show us were our money is going, and to give us timely information about the state of our finances.You may only need a basic budget template that lets you quickly compare your income and monthly expenses.Īdvanced spreadsheets may require too much effort to update or can be confusing to navigate. We have two basic templates that you can use to create your own budget. Below the video we also have links to a template that you can use to create your own budget. In the quick tutorial below you will see how we created our budget in Google Sheets and learn how to create your own. To complete our budget, we use Google Sheets. To begin with, we break our expenses down into two basic sections, wants and needs.ĭepending on your situation, you may need to edit your needs and wants, but we break them down into the following categories:īy keeping each of these areas in our budget, we are able to track our spending and determine if we really need something or if we want it. To get more specific with our budget we need to examine our costs each month. Some items, like our mortgage, or fixed, but others change depending on the month. Our expenses, costs, are what change on a month to month basis. If your income is not as predictable, we would recommend that you update your budget often to better track your income and try to find an average monthly income. We know what we are going to earn each month, and we can plan very far in advance because of this. For us, we have two general areas that we use as our starting point, income and expenses. Once you have your general areas, you can begin to get more specific with each of the areas. When you are looking to start a budget you really want to break down your areas of concern as simply as possible. You will also find links to our budget and downloads if you prefer a different version. Below you will find resources to help you start your own budget along with a tutorial on how we setup our budget. We use Google Sheets to help us keep our budget in order and with us at all times. Our budget is fluid, flexible, and works for us.
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