Novi Money 50/30/20 Budget Tool
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50/30/20 Budget
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Track Your Inflows & Outflows + Build a Simple Plan for Your Money.
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Aim to put 50% of your income toward Needs, 30% toward Wants, and 20% toward Savings.
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Instructions:
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1) Fill out your "Current Spending" in the this tab. You'll want to look at your paycheck, bank and credit card accounts and cash transactions to find the information. Or you can start out by estimating it. Then review the amounts against the Targets and see where you land.
(For help, see the Sample 50/30/20 spending tracker within the last tab of the spreadsheet.)
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2) In the next tab, "Budget & Money Management" create your 50/30/20 Budget Target. Measure your progress against your targets each month. Note that it takes many months to form a habit, so track the changes you make, big and small.
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Your Current Spending: Monthly Inputs
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Cash Inflows: Income% of TotalObservations / Adjustments
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Monthly Take Home (after taxes and other deductions)$0
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Additional income (side business, interest, etc. after taxes)$0
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Total Take Home Income$0
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Add Back if Deducted
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Contributions to 401k or other employer-sponsored savings plan$0
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Contributions to Health Savings Account$0
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Health Insurance premiums deducted from your pay$0
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Commuting costs deducted from your pay$0
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Your Total Income$0100.0%
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Cash Outflow: "Needs" Expenses
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Housing expenses (e.g. rent/mortgage, insurance) $00.0%
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Utilities (gas, electricity, water, garbage)$00.0%
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Minimum Debt Payments (e.g. student loan, credit card, auto)$00.0%
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Groceries$00.0%
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Health Insurance payments (from above)$00.0%
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Commuting costs (from above if deducted from your pay)$00.0%
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Additional transportation costs (gas, parking, tolls)$00.0%
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Medical (co-pays, prescriptions, etc. Annual amount, divide by 12)$00.0%
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Maintenance and repairs (home, auto. Annual amount, divide by 12)$00.0%
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Property taxes, DMV registration fees$00.0%
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Children's expenses (day care, after-school care)$00.0%
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Mandatory support payments (alimony, child support)$00.0%
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Other necessary insurance (life, liability)$00.0%
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Total Needs Expenses: Target 50% of Income$00.0%Compare to 50% for Needs
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Cash Outflow: "Wants" Expenses
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Dining Out (work lunches, restaurants, bars)$00.0%
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Entertainment & Subscriptions$00.0%
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Cell Phone and Internet$00.0%
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Shopping$00.0%
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Memberships (gym, networking)$00.0%
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Travel (take annual amount, divide by 12)$00.0%
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Sports, Leisure & Hobbies; Self-care$00.0%
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Gifts & Donations$00.0%
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ATM cash withdrawals (not categorized); Other Miscellaneous$00.0%
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Total Wants Expenses: Target 30% of Income$00.0%Compare to Target of 30% Wants
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Cash Outflow: Savings
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401k contributions (from above)$00.0%
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Health Savings Account contributions (from above)$00.0%
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Other employer-sponsored plan (e.g., ESPP)$00.0%
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Other contributions to retirement accounts (e.g., IRA)$00.0%
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Regular deposits to savings account$00.0%
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Regular deposits for other savings goals (college, home purchase) $00.0%
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Accelerated debt repayment (student loans, credit cards, auto)$00.0%
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Total Savings: Target 20% of Income$00.0%Compare to Target of 20% Savings
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Auto-check the Inputs: Total Inflows should match Outflows
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Total Inflows$0
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Total Outflows$0
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Difference to Add (or Subtract) Within Inputs$0
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Visit http://www.novimoney.com for more budgeting and money management tips.
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