Free Budget Template and Tips For Getting Started
Add your income and expenses to this monthly budget planner, and we'll show how your spending aligns with the 50/30/20 rule.
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A budget planner is a tool, such as a worksheet or template, that you can use to design your budget. A successful budget planner helps you decide how to best spend your money while setting aside some for savings and avoiding or reducing debt.
NerdWallet's budget template incorporates the 50/30/20 rule, which suggests that 50% of your income goes toward needs, 30% toward wants and 20% toward savings and debt repayment.
Free budget template
In the monthly budget worksheet below, add your income, expenses and any contributions to savings or debt repayment. We’ll add them up and show how your spending aligns with the 50/30/20 budget, which is a spending breakdown we think of less as a strict rule and more as an ideal to work toward.
Other ways to budget
Try a different type of tool
If the planner above isn’t a good fit for you, explore other budget spreadsheets.
Or, consider one of our picks for the best budget apps. Most apps sync with your financial accounts, so they can track and categorize expenses for you. Keep in mind that some budgeting apps are free, while others charge a monthly or annual fee.
Try another budget system
If it’s the 50/30/20 rule that doesn’t resonate with you, here are other budgeting strategies that organize your spending in different ways:
The 60/30/10 budget: If you like having structured spending guidance but find the 50/30/20 budget to be out of reach, consider the 60/30/10 budget. This method allocates a larger portion of income to needs and a smaller amount to savings, making it more suitable to those with lower incomes or in higher cost-of-living areas.
Zero-based budget: People who overspend or are meticulous about tracking their cash flow may benefit from a zero-based budget. With this approach, you give every single dollar in your budget a purpose until you end up with zero dollars.
Cash envelope budget: This system may be effective for impulse spenders who want to control how much they spend. With the cash envelope system, you allocate a set amount of money to each item in your budget. You then create envelopes for each category and stuff the set amount of cash in them.
Pay-yourself-first budget: Also known as reverse budgeting, pay-yourself-first budgeting involves tucking away money for things such as savings and investing first. The rest of your money can then go to other priorities, like bills or leisure. It can be an ideal system for people who aren’t interested in accounting for every penny.
Once you’ve chosen your budgeting system, you can revisit picking a budget planner to help you manage your money and put the numbers into perspective.
The best budget is one that works for you. Take time to tweak your approach and adjust your spending as needed until you reach your ideal budget.
If you can’t make that 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.
