Simple Monthly Budget Templates for Any Age and Income

By Dannie Phan

A monthly budget is a lot like a diet: it can work, but the trick is just being able to stick to the diet you choose. The key to success is to choose a budget style and template that meets your needs and will be easy for you to use and stick to.

Whether it’s finding extra money to stick in your child’s college fund, paying off debt, or saving up for that dream getaway, budgeting wisely will help you get there.

What Goes In A Budget?

In its simplest form, a monthly budget template should keep track of your income and expenses for the month. Having a simple budget planner can help you take control of your finances, get out of debt, start saving, and making better financial decisions.

Income

If you earn a fixed monthly income, then you won’t need to worry too much about tracking your income. If your income varies, then you’ll need to make sure that whichever template you use has a section where you can track and record how much money you make each month.

Expenses

For most people tracking expenses is far more complicated than tracking their income. A good budget template will include a few categories to get you started, but it’s best to customize your template to meet your specific needs. Remember to include any debt or loans that you might have and pay down your debt quickly to start freeing up room in the budget.

How To Choose A Budget Template 

There are many free budget templates available online, so you can use one of them or make your own. Some people might prefer a simple printable template, while others will opt for a detailed and complex spreadsheet to keep track of personal finances every month.

A quick google search for free budget templates will bring up an overwhelming choice of options. Here’s a list of some top picks to help you narrow the search and keep things quick and simple. 

For The Newbie

If you’re new to budgeting and not sure where to start, then this budget planner will help you figure out what your budget is looking like. Simply follow the steps and fill in the budget worksheet. Once you’ve got an idea of what your finances are looking like, you can download a spreadsheet to help you track and manage your finances.

For The Independent

Microsoft Excel has some great free budget templates. This option might take a little more effort, but it gives you the most flexibility and you can customize it to completely meet your needs. If you’re new to budgeting, you might find this budget spreadsheet a bit challenging.

Old School And Simple

This pretty, free printable template is perfect to print out and keep handy if you like to keep track of your spending the old-fashioned way. It’s not going to be as efficient or easy to analyze as a spreadsheet, but if you prefer pen and paper, then this should be a good fit for you. Remember, choosing an option that you can stick to and which suits your style is more important than just choosing the most efficient or technologically advanced way to track your finances.

Try An App

Using a budget app is a convenient way to track what you spend. They aren’t always free, but some can even automatically track and categorize bills that you pay or money that you spend on your credit card. An app helps keep budgeting simple and avoids all the effort of setting up and managing spreadsheets. If you can’t keep track of how you’re spending your money or need to save time, then an app is probably the best tool for you.

Struggling To Balance The Budget?

If you’re struggling to make your budget work, then you either need to increase your income or decrease your expenses. The best option is to do both at the same time.

A fun way to improve your budget is to sign up for a rewards program like Swagbucks. Swagbucks offers a variety of coupons and discounts which can help you cut your expenses and get started saving money instead. Similarly, the Upromise rewards service helps parents save money for their kids’ college effortlessly without having to change any of their habits. Earn cash back rewards for daily activities you’re already completing that go towards your child’s college fund.

Reward services like these are a great way to free up room in budget without making big sacrifices or needing the time to take on an extra job.

Check out these College Savings: 529 Plan Basics by State