50/30/20 Budget Template for Excel (Free Download)

Managing personal finances is essential for achieving financial stability and reaching long-term goals. The 50/30/20 budgeting method is a simple yet effective way to allocate income wisely to find a balance between needs, wants and savings.

A well-designed 50/30/20 budget template for Excel simplifies this process by automating calculations, making it easier to track spending and stay within financial limits. With this tool, anyone can take control of their budget and work towards financial success.

ProjectManager’s free 50/30/20 budget template for Excel

Why You Need a 50/30/20 Budget Template

Using a 50/30/20 budget template for Excel offers a structured way to manage money every month. The template starts with a field where users input their monthly income, which is automatically divided into 50 percent for needs, 30 percent for wants and 20 percent for savings.

It includes categorized expense lists, allowing users to enter their spending for each section. The template then sums up expenses in each category and compares them to available funds, immediately showing if spending exceeds budget limits. This automated process simplifies budgeting and promotes financial discipline.

This free 50/30/20 budget template can also be used to inform the financial aspects of a project. Budgeting is critical to funding the resources required to execute the tasks and produce the desired deliverables. While templates can help get a handle on project costs, creating and maintaining budgets is best done with project management software.

ProjectManager is award-winning project and portfolio management software with robust Gantt charts to forecast budgets accurately and track those costs as they’re spent in real time compared to the planned budget. After scheduling tasks, resources and costs, our Gantt chart goes further by linking dependencies to avoid cost overruns, filtering for the critical path and setting a baseline to track cost variance. Get started with ProjectManager today for free.

ProjectManager’s Gantt charts help forecast, manage and track budgets. Learn more

When to Use This 50/30/20 Budget Template

This template is designed for individuals who want to take control of their finances. It can be used monthly by anyone looking to manage expenses efficiently. Additionally, it supports multiple users, as the Excel file allows for duplication of tabs—one for each month or separate tabs for different individuals.

Whether tracking personal finances alone or managing shared expenses with a partner or roommate, this tool provides flexibility and clarity to make financial planning easier and more organized.

How to Use This 50/30/20 Budget Template

Now let’s go over the steps users need to take to use this 50/30/20 budget template for Excel.

1. Establish the Monthly, Quarterly or Yearly Income

The first step in using the template is to enter the name of the person or people budgeting. Users can then input their income for a month, quarter, semester or year. The template automatically divides this total into three categories: 50 percent for needs, 30 percent for wants and 20 percent for savings. This ensures a clear financial breakdown so users can allocate their income effectively.

2. Identify Needs

Needs are essential expenses that must be covered to maintain a basic standard of living. These expenses should always be prioritized to ensure financial stability. The template allocates 50 percent of income to this category, allowing users to enter and track necessary costs. By monitoring these expenses, individuals can ensure they are living within their means and avoid financial strain. Needs include the following.

Needs category in the 50:30:20 budget template

Rent or Mortgage: Covers housing costs, whether renting or paying off a home loan
Utilities: Bills for electricity, water, gas, internet and phone services
Groceries: Essential food and household supplies
Insurance: Policies such as health, auto, home or renter’s insurance
Transportation: Expenses for car payments, gas, public transit or ride-sharing services
Health Insurance: Premiums for individual or employer-provided healthcare coverage
Debt Payments: Minimum required payments on loans or credit cards
Clothing: Necessary clothing purchases, excluding luxury or excessive shopping
Childcare: Costs for daycare, babysitting or school-related expenses

3. Describe Wants

Wants are non-essential expenses that enhance lifestyle and personal enjoyment. While they are not necessary for survival, they contribute to overall happiness and well-being. The template designates 30 percent of income for wants to ensure individuals can enjoy life while maintaining financial responsibility. By tracking these expenses, users can identify areas where they may be overspending and adjust accordingly. Wants include the following.

Wants category in the 50:30:20 budget template

Entertainment: Movies, concerts, events and leisure activities
Dining out: Eating at restaurants, coffee shops and takeout meals
Hobbies: Costs associated with recreational activities or creative pursuits
Vacations: Travel expenses for leisure trips and getaways
Streaming services: Subscriptions to Netflix, Hulu, Spotify and similar services
Gym memberships: Monthly fitness or wellness program fees
Non-essential clothing and accessories: Fashion or luxury apparel beyond basic needs
Electronic devices and gadgets: Purchases of smartphones, laptops, gaming consoles, etc.

4. Allocate Savings

Savings are crucial for financial security and future planning. The template designates 20 percent of income for savings to help individuals build wealth, prepare for emergencies and achieve long-term goals. By consistently setting aside funds, users can create financial stability and reduce reliance on credit. Tracking savings ensures progress toward objectives such as retirement, investments or major life purchases. Savings include the following.

Savings category in the 50:30:20 budget template

Emergency fund contributions: Setting aside money for unexpected expenses
Retirement savings (401k, IRA): Contributions to retirement accounts for future financial stability
Investments: Stocks, bonds, mutual funds or other financial growth opportunities
Extra debt payments (beyond minimum payments): Paying off debts faster to reduce interest costs
Savings for specific goals: Setting aside funds for major purchases, education or other future expenses

Related Project Management Templates

The 50/30/20 budget template is but one of over 100 free project management templates for Excel and Word covering all aspects of managing a project across multiple industries. Below are just a few of the free templates related to managing costs.

Budget Dashboard Template

Download this free budget dashboard template for Excel to track and manage financial data, providing a clear overview of income, expenses and budget performance. It includes charts, graphs and key financial metrics to help users monitor spending, compare actual vs. projected budgets and make informed financial decisions.

Project Budget Template

This free project budget template for Excel is a pre-designed tool that helps project managers plan, track and manage project finances efficiently. It provides a structured format for estimating costs, monitoring expenses and comparing actual spending against the budget

Expense Report Template

Use this free expense report template for Excel to track and document business expenses incurred during a project. It helps teams and individuals record costs related to travel, supplies, meals and other project-related expenditures.

How to Make Budgets With ProjectManager

Templates aren’t the best tool for creating budgets. These static documents can’t provide essential features, such as real-time tracking, automation and collaboration. Once a budget is made on a template it’s going to have to be moved onto project management software to schedule, manage and track its performance. ProjectManager is an award-winning project and portfolio management software with Gantt charts to estimate and create budgets, plus its multiple project views allow teams to execute those tasks on their preferred tool, which is tracking costs in real time.

Robust Resource Management Helps Manage Costs

ProjectManager’s resource management features optimize resource allocation, track usage in real time and prevent budget overruns. Its color-coded workload chart ensures efficient workload distribution, reducing unnecessary labor expenses while balancing team capacity. By forecasting expenses and identifying cost-saving opportunities, our software helps businesses stay on budget and maximize efficiency. There’s also a team page that summarizes the team’s activities and updates tasks without leaving that page.

Track Costs and More With Real-time Dashboards and Reports

Our real-time project and portfolio dashboards track costs to provide instant visibility into project finances. The dashboards display key financial metrics, such as actual vs. planned costs, resource utilization and budget progress, ensuring teams stay on track. Customizable reports generate detailed insights on expenses, time tracking and cost trends, helping managers make data-driven decisions. With real-time updates, teams can quickly identify budget risks, adjust spending and optimize resources to keep projects financially on course. Even secure timesheets help keep to the budget by tracking labor costs.

50/30/20 Budget Template