50/30/20 Personal Monthly Budget Template
August 06, 2022
50/30/20 Personal Monthly Budget Template - It's common to use the 50/30/20 budgeting method. Its premise is that you should devote 50% of your income to meeting your requirements, 30% to satisfying your wants, and 20% to saving and paying off debt.
The 50/30/20 budget is ideal for those who wish to be more frugal with their money but value simplicity and adaptability. Try the 50/30/20 budget if you've never maintained one or have had trouble doing so in the past.
50/30/20 Personal Monthly Budget Template
The simplicity of a 50/30/20 budget is its beauty. Simply divide your after-tax income into the following three groups:
- 50% to needs: Mortgage/rent, utilities, food, etc.
- 30% to wants: Dining out, entertainment, etc.
- 20% to debt/savings: Retirement, student loans, credit cards, etc.
Next, classify your spending and keep a running tab on them. You're good to go as long as your monthly overall percentages are met. Keep in mind that the % split is only a suggestion. Depending on your income and region, your finances can come out to 55/25/20 or 60/30/10.
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