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50/30/20 Budget Calculator
The simple budgeting rule used by millions. Enter your income and see exactly where your money should go.
Your Income
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Percentages must add up to 100%. Defaults are 50/30/20 but you can customize.
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Allocations add up to 100% ✓
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Your Budget Breakdown
Monthly
$5,000
Needs
Wants
Savings
Monthly Budget
$5,000
$60,000 / year
Needs
$2,500
50%
Wants
$1,500
30%
Savings
$1,000
20%
Needs / Essentials
$2,500
per month
Housing (rent/mortgage)$1,125
Food & Groceries$375
Transportation$375
Utilities$250
Health Insurance$250
Minimum Debt Payments$125
Guideline: housing should stay under 30% of gross income. If you're over, consider roommates, refinancing, or relocating.
Wants / Lifestyle
$1,500
per month
Dining Out$300
Entertainment$225
Subscriptions$150
Shopping / Clothing$525
Hobbies & Fitness$300
Wants are flexible — this is where most budgets overrun. Tracking subscriptions alone often reveals $50–200/mo in forgotten charges.
Savings / Debt
$1,000
per month
Emergency Fund $200
Retirement (401k/IRA) $400
Extra Debt Payoff $200
Investments / Brokerage $200
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Are You Saving Enough?
If you invested your savings allocation at a 7% average annual return (historical S&P 500 average after inflation), here's what you'd have:
In 10 Years
$173,843
at 7% annual return
In 20 Years
$520,926
at 7% annual return
In 30 Years
$1,213,186
at 7% annual return
*Projections assume consistent monthly investment. Not financial advice. Past returns do not guarantee future results.
Actionable Tips for Each Category
N 5 Tips for Needs
- Shop your auto insurance annually — rates vary 20–40% between providers.
- Refinance your mortgage if rates are 0.75%+ below your current rate.
- Meal plan weekly to cut grocery waste (avg. American wastes ~30% of food).
- Use a high-deductible health plan + HSA if you're generally healthy.
- Bundle internet, phone, and streaming for package discounts.
W 5 Tips for Wants
- Do a monthly subscription audit — cancel anything unused for 30+ days.
- Use cash-back credit cards (and pay them off monthly) for all wants spending.
- Apply a 48-hour rule before any non-essential purchase over $50.
- Cook at home 4–5 nights/week and save dining out for experiences.
- Use library cards for books, audiobooks (Libby), and even museum passes.
S 5 Tips for Savings
- Automate transfers to savings on payday — what you don't see, you don't spend.
- Max your employer 401k match first — it's an instant 50–100% return.
- Open a Roth IRA for tax-free growth (2026 limit: $7,000/year).
- Keep 3–6 months of expenses in a high-yield savings account (HYSA).
- Invest extra savings in low-cost index funds (e.g., VTI, VXUS) rather than letting cash sit.