Don't overcomplicate it. A good budget template is simple enough to stick with and detailed enough to be useful. Here's exactly how to build one.
Step 1: Calculate Your Income
Start with what actually lands in your bank account after taxes.
Income Sources
Primary job (after tax)$_______
Side income$_______
Other (dividends, etc.)$_______
Total Monthly Income$_______
Step 2: List Fixed Expenses
These are bills that stay roughly the same every month.
Fixed Expenses
🏠 Rent/Mortgage$_______
🚗 Car payment$_______
📱 Phone bill$_______
📺 Subscriptions$_______
🏥 Insurance$_______
💳 Loan payments$_______
Total Fixed$_______
Step 3: Estimate Variable Expenses
These change month to month. Use your best estimate or average from past months.
Variable Expenses
🛒 Groceries$_______
⛽ Gas/Transportation$_______
💡 Utilities$_______
🍕 Dining out$_______
🎉 Entertainment$_______
🛍️ Shopping$_______
🏥 Health/Personal care$_______
📦 Miscellaneous$_______
Total Variable$_______
Step 4: Allocate Savings
Pay yourself first. Decide how much goes to savings before spending on wants.
Savings Goals
🆘 Emergency fund$_______
👴 Retirement (401k, IRA)$_______
🎯 Specific goal (vacation, car, etc.)$_______
Total Savings$_______
Step 5: Do the Math
Total Income$_______
− Fixed Expenses$_______
− Variable Expenses$_______
− Savings$_______
= Remaining$_______
Ideally this is $0 (zero-based budgeting). If it's negative, cut expenses. If positive, add to savings.
Pro Tips
- Round up: Budget $350 for groceries even if you usually spend $320. Buffer helps.
- Include annual expenses: Divide yearly costs (car registration, holidays) by 12.
- Review weekly: Check in mid-month to course correct.
- Adjust monthly: Your first budget won't be perfect. Refine as you go.
Skip the Spreadsheet
BudgetLeague does the math for you and adds a competitive twist—challenge friends to see who budgets best.
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