Our spending plan template includes categories for all your monthly expenses from your regular bills to your debt payments and the ways you want to spend money. And we’ve got a great one that’s free to use. Using a spreadsheet can help you track your spending and stay on top of your money. Read more: Why you’re living above your means - and you don’t even know it Spreadsheet If you want to use this method, adjust the percentages as needed to make them work for you. And if you make a low starting salary and live in New York City (or any major city, for the most part) you’ll probably spend more than 50% of your income on living expenses. ![]() For example, if you have $100,000 in student loans, a car loan, medical bills, and a couple of credit cards, you’ll end up using more than 20% of your income to pay off debt. This is why we recommend this method for steady earners.Īny of these budget categories can change depending on a variety of factors. If you don’t have a regular inflow of cash, this system can be tricky to execute.
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