Free Printable Budget Worksheet
This monthly budget worksheet gives you a clear, organized view of your income and expenses. List up to five income sources, break expenses into eight common categories with room for sub-items, and calculate your remaining balance at the bottom. Print a fresh copy each month to stay on track.
How to Create a Monthly Budget
Creating a monthly budget does not have to be complicated. Start by gathering your last two months of bank statements and pay stubs. Write down every source of income in the top section of this worksheet, including your primary paycheck, side gig earnings, and any passive income. Use your net (after-tax) amounts for the most accurate picture.
Next, work through each expense category. Fixed expenses like rent, car payments, and insurance are straightforward — write in the exact amounts. For variable expenses like groceries, dining out, and entertainment, look at your recent spending to estimate a realistic monthly average. Do not guess low just to make the numbers look good. Honesty is what makes a budget actually work.
Zero-Based Budgeting Explained
Zero-based budgeting means giving every dollar a job. When you subtract your total expenses from your total income, the result should be zero — not because you are spending everything, but because you have assigned every dollar to a specific purpose, including savings. If you have $200 left over after expenses, you do not leave it unassigned. Instead, direct it toward an emergency fund, extra debt payment, or specific savings goal. This approach eliminates the "where did my money go?" problem because every dollar is accounted for before the month begins.
Tips for Sticking to Your Budget
The most common reason budgets fail is not bad math — it is abandoning the plan mid-month. Here are proven strategies to stay consistent:
- Review weekly. Set a 10-minute weekly check-in (Sunday evening works well) to compare actual spending against your budget. Catching overspending early gives you time to adjust.
- Use cash envelopes for trouble categories. If dining out or shopping consistently blows your budget, withdraw that amount in cash at the start of the month. When the envelope is empty, you are done for the month.
- Build in a buffer. Include a small "miscellaneous" line of $50 to $100 for unexpected expenses. This prevents a single surprise from derailing your entire budget.
- Celebrate small wins. When you come in under budget for the month, acknowledge it. Progress matters more than perfection.
Frequently Asked Questions
What is the 50/30/20 rule?
The 50/30/20 rule is a simple budgeting guideline popularized by Senator Elizabeth Warren. It suggests allocating 50% of your after-tax income to needs (housing, groceries, insurance), 30% to wants (dining out, entertainment, hobbies), and 20% to savings and extra debt payments. It works well as a starting framework, but you can adjust the percentages to fit your financial situation. If you want to try this approach, check out our dedicated 50/30/20 Budget Template.
How do I budget on a low income?
Budgeting on a low income starts with listing every dollar that comes in and every bill that must be paid. Prioritize the four walls first: food, shelter, basic utilities, and transportation to work. After covering essentials, allocate any remaining funds to debt payments and small savings. Look for ways to reduce fixed costs — negotiate bills, switch to lower-cost phone plans, and use community resources like food banks when needed. Even saving one dollar per week builds the habit and creates momentum.
What are the main budget categories?
The most common budget categories are: Housing (rent or mortgage, property tax, repairs), Transportation (car payment, gas, insurance, maintenance), Food (groceries and dining out), Insurance (health, life, disability), Debt Payments (credit cards, student loans), Entertainment (streaming, hobbies, events), Savings (emergency fund, retirement, goals), and Personal/Other (clothing, gifts, subscriptions). This worksheet includes all eight categories with sub-lines for the most common items in each.