Free Budget Calculator

Create a simple monthly budget using the 50/30/20 guideline based on your take-home income.

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Needs (Housing, Food, Bills)

$2,250

Wants (Entertainment, Dining)$1,350
Savings & Debt Repayment$900

Needs (Housing, Food, Bills) vs Monthly Take-Home Income

View formula & how it works →

The 50/30/20 Budget Rule

This popular budgeting guideline splits your after-tax income into three categories: needs, wants, and savings.

Default Allocation

  • 50% Needs: Housing, groceries, utilities, insurance, minimum debt payments
  • 30% Wants: Dining out, entertainment, subscriptions, shopping
  • 20% Savings: Emergency fund, retirement, extra debt payments

    • Adjust the percentages to fit your financial situation.

    Example Calculation

    Monthly take-home income of $4,500 using the 50/30/20 rule.

    1. 01Needs = $4,500 x 50% = $2,250
    2. 02Wants = $4,500 x 30% = $1,350
    3. 03Savings = $4,500 x 20% = $900
    4. 04Total = $2,250 + $1,350 + $900 = $4,500

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