No matter how simple or complex the budgeting is, this step-by-step article will show you how to create a 50-30-20 budget in an Excel spreadsheet that can be easily customized to meet your needs. Also, you can set a goal for spending on each category at the start of the month.Ħ Steps to Create a 50-30-20 Budget Spreadsheet in ExcelĬreating a 50-30-20 budget in Excel could seem challenging at first, especially if you don’t use the application frequently. It is ideal for those who are new to budgeting. This spending plan is suitable for families, young professionals, and college students equally. Because this budget scheme is ideal for people who prefer simplicity. Now, let’s come to the matter of why the 50-30-20 budget is important in the personal monthly budget. Taking charge of your finances is a life insurance policy against unforeseen events and a career booster. Because it always reminds us to spend less than our earnings. The remaining 20% is then used for savings or debt repayment.įirst, we’ll talk about why the budget is important. 30% of the budget is allocated to desirable items. Here, you spend 50% of your income on the most important expenses (e.g. A simple guideline that makes it easy for you to take charge of your finances is the 50/30/20 budget scheme. Elizabeth Warren popularized it in her book All Your Worth: The Ultimate Lifetime Money Plan. The 50-30-20 budget is a fantastic basic budgeting method that offers advice on how much to set aside each month for certain expenses. Related Articles What Is the 50-30-20 Budget?
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