50/30/20 Monthly Budget
A highly effective zero-based budgeting framework popularized by Senator Elizabeth Warren.
📋 Template
MONTH: [Month, Year] TOTAL MONTHLY TAKE-HOME PAY (After Tax): $[Total] NEEDS (50% Target) - $[Amount, e.g., 50% of Total] These are things you absolutely must pay to survive. - Rent/Mortgage: $[Target amount] | Actual: $[___] - Groceries: $[Target amount] | Actual: $[___] - Utilities/Internet: $[Target amount] | Actual: $[___] - Health/Car Insurance: $[Target amount] | Actual: $[___] - Minimum Debt Payments: $[Target amount] | Actual: $[___] TOTAL NEEDS: $[___] WANTS (30% Target) - $[Amount, e.g., 30% of Total] Everything else. If you can live without it, it's a want. - Dining Out / Drinks: $[Target amount] | Actual: $[___] - Entertainment / Subscriptions: $[Target amount] | Actual: $[___] - Shopping / Hobbies: $[Target amount] | Actual: $[___] - Travel / Ubers: $[Target amount] | Actual: $[___] TOTAL WANTS: $[___] SAVINGS & INVESTING (20% Target) - $[Amount, e.g., 20% of Total] Paying your future self. - Emergency Fund: $[Target amount] | Actual: $[___] - IRA / 401k / Index Funds: $[Target amount] | Actual: $[___] - Extra Debt Paydown: $[Target amount] | Actual: $[___] TOTAL SAVED: $[___] MONTH-END REVIEW: I stayed under budget by $[X] (Or went over by $[X]). Next month I need to cut back on [Category].
💡 Pro Tip
Automate the 20% savings category. Set up your bank account to automatically transfer the 20% to savings/investments on the day you get paid. If you don't see it, you won't spend it.
📌 When to Use This Template
Personal Finance, Saving Money, Debt Payoff
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