Question: What Is The Best Budget Spreadsheet?

What’s the 50 30 20 budget rule?

Senator Elizabeth Warren popularized the so-called “50/20/30 budget rule” (sometimes labeled “50-30-20”) in her book, All Your Worth: The Ultimate Lifetime Money Plan.

The basic rule is to divide up after-tax income and allocate it to spend: 50% on needs, 30% on wants, and socking away 20% to savings..

How should a beginner budget?

Basics of budgeting for beginnersStep 1: List monthly income.Step 2: List fixed expenses.Step 3: List variable expenses.Step 4: Consider the model budget.Step 5: Budget for wants.Step 6: Trim your expenses.Step 7: Budget for credit card debt.Step 8: Budget for student loans.More items…•

What are 3 basic budget categories?

As personal finance site Beating Broke explains, virtually all of your expenses fall into three overall categories: Fixed expenses, variable expenses, and non-necessities. Fixed costs include your rent, which stays the same every month. Variable costs would include things like your utility bills or food.

How do I create a weekly budget in Excel?

Use your computer to create a budget with Microsoft ExcelStep 1: Create some row headings. … Step 2: Create some categories. … Step 3: Create column headings for months. … Step 4: Enter the figures for one month. … Step 5: Add up the total outgoings. … Step 6: Work out income minus outgoings. … Step 7: Copy one month’s figures.More items…•

Is there a budget template in Excel?

There are budget templates available for a variety of uses, covering budgets for your household, wedding, business, events, and college. A family budgeting template can track monthly income, expenses, and cash flow and present the information visually. Alternatively, you can use a household budget template in Excel.

How much spending money should you have a month?

Ideally, you want to put at least 20 percent of your take-home pay into your savings account (for emergencies and other short-term expenses) and investment accounts (for future goals), leaving you 80 percent to spend each month.

What are the 4 general tips for budgeting?

Here are the top 15 budgeting tips!Budget to zero before the month begins. … Do the budget together. … Every month is different. … Start with the most important categories first. … Pay off your debt. … Don’t be afraid to trim the budget. … Make a schedule (and stick to it). … Track your progress.More items…

What should be included in a budget spreadsheet?

Jul 6 10 Things to Include in Your Budget SpreadsheetItem #1- Housing Payment. … Item #2- Costs Associated With Your Residence. … Item #3- Emergency Fund. … Item #4- General Savings Fund. … Item #5- Gifts. … Item #6- Debt Payments. … Item #7- Entertainment Expenses. … Item #8- Clothes and Accessories.More items…•

What is a sample budget?

A sample budget is a budget from another family that you can look over to help you create your own budget. This isn’t something that is discussed often, even amongst friends, so it’s really hard to see specifics of how others spend their money.

How do I make a monthly budget spreadsheet?

Here are some tips to creating a practical monthly budget to help you keep your finances in check.Know Your Income. … Document Your Expenses, Both Fixed and Variable. … Focus on Your Savings. … Analyze Your Spending Habits – Keep All Your Receipts. … Set Goals, Both Short- and Long-Term. … Choose an Easy-to-Use Budgeting Tool.

What is the best Excel budget template?

The Best Budget Spreadsheets:Tiller Money – $6.58 per month.Vertex42 Spreadsheets – Free.Mint Lifestyle Spreadsheet Templates – Free.It’s Your Money! … Google Sheets Budget Template Gallery – Free.PearBudget – Free trial.It’s Your Money Deluxe Envelopes Excel System – $11.95.You Need a Budget (YNAB) – Free trial.

How do I make a good budget spreadsheet?

Creating a budgetStep 1: Note your net income. The first step in creating a budget is to identify the amount of money you have coming in. … Step 2: Track your spending. … Step 3: Set your goals. … Step 4: Make a plan. … Step 5: Adjust your habits if necessary. … Step 6: Keep checking in.

Is Excel good for budgeting?

One of the most popular tools large corporations use for budgeting is Microsoft Excel, which allows users to create a customized solution to manage their finances. Although Excel provides a number of budget-building tools and benefits, it’s not without its limitations.

How much can I pay for rent?

A rule of thumb recommended by financial experts is to spend no more than 30% of your monthly income on rent, with some recommending 25% of your income, to ensure you have savings.

How much should I save each month?

Most experts recommend saving at least 20% of your income each month. That is based on the 50-30-20 budgeting method which suggests that you spend 50% of your income on essentials, save 20%, and leave 30% of your income for discretionary purchases.

What are the four steps in preparing a budget?

Plus, maintaining a budget for your business on a regular basis can help you track expenses, analyze your income, and anticipate future financial needs.Step 1: Identify Your Goals. … Step 2: Review What You Have. … Step 3: Define the Costs. … Step 4: Create the Budget.

How do you make a budget stick to it?

How to Set a Budget You Can Stick ToAdd your income. A budget starts with your income. All of it. … List your expenses. Next, list out your expenses. … Budget to zero. This doesn’t mean you spend all your money and leave an empty bank account at the end of the month. … Track your expenses. This last step is key.