Adulting Skills

Adulting 101: Adulting Budget Template




1. Budget Template Overview

This template organizes your income and expenses into categories, tracks savings, and ensures you’re living within your means. It follows the 50/30/20 Rule:
- 50% Needs: Rent, utilities, groceries, etc.
- 30% Wants: Subscriptions, dining out, entertainment.
- 20% Savings/Debt: Emergency fund, retirement, debt payments.

2. Budget Template Structure

Template Layout:

| Category | Budgeted Amount ($) | Actual Amount ($) | Difference ($) |
|---------------------|-------------------------|-----------------------|--------------------|
| Income | | | |
| Salary | | | |
| Freelance/Side Hustle| | | |
| Other Income | | | |
| Total Income | | | |
| | | | |
| Expenses | | | |
| Needs (50%) | | | |
| Rent | | | |
| Utilities | | | |
| Groceries | | | |
| Transportation | | | |
| Insurance | | | |
| | | | |
| Wants (30%) | | | |
| Dining Out | | | |
| Entertainment | | | |
| Subscriptions | | | |
| Shopping | | | |
| | | | |
| Savings/Debt (20%) | | | |
| Emergency Fund | | | |
| Retirement Savings | | | |
| Debt Repayments | | | |
| | | | |
| Total Expenses | | | |
| | | | |
| Net Balance | | | |

3. Built-in Calculations

  1. Total Income Formula:
    Automatically calculates your total income:
    [
    ={SUM}(B2:B4)
    ]

  2. Total Expenses Formula:
    Sums all expenses under Needs, Wants, and Savings/Debt:
    [
    ={SUM}(B8:B25)
    ]

  3. Net Balance Formula:
    Tracks leftover money after expenses:
    [
    {Net Balance} = {Total Income} - {Total Expenses}
    ]

  4. Difference Formula:
    Shows how actual spending compares to the budget:
    [
    ={Budgeted Amount} - {Actual Amount}
    ]

4. Example Budget for $3,000 Monthly Income

Income Section

| Category | Budgeted Amount ($) | Actual Amount ($) | Difference ($) |
|-----------------------|-------------------------|-----------------------|--------------------|
| Salary | 3,000 | 3,000 | 0 |
| Freelance/Side Hustle | 0 | 0 | 0 |
| Other Income | 0 | 0 | 0 |
| Total Income | 3,000 | 3,000 | 0 |

Expenses Section

| Needs (50%) | Budgeted Amount ($) | Actual Amount ($) | Difference ($) |
|-----------------------|-------------------------|-----------------------|--------------------|
| Rent | 1,000 | 1,000 | 0 |
| Utilities | 200 | 180 | 20 |
| Groceries | 300 | 350 | -50 |
| Transportation | 100 | 90 | 10 |
| Insurance | 200 | 200 | 0 |

| Wants (30%) | Budgeted Amount ($) | Actual Amount ($) | Difference ($) |
|-----------------------|-------------------------|-----------------------|--------------------|
| Dining Out | 100 | 120 | -20 |
| Entertainment | 100 | 90 | 10 |
| Subscriptions | 50 | 50 | 0 |
| Shopping | 50 | 60 | -10 |

| Savings/Debt (20%)| Budgeted Amount ($) | Actual Amount ($) | Difference ($) |
|-----------------------|-------------------------|-----------------------|--------------------|
| Emergency Fund | 300 | 300 | 0 |
| Retirement Savings | 200 | 200 | 0 |
| Debt Repayments | 100 | 100 | 0 |

5. Customizable Features

  1. Dynamic Pie Chart
  2. Visualize how your income is distributed among Needs, Wants, and Savings.

  3. Use Excel's Insert > Pie Chart to create a breakdown.

  4. Conditional Formatting

  5. Highlight overspending automatically.

  6. Rule: If Difference < 0, format the cell red.

  7. Savings Tracker

  8. Add a tracker for your emergency fund progress:
    | Goal | Current Savings | Progress (%) |
    |----------------|---------------------|------------------|
    | $10,000 | $2,000 | 20% |
    Formula for Progress:
    [
    =\left( \frac{{Current Savings}} / {{Goal}} \right) * 100
    ]

6. Tools and Resources to Track Budget

  1. Excel Templates:
  2. Create this template using Excel or Google Sheets.

  3. Customize with pre-built formulas and charts.

  4. Apps for Tracking:

  5. Mint: Free budgeting app.
  6. YNAB (You Need A Budget): Paid app for detailed financial planning.

  7. EveryDollar: Easy-to-use zero-based budgeting tool.

  8. Printable Budget Templates:

  9. Download printable versions from Vertex42 or Canva.

7. Tips for Success

  1. Set Realistic Goals: Adjust your budget based on your actual income and spending habits.
  2. Review Weekly: Update the Actual Amounts section regularly to stay on track.
  3. Automate Savings: Set up an automatic transfer to your savings account right after payday.
  4. Cut Excess: Identify areas where you consistently overspend and adjust (e.g., eating out less).
  5. Emergency Fund First: Prioritize building an emergency fund before focusing on big wants.
❤ If you liked this, consider supporting us by checking out Tiny Skills - 250+ Top Work & Personal Skills Made Easy