How to make a monthly budget in 5 steps
- Write down your net income. Salary after tax, USC and PRSI, bonuses, Child Benefit, rental income — everything that reaches your account in a month.
- Gather last month's spending. The quickest source is your bank statement: every card payment and every transfer is already there.
- Put every expense in a group. NEEDS, WANTS, INVEST, DEBT or OTHER. The group is a decision: the same coffee can be a need on a work trip and a want at the weekend.
- Compare with the norms. The template shows each group's share of your income and the amount worth moving.
- Set your INVEST amount at the start of the month. A transfer on payday, and ten minutes of review once a week.
Budget template example: a family in Ireland
A couple with one child, net income €5,800 including Child Benefit, paying a mortgage:
| Group | Items | Amount | Share |
|---|---|---|---|
| NEEDS | bills and broadband 320, groceries 900, transport 350, childcare 700, health insurance 160 | €2,430 | 42% |
| WANTS | eating out 250, entertainment 150, clothes 150, subscriptions 50, gifts 100 | €700 | 12% |
| INVEST | emergency fund 400, holiday 200 | €600 | 10% |
| DEBT | mortgage repayment 1,500 | €1,500 | 26% |
| OTHER | small purchases 150 | €150 | 3% |
| Left over | to add to INVEST | €420 | 7% |
Every group is within its norm. Adding the remaining €420 to INVEST raises it to 17.6% of income. Load this example into the template.
How to split your income in a monthly budget
- NEEDS up to 60% — rent, bills, groceries, transport, health, childcare.
- WANTS 10–30% — eating out, entertainment, clothes, hobbies. The lower limit is deliberate: enjoyment is part of the plan.
- INVEST from 10% — emergency fund, goals, pension.
- DEBT up to 15%, and with a mortgage up to 33% — loan and credit card repayments.
More on setting money aside every month in How to save money.
Yearly costs: divide by 12
Some bills arrive once a year: motor tax, the NCT, car and home insurance, the TV licence, Local Property Tax, health insurance if you pay it annually, and Christmas. Add them up for the year, divide by 12 and put that amount in INVEST as a "Goal" every month. €1,800 of yearly costs becomes €150 a month, and the bill is already covered when it lands.
Printable budget template, Excel or an app?
| Printable template | Excel spreadsheet | Groworth | |
|---|---|---|---|
| Start | print and a pen | download the file | free account |
| Totals and percentages | a calculator in hand | formulas in the file | add up by themselves |
| Spending from your bank | copy it out | paste it in | CSV statement or bank connection |
| Goal and progress | in the margin | a separate sheet | level 1–100 towards your goal |
Starting with the template is the simplest way to see your numbers. When you want the totals to keep themselves up to date every day, move them to the free budget app.
Frequently asked questions
How do I make a monthly budget?
At the start of the month, plan an amount for each group, then record spending as you go — ideally daily, two minutes. Once a week, compare the plan with your spending and move amounts between groups.
What should a budget template include?
All net income and all spending: fixed (rent, bills, repayments), variable (groceries, transport) and occasional (gifts, holidays). Divide yearly costs by 12 and enter them as a monthly amount.
How much of my income should go on rent?
Rent belongs to NEEDS, and the whole group fits within a norm of up to 60% of income. A mortgage repayment belongs to DEBT, with a norm of up to 33% of income.
Is the budget template free?
Yes. The online template, the printable PDF and the Excel spreadsheet are free and work without sign-up.
Where is my data stored?
The amounts you enter stay in your browser, on your device.
How often should I update my budget?
Record spending daily, review the plan once a week and sum up the month at the end of it.