September 19, 2023

Get Money with SoLo: Using the 50/30/20 Budgeting Method

Anyone who relies on a paycheck knows that budgeting is crucial. Inflation and the looming student loan repayments mean we need to know exactly how much money we have and where it’s going.

Our fave – the 50/30/20 budgeting method – is a simple yet effective approach to taking charge of your money matters. Whether you’re a seasoned budgeter or just dipping your toes into financial planning, this method offers a clear way to track your funds and achieve your goals.

Here’s how to get started:

Step 1: Download and Make a Copy

How to make a copy of our 50/30/20 budgeting template.

Download our Budget Template (link).
Once the template opens, click “File” in the top-left corner.
Select “Make a Copy” from the dropdown menu.
Rename the copy to personalize it – something like “My 50/30/20 Budget.”

Step 2: Add Your Income

Add your income into our monthly budgeting template to automatically have your spending calculated with the 50/30/20 budgeting method.

In the Income section, you’ll find rows to input multiple income streams.
Notice each section’s “Projected” and “Actual” tabs. In the “Projected” tab, you can estimate your income/expenses for the month. Update the “Actual” tab with the real figures as the month progresses. This helps you track how closely your estimates match reality.

Note: You don’t need to worry about crunching the numbers yourself. The magic of our template lies in its automated calculations. It’ll calculate the differences between the projected and actual columns, letting you know exactly how much you have made/spent for your needs, wants, and savings/debts.

Step 3: Add Your Expenses

Add in your expenses into our budget tracker and watch it automatically calculate your monthly spending.

Add your expenses to their respective sections (needs, wants, savings/debts).
Have an expense that doesn’t fit into the predefined categories? Use “Other”.

Note: As you populate the expenses, keep an eye on the budget summary at the top of the template. This section instantly calculates and displays how much of your budget you’ve allocated.

This template takes the guesswork out of managing your finances, ensuring you’re always on top of your financial health. As you proceed through the month, remember to regularly update your income and expenses in the template to get the most accurate picture of your financial progress.

Why Persistence Pays Off in Budgeting

Starting the budgeting journey can sometimes feel like taming a wild beast, but don’t let initial challenges discourage you. Budgeting is a tool that empowers you to take control of your financial destiny. The 50/30/20 method is designed to simplify this process, guiding you toward financial success without making it overly complex.

The path to financial stability is a marathon, not a sprint. Every dollar you allocate, every expense you track, and every goal you set brings you closer to the future you envision.

Ready to Achieve Your Money Goals? Download our 50/30/20 budgeting template now and pave your way to financial freedom.

Download Budget Template