The 50/30/20 budget methods is a simple method of creating a budget which focuses on three main categories.
Needs, Wants, and Savings
Your after-tax income is divided into these three categories based on certain percentages.
At this point, it is clear to see how the 50/30/20 Budget Method got its name.
The 50/30/20 budget method is best suited for those who want a simple and flexible way of maintaining their budget. The amounts you spend on items in each category can change from month to month.
You only need to ensure that you remain with the 50%, 30%, and 20% spending limits of each category. This will ensure that you are always moving toward your financial goals.
Our 50/30/20 Budget Worksheet will help you document your current spending and identify possible areas for improvement.
For guidance use our How to Create a 50/30/20 Budget – Step by Step Guide to walk you through using this worksheet to create your first 50/30/20 budget.
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