According to recent statistics, twenty-nine percent of families in America have a job but are still unable to fulfill their essential needs. Apart from the inflationary pressure, poor financial management is also one of the reasons. People often ignore planning their household spending, regardless of their limited incomes. In the end, they find themselves piling up debts. To address all these financial challenges, here come the 50, 30, and 20 budgeting rules. That was first introduced by Elizabeth Warren and his daughter, Amelia Warren Tyagi, in 2006. Their method turns things around for households and common people to learn the ropes for easily managing their finances every month.
Therefore, our professionals have designed a Monthly 50.30.20 Budget Free Google Sheet Template to help our viewers understand how this specific budget rule works. Using this template will simplify the expense recording and tracking process and promote savings every month. To learn more about this pre-designed saving and spending plan, stay for a little while.
Detail Breakdown
To unlock the riddle of budgeting for families, we will give you an extensive breakdown of this template. That will put you in the driver’s seat for better financial management and the application of this fifty-thirty-two rule into your daily life like a pro.
Style Elements
No matter how professionally you have created a report sheet or document, if it doesn’t look eye-catching from its appearance, it will not attract the reader. Therefore, our designers have used a delightful combination of light blue-gray and dark gray colors in the template structure. That doesn’t look inappropriate or irritating to the eyes. Moreover, this budget sheet contains a Calibri font style in every section of the sheet to maintain consistency.
Top Tier
We have segregated the template structure into three horizontal tiers. The first one begins with the title, which displays the topic of the sheet in two colors. On the right-top side, this sheet allows you to incorporate the budget date in a designated place. Next to this, there is a monthly income table for you to specify your income streams in an organized fashion. This pre-made table encompasses three columns and multiple rows. The top two rows highlight the main title and subtitle of the table with a colored background. Eventually, it will help the user comfortably locate the table position on the template.
Moreover, the three columns of this income table will enable you to jot down the income details with estimated and real amounts separately to get the total figure in the last row with inbuilt formulas. Besides the income table, there is a space to write the budget goals. Here you can briefly include your monthly budget goals, such as preventing overspending or saving five hundred dollars every month, etc.
Monthly 50.30.20 Budget Template
File Format: MS Excel (XLSX)
File Size: 19.5 KB
Second Tier
The second tier of this template emphasizes the monthly costs. Therefore, you can calculate your income after tax and separately distribute the remaining amount in three boxes by following the 50.30.20 budgeting method. In the need box, you can put 50% of your income and in the want box you can add 30% of your taxed income. Following this in the saving box you can write the remaining 20% of your income stream.
Now you can scroll a bit and find out the three expense tables divided into needs, wants, and savings categories. Each table has four columns and several rows to organize the monthly expenses. Moreover, in the first table displaying the need title, you can add expenses that are related to basic needs. Such as medical expenses, groceries, utilities, etc. On the other hand, you can assign thirty percent of your income funds to the wants table. Which is on the right side of the template. Here you can accumulate expenses like entertainment, vacations, partying with friends, watching movies, etc. Similarly, you can insert the data in the saving blank table and spend twenty percent of your income on retirement funds, bank savings emergency savings, etc.
Third Tier
It is the third and last section of this 50.30.20 expense tracker. Here you will find the summary table with the note section. The summary table is designed with three pertinent columns and a few rows to display the total estimated and actual income, needs, wants, and savings figures. It will help the user to see the big financial picture and revise the plan if needed to stay within the income limits. However, in the note table, you can outline details about income streams and spending habits to keep yourself on the right financial path for increasing savings and reducing monthly costs.
Free Download
Unlike pricy templates, our website provides quality budget templates free of cost. You can scrutinize the list of budget templates and download them as freebies to suit your needs. Similarly, you can get this monthly 50.30.20 budget template right away and customize online using google doc editor.
Samantha Lee is a seasoned professional in document design and workflow optimization with over a decade of experience in enhancing office productivity. Holding a degree in Business Administration from the University of Michigan, she has honed her expertise in streamlining processes through innovative document management solutions. Samantha has worked with a variety of corporations, helping them implement effective templates and automated processes that save time and reduce errors.
