Create a balanced budget using the proven 50/30/20 rule. Enter your income and see how much you should allocate to needs, wants, and savings.
Monthly Budget Calculator
📋 How the 50/30/20 Rule Works
50% - Needs (Essential Expenses)
- Rent or mortgage payments
- Groceries and basic food
- Utilities (electricity, water, gas)
- Transportation (car payment, gas, public transit)
- Insurance premiums
- Minimum debt payments
30% - Wants (Lifestyle Expenses)
- Dining out and entertainment
- Hobbies and recreation
- Shopping for non-essentials
- Streaming services and subscriptions
- Gym memberships
- Travel and vacations
20% - Savings & Debt Repayment
- Emergency fund contributions
- Retirement savings (401k, IRA)
- Extra debt payments
- Investment accounts
- Long-term savings goals
🎯 Budgeting Tips for Success
Start Small: If 20% savings seems impossible, start with 10% and gradually increase.
Be Flexible: Adjust percentages based on your situation. High rent area? Maybe 60% needs, 25% wants, 15% savings.
Track Progress: Review your budget monthly and make adjustments as needed.