Budget Planner (50/30/20)
Plan your monthly budget using the 50/30/20 rule. Editable percentages with weekly, monthly and annual breakdowns.
How to Use the Budget Planner
Create a simple monthly budget using the popular 50/30/20 rule. Enter your income and see exactly how much to allocate to needs, wants and savings.
- Enter your monthly income — your take-home pay after taxes (e.g. $5,000).
- Review the default split — the calculator starts with the 50/30/20 rule: 50% for needs, 30% for wants and 20% for savings.
- Adjust percentages — change the percentages to match your situation. The calculator will warn you if they don't add up to 100%.
- Review results — see the dollar amounts for each category in monthly, weekly and annual breakdowns.
The 50/30/20 rule was popularized by Senator Elizabeth Warren in the book "All Your Worth." It provides a simple framework for managing money without detailed expense tracking.
Frequently Asked Questions
What is the 50/30/20 budget rule?
The 50/30/20 rule divides your after-tax income into three categories: 50% for needs (rent, utilities, groceries, insurance), 30% for wants (dining out, entertainment, hobbies) and 20% for savings and debt repayment (emergency fund, retirement, extra loan payments).
Should I use gross or net income?
Use your net (after-tax) income — the amount that actually hits your bank account each month. The 50/30/20 rule is designed for take-home pay, not gross salary.
What counts as a "need" vs. a "want"?
Needs are essential expenses you cannot avoid: housing, utilities, groceries, health insurance, minimum debt payments and transportation. Wants are non-essential spending that improves your quality of life: dining out, streaming services, vacations and hobbies.
Can I change the percentages?
Yes. The 50/30/20 split is a starting point. If you live in a high-cost area, you might need 60/20/20. If you are aggressively saving for retirement, try 50/20/30 (with 30% to savings). Adjust to fit your goals.
What if my percentages do not add up to 100%?
The calculator will show a warning if your percentages total more or less than 100%. Any unallocated percentage appears as "Unallocated" in the results. Aim for exactly 100% for a complete budget.
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