50 30 20 Budget Spreadsheet – If you have problems saving or you think you do not give up the money, maybe you should organize your finances, especially if you want to ask for a credit or make an important expense.
According to experts consulted, you can use the 50/30/20 rule as an option to control your resources more.
This consists of allocating 50% of your income to the necessary consumption: housing (mortgage or rent), services (electricity, water, garbage), transportation, food, school, clothes. 30% can be used for expendable expenses, such as going to the cinema, bars, paid applications and the remaining 20, for savings.
On its website, the bank BBVA Bancomer explained that the difference between what you receive and what you spend results in savings. However, with this rule the order is changed:
income-savings = expenses.
That is to say, when receiving the fortnight the savings are removed, and the budget is organized with what is left.
“This means that, from the start, the percentage of savings that must be met each month is taken into account, and the amount of money is deducted from the beginning, spending less month by month and accumulating more money for the future”, explained the financial institution.
Leonardo González, Real Estate analyst at Propiedades.com, explained that this methodology helps assign budgets with clarity and precision as well as setting goals for the future.
“It is based on ceilings of allocations, so it allows adjust spending habits and incorporate new items without generating financial stress or unforeseen situations,” he said.
The 20 percent savings is a high goal, so if it is effectively met it can be used for the attachment of a mortgage, Leonardo recommended.
In addition, when reviewing the biweekly budget and prioritizing savings is also incentivized to hire a loan.
Reserve 50% for your needs.
Your needs are monthly expenses that you have to pay to survive or to survive in today’s society.
The usual expenses in this category include accommodation, car payments, insurance (please note that we will cover your monthly payments with health insurance costs for you to apply for), food bills, utilities, internet, mobile phones and outstanding loans (the minimum amount on your credit card or student loan (eg).
Under budget rule 50/30/20, you must allocate 50% of your income to this category. For example, assuming you have an income of $ 4,000, you have the following expenses:
Mortgage: $ 800
Payment of the car: 200 US dollars
Car Insurance: $ 100
Food: $ 300
Gasoline: $ 50
Health Insurance: $ 100
Pet fee: 100 USD
Public expenses (water, electricity etc.): 100 USD
Telephone and Internet: 100 US dollars
Minimum payment for credit card: 20 USD.
This amount is $ 1,870. However, with the 50/30/20 budget, you can spend up to $ 2,000 (50% of $ 4,000) on demand. The remaining $ 130 could be reserved for unexpected needs. B. for vehicle maintenance, a doctor’s visit or new work clothes.
Budget of 30% for your wishes.
No one likes to pay for rent or purchase, but these expenses are inevitable. Desires on the other hand are the things that make life exciting and make the effort worthwhile. And with the 50/30/20 budget, you can spend your money on these things without feeling guilty, to a point.
Whether it’s money for beer, gifts for family members, a new board game, a cup of coffee or a weekend getaway in the mountains, with your budget you can spend up to 30% of your income on things you want. It does not matter that they’re unnecessary , In the $ 4,000 monthly post-tax scenario, you can spend $ 1,200 on things you like.
Reserve 20% for your savings.
The last 20% of your monthly income should be used for your financial security. This means savings as well as debt payments.
Typical savings include contributions to an emergency fund or retirement account and an investment account with 401 (k) accounts or IRA contributions (remember we added them to your income so we can use them here). Some of those budgeting may have some savings goals, such as: B. Holiday in Europe or first payments for a house. These savings should also come from these 20%.
However, this amount is also responsible for your debts. While the minimum payment on your credit card is considered mandatory and comes from the 50% Requests category, any additional payment (for example, the total monthly payment) will be equal to that 20%. If you additionally pay the capital (or capital) of your mortgage or the payment of your car, this 20% will also apply.
In the example of $ 4,000, you would have $ 800 per month for the budget and the savings.
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