BUDGET CALCULATOR
50/30/20 budget calculator
Enter your monthly take-home pay to see a starting split: about 50% for needs, 30% for wants and 20% for savings and extra debt payments. Change the percentages to fit your situation.
Housing, utilities, groceries, transportation, insurance and minimum debt payments.
Eating out, entertainment, hobbies, travel and other non-essentials.
Emergency fund, savings goals, retirement and debt payments above the minimum.
What is the 50/30/20 rule?
It is a widely used rule of thumb for a first budget. Needs are costs you must pay to live and work. Wants are everything optional. The last 20% builds savings and pays debt down faster.
When to adjust it
Where housing costs are high, needs often take more than half. If you carry high-interest debt or have no emergency savings, you may want more than 20% in the last group for a while. Treat the split as a first draft, then plan the details in a full budget.
This calculator is general information, not financial advice.