Are you searching for a way to manage your money better? If so, you’re in the right place. Our Monthly Budget Tracker is a free spreadsheet designed to help you.
Each month, over 170,000 people visit our website seeking advice on money matters. You’re not alone in this journey.
We understand how hard it can be to handle debt and keep your finances in check. That’s why in this article, we’re going to show you:
- How to save more with the 50/30/20 rule
- Ways you might be able to lower your debt
- How to put together a monthly budget
- Common mistakes to avoid in budgeting
- How to tackle debt that is too much to handle
Our team knows what it’s like to feel stressed about money. That’s why we’ve created our Monthly Budget Spreadsheet to assist you.
So, take a deep breath, and let’s start your journey to better money management.
Save More with the 50/30/20 Rule
Some people use a monthly budget tool to stick to the 50/30/20 rule. This is a spending theory made famous by an American politician called Elizabeth Warren. She stated that everyone should spend 50% of their income on necessities, 30% on things you want and 20% should be saved.
Of course, not everyone can stick to the 50/30/20 rule. If you have big debts or are financially struggling, you probably won’t be able to use this rule right now. But it is one way to analyse a monthly budget if you are using a budget just for saving purposes.
How Do You Write a Monthly Budget?
Creating a monthly budget is quite simple. All you need to do is write down the amount of money you receive each month. For most people, this will just be employment income. And then write down your monthly expenses, such as bills, rent, groceries and memberships. Don’t forget the smaller things people tend to forget, like haircuts or regular social occasions.
This is the most basic form of a monthly budget. You can download more detailed and informative monthly budgets for free – like the one we have made for all our readers. Read on to find out more.
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The Monthly Budget Common Mistake
The biggest mistake people make when using a monthly budget is that they do not update it. They make their monthly budget, stick it on the fridge and then expect everything to stay the same throughout the months. Your expenses could change, and so could your employment income, so it is essential to regularly update your monthly budget for accurate results.
Our Monthly Budget Spreadsheet Can Help!
We have designed and created a free monthly budget tracker for all Money Nerd readers. Our free monthly budget spreadsheet is a little more sophisticated than the average monthly budget resource -without being complicated at all.
We provide room to add your income and expenses and then use the information to create a graph automatically. This graph will show how much you have saved each month. And you can use it to spot where you can save even more money.
Download our free monthly budget spreadsheet to start saving effectively for debt repayments and big purchases!
