50/30/20 Budget Calculator
Enter your monthly after-tax income into this free budget calculator to create a budget.
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The budget calculator below shows how your income could be split using the 50/30/20 rule.
This budgeting method divides your monthly income among three main categories: 50% for needs, 30% for wants and 20% for savings and debt repayment.
Before using this calculator, figure out your net income, which is the money that goes into your bank account after taxes and deductions.
Input that number in the budget calculator to see how to divide your money into the three main categories.
Let’s get started.
The 50/30/20 budget
Find out how this budgeting approach applies to your money.
Your 50/30/20 numbers:
Necessities
$0
Wants
$0
Savings and debt repayment
$0
Do you know your “want” categories?
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What is the 50/30/20 rule?
The 50/30/20 rule is a popular budgeting framework that divides your net income into three categories: 50% for needs, 30% for wants and 20% for savings and debt repayment.
Think of the 50/30/20 rule as an ideal to work toward, as a way to cover your needs, manage debt, indulge occasionally and save enough to pay for unexpected expenses and retirement.
Here’s a breakdown of each budget category and what kinds of expenses might fit into each group:
Needs (50%) | Wants (30%) | Savings (20%) |
|---|---|---|
Required expenses you can’t avoid. | The extras that aren’t essential to living and working. | Money devoted to paying down debt and creating a financial cushion. |
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The percentages in the 50/30/20 rule can be changed to fit your financial circumstances. If saving or paying down debt is a priority, for example, it’s OK to shrink your wants bucket and increase the savings and debt bucket.
If the 50/30/20 rule doesn’t work for you, there are other budgeting systems you can explore.
Dive deeper with your monthly budget
For more budgeting advice, including how to prioritize your savings and debt repayment, review our tips for how to budget.
Not sure how to start budgeting? Downloading a budget app or personal finance software may help, or get informed with a budgeting book.