Budget Tools
Budget Calculator
Use the 50/30/20 rule to split your income into needs, wants, and savings. Adjust the percentages to fit your lifestyle and see monthly and annual amounts instantly.
Configure
Monthly budget (50/30/20 rule)
Savings = 100% − Needs% − Wants% (auto-calculated)
Savings %
$2,500
$30,000 / year
Housing, food, utilities, transportation
$1,500
$18,000 / year
Entertainment, dining out, subscriptions
$1,000
$12,000 / year
Emergency fund, investments, retirement
Annual savings potential
$12,000
$1,000/month × 12 months
Budget allocation
How to use the budget calculator
01
Enter your income
Input your monthly take-home pay (after taxes) to start building your budget.
02
Adjust allocations
Use the default 50/30/20 split or customize percentages to match your financial goals.
03
See your plan
View dollar amounts for each category and how much you'll save per year.
Frequently asked questions
What is the 50/30/20 rule? ▼
The 50/30/20 rule suggests spending 50% of after-tax income on needs (rent, groceries, utilities), 30% on wants (dining, entertainment), and saving the remaining 20%. Senator Elizabeth Warren popularized this framework in her book 'All Your Worth'.
What counts as a 'need' vs a 'want'? ▼
Needs are essentials you can't function without: housing, food, healthcare, minimum debt payments, and basic utilities. Wants are things that improve your quality of life but aren't essential: subscriptions, dining out, gym memberships, hobbies.
What if I can't save 20%? ▼
Start where you can — even 5% or 10% is better than nothing. Automate transfers to savings on payday so you save before spending. Increase by 1% every time you get a raise.
Disclaimer: This tool provides a general budgeting framework. Individual circumstances vary. Consult a financial advisor for personalized advice.
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