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50/30/20 Budget Calculator
Allocate your income using the popular 50% needs, 30% wants, 20% savings rule
Needs (50%)
$2,200
Target: $2,500
-$300
44.0% of income
Wants (30%)
$900
Target: $1,500
-$600
18.0% of income
Savings (20%)
$800
Target: $1,000
-$200
16.0% of income
Remaining
$1,100
Needs Work
Consider rebalancing to better follow the 50/30/20 rule.
💰 Needs (50%)
Essential expenses you can't live without
🎯 Wants (30%)
Lifestyle choices and non-essential purchases
📈 Savings (20%)
Emergency fund, retirement, debt payments, investments
Understanding the 50/30/20 Rule
50% - Needs
- • Housing (rent/mortgage)
- • Utilities and insurance
- • Groceries and basic food
- • Transportation to work
- • Minimum debt payments
- • Healthcare essentials
30% - Wants
- • Dining out and entertainment
- • Shopping and hobbies
- • Streaming services
- • Gym memberships
- • Travel and vacations
- • Personal care upgrades
20% - Savings
- • Emergency fund (3-6 months expenses)
- • Retirement accounts (401k, IRA)
- • Extra debt payments
- • Long-term investments
- • Short-term savings goals
- • Insurance beyond basics
💡 Tips for Success
- • Use after-tax (take-home) income for calculations
- • Prioritize needs over wants when money is tight
- • Automate savings to make it easier
- • Adjust percentages based on your life situation
- • Review and update your budget monthly
- • Don't be too strict - allow some flexibility