Get Monthly Budget Workbook

How to create a budget spreadsheet Choose a spreadsheet program or template. Create categories for income and expense items. Set your budget period (weekly, monthly, etc.). Enter your numbers and use simple formulas to streamline calculations. Consider visual aids and other features.

so for every dollar you make, you can spend 75 cents. then 15 cents is the minimum that you can invest, and 10 cents is the minimum that you save. this allows you to allocate 25 of your income. towards wealth building activities.

By Melissa Green | Citizens Bank Staff One of the most common percentage-based budgets is the 50/30/20 rule. The idea is to divide your income into three categories, spending 50% on needs, 30% on wants, and 20% on savings.

The biggest chunk, 70%, goes towards living expenses while 20% goes towards repaying any debt, or to savings if all your debt is covered. The remaining 10% is your 'fun bucket', money set aside for the things you want after your essentials, debt and savings goals are taken care of.

For those who don't know, the 50-30-20 budget plan is an American concept that seeks to save money and budget your money smartly. After taxes, your income should be divided into: 50% on essential needs; 30% on wants; and 20% on paying off your debt or setting aside funds in case of an emergency.

For people to make the switch to 70-10-10-10 means that they have to inflate their savings from 6% to 20% and their charitable giving from 3% to 10%. That money has to come from somewhere, and it comes from living expenses.

The Build-a-Budget Book Set Goals (Needs and Wishes) Decide what your family's biggest money needs are right now. ... List Income. Now look at how much money your family has to work with this month. ... Select Must-Spend Items. ... List Flexible Expenses. ... Check Plan. ... Keep Records.

The 70-20-10 budget is ideal for people who are beginning to learn how to manage their income. One of the disadvantages of the 70-20-10 budget is that it doesn't separate discretionary spending from costs of living.