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What is a budget planner?
A budget planner is a tool, such as a worksheet or template, that you can use to design your budget. A successful budget planner helps you decide how to best spend your money while avoiding or reducing debt. NerdWallet recommends the 50/30/20 budget, which suggests that 50% of your income goes toward needs, 30% toward wants and 20% toward savings and debt repayment.
Create a budget plan that works for you
The best budget planner is one you can live with, so tweak your approach as needed. For example, the 50/30/20 breakdown is a recommendation to help you get started. Adjust your spending as needed until you reach your ideal budget.
If you can’t make your ideal budget a reality, or if you’re struggling to get a handle on your finances, budgeting might not be enough for you. Explore other options, such as seeking expert financial advice or resources that can help you pay bills.
Monthly budget worksheet
Use the free budget worksheet below to see how your spending compares with the 50/30/20 budget guide.
For other money matters, check out more financial calculators from NerdWallet.