50/30/20 Budget Planner
Allocate your after-tax income to Needs, Wants, and Savings.
Needs
50%Rent, groceries, utilities, insurance, minimum debt payments.
Wants
30%Dining out, entertainment, hobbies, vacations, luxury items.
Savings
20%Emergency fund, retirement, extra debt payments, investments.
How it works
The 50/30/20 rule is a simple budgeting method that helps you manage your money effectively. It suggests that you spend 50% of your after-tax income on needs, 30% on wants, and 20% on savings or debt repayment.
This tool calculates the ideal breakdown based on your monthly income. Remember, these are guidelines, not strict rules. If your needs are higher (e.g., high cost of living), you might need to adjust the percentages.