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A successful budget planner helps you decide how to best spend your money while avoiding or reducing debt. NerdWallet recommends the , which suggests that 50% of your income goes toward needs, 30% toward wants and 20% toward savings and debt repayment.
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.
And if a hands-on worksheet isn’t working for you, consider one of . Most of them sync with your financial accounts, so they can track and categorize expenses for you.
Use the free budget worksheet below to see how your spending compares to this kind of budget.
»Want a simpler snapshot? Try our
Need help with other money matters? Check out more from NerdWallet.
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