CalculatorBudgeting
Budget Planner (50/30/20)
Apply the popular 50/30/20 budgeting rule to your income. 50% for needs, 30% for wants, and 20% for savings and debt repayment.
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Income
$
Needs (50%)
Essential expenses you must pay
$
$
$
$
$
$
Wants (30%)
Non-essential spending
$
$
$
$
Savings (20%)
Building your financial future
$
$
Monthly Income
$5,000
Needs (50%)
Close55%
Actual: $2,750Target: $2,500
Wants (30%)
On Track11%
Actual: $550Target: $1,500
Savings (20%)
Under Target15%
Actual: $750Target: $1,000
Budget Summary
Total Income$5,000
Total Expenses$4,050
Remaining$950
The 50/30/20 Rule
The 50/30/20 rule is a simple budgeting framework popularized by Senator Elizabeth Warren in her book "All Your Worth."
- 50% Needs: Housing, utilities, groceries, transportation, insurance
- 30% Wants: Entertainment, dining out, hobbies, subscriptions
- 20% Savings: Emergency fund, investments, extra debt payments
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Disclaimer
This content is for informational purposes only and should not be considered financial, tax, or legal advice. Consult with a qualified professional before making financial decisions. TaxMaker strives for accuracy but cannot guarantee all information is current or complete. Past performance does not guarantee future results.