Imagine if you could stop living paycheck to paycheck, all because you found my favorite way to budget your money.
Creating a budget doesn’t have to be hard or complicated.
You can create a budget using the 70-20-10 budget rule, and I am so excited to show you how today.
Plus! We have created a fun, easy to use printable worksheet to help you make one for yourself!!
What is the 70-20-10 Budget?
Before we talk about the worksheet let’s get a quick recap on what the 70/20/10 budget entails
Similar to the 50-30-20 budget rule, managing your money with the 70-20-10 method involves dividing your paycheck into three major categories.
Those categories are spending, saving/investing, and giving/debt payoff.
70% of your monthly paycheck should go towards ALL of your spending for the month. All fixed and variable expenses should be included in this amount
20% of your take home pay goes toward savings and extra debt payments. This allows you to plan for upcoming expenses, as well as work your way out from under the debt monster.
The last 10% is for investing and/or paying a tithe/Giving.
70/20/10 Budget Example
I have made a few videos showing how to use the 70/20/10 budget rule in real life. Check out this one I made for Tiktok…
And here is an example of a real life budget, using the 70/20/10 budget rule and a worksheet we created, specifically to help you make a 70/20/10 budget for yourself.
In this example, the family has $6000 a month in total income to work with.
In the Needs section, they can use $4200 for their monthly expenses and spending.
All expenses are met with this amount.
In the Savings and Debt section, they have $1200 allocated.
Check out how how they used that money below.
In the final section for Giving and Investing, they have $600 to use.
They chose to tithe some and invest some.
70/20/10 Budget Template printable
Using the form is pretty straightforward.
In the Income section, enter the source of your income, how much you will receive.
Add up the total from all jobs.
Second, move onto the needs section.
Calculate what 70% of your income is.
Enter this amount on the line.
Then fill in your expenses and the amounts for each in the table.
Add them up at the bottom.
Next, fill in the Savings/Debt section.
Calculate how much will go to your savings goals (20% of income).
In the chart you can specify your savings goals and a dollar amount to go towards each.
Finally fill in the Tithing/Investing section, as you did the previous two sections, with 10% of your income.
Along the way you will calculate if there is any money “leftover” in each section.
If so, you can use that money to save more, payoff debt, cover other needed expenses or do something fun with it.
Also included is a section to write your money goals for the month, to help you stay focused with your budget and dreams.
We love this printable and how easy it is to use for your budgeting plans.
It will really help you get started with a budget and deciding where your money should go.
Final thoughts on the 70/20/10 budget template
Okay! You have seen how the 70/20/10 budget method works, and how to use the worksheet to create budget for this method.
We really like how simple this budget process is, and that it can work for so many different budgets and circumstances.
If you think the 70/20/10 budget would work for you, give it a shot! Use our worksheet to get started and see how it goes.
What do you have to lose?! Get your printable here.