Free Budget Planner Template

Are you looking for an effective way to manage your finances without breaking the bank? Google Sheets offers two premade budgeting templates that are free and easy to use, similar to Microsoft Excel budget templates. These barebones templates can help improve your spending habits by providing a simple way to track your income and expenses.

One of the default Google Sheets budgeting templates is designed for one person or two persons, allowing you to compare each person's income to their needs, wants, and savings. This template uses the 50/30/20 budgeting strategy, which divides your cash into three categories: necessary monthly expenses (needs), discretionary spending (wants), and savings.

The 50/30/20 rule encourages you to only spend half of your monthly income on necessary expenses, such as minimum monthly loan payments, insurance, and living expenses. This leaves 30% for discretionary spending, which can include streaming plans and date nights, and 20% for savings and extra debt payments, including saving for retirement and boosting your emergency fund.

You can modify the income and expense categories to fit your personal spending plan by using a zero-sum budget where you assign a budget category for each dollar you earn. There are also various expenses that you can categorize, such as housing expenses (mortgage/rent, utilities, internet, insurance), vehicle and gas, giving, and 'His' and 'Her' spending.

Using a free budget planner template like Google Sheets' Starter Budget can save you time and effort compared to manually logging each transaction into your spreadsheet. The digital alternative is also more convenient than writing your income and expenses on a piece of paper. However, if you're not comfortable with spreadsheets or prefer a simpler approach, building your own basic budget template that lets you quickly compare your income and monthly expenses can be effective.

In conclusion, Google Sheets' free budget planner templates are an excellent way to manage your finances without breaking the bank. By using these templates, you can achieve the 50/30/20 budgeting strategy and separate your necessary monthly expenses from your wants, making it easier to save money and achieve financial stability.

Free budget planner template