Budget Template
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SPENDINGDIRECTIONS
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Category
Total (Monthly)
Total (Yearly)Notes
1. In the "File" menu, click "Make a Copy" or "Download."
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Auto0
2. See your current spending habits. Sign up for Mint.com and set up your credit cards, checking accounts, and savings accounts to easily see what you are spending (optional). Otherwise, keep a ledger and write down every transaction.
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Bills0
3. Evaluate the major categories to the left and add any that are missing.
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Education0
4. Fill out your average monthly spending for each category in the Yellow boxes. You can use the Mint Trend tool to do this, and/or the Sub Budgets sheet in this spreadsheet. You can skip the Discretionary and Savings categories until step 7 if desired.
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Entertainment0skip if not attending school
5. Fill out your average monthly income in the Orange boxes.
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Fees0includes "oops" money
6. Evaluate your emergency fund status (see additional notes below in Blue); add money for additional savings funds if needed. This should be in an account(s) separate from your main spending account.
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Financial0includes loan repayments other than car and house
7. Evaluate your Balance in Green. Make sure your Spending does not exceed your Income.
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Food0
8. Figure out additional savings and discretionary goals using money from your Balance and add them as desired.
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Gifts0
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Health and Fitness
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Home0
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Kids0skip if no kids
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Personal Care0we fold this into our personal allowance accounts
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Pets0skip if no pets
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Taxes0make negative if you always earn a refund
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Discretionary 10personal allowances
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Discretionary 20travel
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Discretionary 30add more Discretionary accounts as needed
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Savings 10for emergency fund
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Savings 20for large one time purchases
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Savings 30add more Savings accounts as needed
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Other 10add more Other accounts as needed
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Other 20
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Other 30
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Other 40
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Other 50
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Total Spending
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INCOME
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Income 10
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Income 20
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Income 30
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Total Income00
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BALANCE00can be used for discretionary spending
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ADDITIONAL NOTES
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Emergency fund
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Emergency fund 3 months (minimum)
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Emergency fund 6 months (ideal)
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Retirement0
Financial independence using 25x annual salary / 4% safe withdrawal rate
https://money.cnn.com/2018/01/18/retirement/4-rule/index.html
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Alternative Retirement formula0
1x annual income at 30
https://www.fidelity.com/viewpoints/retirement/how-much-money-do-i-need-to-retire
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3x annual income at 40
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6x annual income at 50
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8x annual income at 60
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0
10x annual income at 67
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Credit Card Rewards0
Total additional that could be earned per year if using a 2% cash back credit card
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