The next step is to dedicate 20% of your take-home pay toward savings. The fewer costs you have in this category, the more progress you’ll make paying down debt and securing your future. Similar to how no more than 50 percent of your income should go toward essential expenses, 30 percent is the maximum amount you should spend on personal choices. Only you can decide which of your expenses can be designated as “personal,” and which ones are truly obligatory. Other components of this category include gym memberships, weekend trips, and dining out with your friends. However, you have some wiggle room since you can decide upon the tier of the service you’re paying for. If you travel extensively or work on-the-go, your cell phone plan is probably more of a necessity than a luxury. These personal lifestyle expenses include items such as: your cell phone plan, cable bill and trips to the coffee shop. It all depends on what you want out of life and what you’re willing to sacrifice. Some financial experts consider this category completely discretionary, but in modern society, many of these so-called luxuries have taken on more of a mandatory status. The second category, and the one that can make the most difference in your budget, is unnecessary expenses that enhance your lifestyle. For instance, some people live in high-rent areas, yet can walk to work, while others enjoy much lower housing costs, but transportation is far more expensive. And remember, it’s more about the total sum than individual costs. The percentage lets you adjust, while still maintaining a sound, balanced budget. In general, these expenses are nearly the same for everyone and include: Your essential expenses are those you would almost certainly have to pay, regardless of where you lived, where you worked, or what your future plans happen to include. This might seem like a high percentage (and, at 50%, it is), but once you consider everything that falls into this category it begins to make a bit more sense. To begin abiding by this rule, set aside no more than half of your income for the absolute necessities in your life. Marketing Budget Template - 3 Free Excel, Word Documents. īusiness Budget Template – 3+ Free Word, Excel Documents. Personal Budget Template – 10+ Free Word, Excel, PDF Documents. Wedding Budget Template – 13+ Free Word, Excel, PDF Documents. Yearly Budget Templates – 5+ Free Word, Excel Documents Free. įinancial Budget Plan Template – 7+ Free Word, Excel, PDF. Simple Budget Template – 10+ Free Word, Excel, PDF Documents. Check them out now! More in Excel Expenditure Budget Template – 8+ Free Word, Excel, PDF. All you would have to do is download the template, edit and customize with ease by adding your details and data as and when needed. You can use any of the templates mentioned in this article, or you can also check out any of them that are available online. The best part about these templates is that people can seek different uses from these elusive budget templates while the corporate can use it as a business budget template, an individual an also use the same templates for planning any kind of a budget with ease. Money management can be greatly facilitated with the use of such templates and is a must for all those who like to work within a budget. Their compatibility with other software like OpenOfficeCalc and Google Docs also makes them wonderfully functional. They can be easily downloaded on any file format and any device with ease. The budget spreadsheet templates come in the easiest way you can use them as they are compatible not only on the computer or PC but also on any electronic device.
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