What is a 50 30 20 budget?

The 50-30-20 budget is divided into three parts. 50% for needs, 30% for wants, and also 20% for savings. And remember, you can always use a 50 30 20 calculator or even a 50 30 20 budget template to create yours. The 50% needs category is for all your monthly essentials. Essentials include things you simply cannot live without.

How do I use the 50/30/20 budget tool?

Just remember to copy these versions over into your Google Sheets account to make these your own. The 50/30/20 Budget Tool by Clearly walks you through the 50/30/20 money management principle by allowing you to, firstly, analyze your spending habits on the Current Spending Sheet on the first tab.

How do I calculate my 50 30 20 budget?

Another option is to set up your own 50 30 20 budget spreadsheet. If you’re great with Excel or Google Sheets, you’ll enter your post-tax income into a single cell and set up calculations to convert this into corresponding 50%, 30%, and 20% categories. Figuring out your budget doesn’t have to be difficult.