50/30/20 Budget Rule

Plan your budget using the popular 50/30/20 rule for needs, wants, and savings.

Income Details

Monthly After-Tax Income

Enter your monthly take-home pay after taxes and deductions

Budget Period

• 50% Needs: Essential expenses (rent, utilities, groceries)

• 30% Wants: Discretionary spending (entertainment, dining out)

• 20% Savings: Emergency fund, retirement, debt repayment

NEEDS (50%)

Rent, utilities, groceries, insurance

WANTS (30%)

Entertainment, dining out, hobbies

SAVINGS (20%)

Emergency fund, retirement, debt payoff

50%

30%

20%

• Track your expenses for a month to see how you currently spend

• Start with the 20% savings goal - automate transfers to savings

• Review and adjust categories monthly as your situation changes

• Consider the rule as a starting point - adjust percentages as needed