![]() We do totally understand that this particular plan may not be feasible for everyone. This could be retirement savings or perhaps something like emergency savings. When you plan like this, the goal is that the remaining budget percentages of 20% will be allocated to savings. 30% of your income can be allocated to things like entertainment, shopping, eating out, getting your nails done, hitting up the arcade, or anything else that you like to do as an “extra”. The 30% in this budget percentages model is meant to be for your optional spending. It might be debt or a credit card payment, it will also contain things like housing and food and utilities. These are your non-negotiable things or required spending. These budget percentages recommend setting aside 50% of your income for have-to items. The 50-30-20 budget simply may not work for your needs or your income and expenses but it can be a good goal to work for – or even a good starting place to create a budget spreadsheet. Now, keep in mind that this is not set in stone. On average, there is a standard recommendation for budget percentages and when you look up a free budget spreadsheet, it’s most likely going to point you towards the 50-30-20 budget percentages. In this article, we break down some key budget percentage strategies you can use today. The thing is - before you even consider any of these tools, it’s worth having a strategy. Luckily, there are a lot of free budget spreadsheets or free UK budget planner tools out there. Or perhaps you have a really tight budget and simply want to be able to create a living expenses budget and establish an emergency savings fund. Maybe you’re at a point where you’re trying to save to purchase a new home. ![]() Of course, we all have different goals and different incomes/expenses so it stands to reason that your budgets may not look exactly the same too. It is typically recommended that you establish certain percentages for different areas of your budget. Are you working on setting up a budget? Before you get started, it’s a good idea to establish some budget alert threshold rules.
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