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1) Make a copy of this spreadsheet (file, make a copy)
2) Fill in your income sources (include allowance and student loans if you have them)
3) Add your expense categories and amounts in both needs and wants
4) Add your savings, debt repayments, and investing and their amounts
5) See how they compare in the 50/30/20 and needs v wants comparison
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Monthly incomeAmount
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Pay$0.00
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Other (financial aid, allowance, child support, etc.)
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Total$0
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Expenses
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Needs (monthly)AmountWants (monthly)Amount
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Rent/mortgage$0.00Clothing, jewelry, etc. $0.00
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Homeowners or renters insurance premiums$0.00Dining out
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Property tax (if not already included in the mortgage payment$0.00Special meals at home$0.00
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Auto insurance premiums$0.00$0.00
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Eating Out$0.00Movie, concert and event tickets$0.00
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Out-of-pocket medical costs (doctor appts, medication, etc.)
$0.00Date nights$0.00
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Gasoline$0.00Coffee budget
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Phone bill$0.00Gym or club memberships$0.00
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Internet bill$0.00Travel expenses (airline tickets, hotels, rental cars, etc.)$0.00
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Electricity and natural gas bill$0.00Cable or streaming packages$0.00
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Water bill$0.00Home decor items$0.00
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Sanitation/garbage bill$0.00Other
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Groceries, toiletries and other essentials$0.00Total spent on wants $0
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Car payment$0.00
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Parking and registration fees$0.00
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Car maintenance and repairs$0.00-
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business expenses$0.00
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Public transportation $0.00
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Minimum student loan payments$0.00
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Other minimum loan payments$0.00
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Child support or alimony payments$0.00
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Other$0.00
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Total spent on necessities $0
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Savings and debt repayment (monthly)Amount
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Emergency fund contributions$0.00Target MinBalance
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Savings account contributionsSavings Account Balance - Reserve50006500
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401(k) contributions
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Individual retirement account contributions$0.00
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Other investments$0.00Your totals
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Credit card payments$0.00Needs$0
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Excess payments on student loans$0.00Wants$0
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Excess payments on mortgage$0.00Savings and debt repayment$0
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Other$0.00
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Total spent on savings and paying off debt$050/30/20 comparison
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50% for necessities$0
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Total expenses$030% for wants $0
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Income remaining$020% for savings and debt repayment $0
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*This worksheet is adapted from NerdWallet
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