Budget Calculator

Enter your monthly income and expenses to see your surplus, savings rate,
and how you compare to the 50/30/20 rule.

Surplus / deficit · 50/30/20 rule · Savings rate · Category breakdown
Monthly Budget Calculator
Monthly Income (after tax)
$
$
Needs — essential expenses (target: 50%) $0
Rent / Mortgage
$
Utilities (electric, gas, water)
$
Groceries
$
Transportation (car payment, gas, transit)
$
Health Insurance & Medical
$
Phone
$
Minimum Debt Payments
$
Other Necessities
$
Wants — discretionary (target: 30%) $0
Dining Out & Takeout
$
Entertainment & Hobbies
$
Streaming & Subscriptions
$
Gym & Fitness
$
Shopping & Clothing
$
Travel & Vacations
$
Other Wants
$
Savings & Debt Payoff — future (target: 20%) $0
Emergency Fund Savings
$
Retirement (401k / IRA)
$
Extra Debt Payments
$
Investments / Brokerage
$
Other Savings Goals
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The 50/30/20 Rule Explained

Popularized by Senator Elizabeth Warren, the 50/30/20 rule is a simple budgeting framework. Split your after-tax income into three buckets:

  • 50% Needs: Housing, utilities, groceries, transportation, insurance, minimum debt payments
  • 30% Wants: Dining out, entertainment, subscriptions, shopping, hobbies, vacations
  • 20% Savings/Debt: Emergency fund, retirement contributions, extra debt payments, investments

It's a guide, not a law. High cost-of-living areas may require 60–65% on needs. Early debt payoff phases may push savings above 30%. The framework helps identify which category is out of balance.

Related: Retirement Calculator · Debt Payoff Calculator · Take-Home Pay Calculator

FAQ

Budget calculator questions

What is the 50/30/20 budget rule?
Allocate after-tax income: 50% to needs (rent, utilities, groceries, minimum debt payments), 30% to wants (dining, entertainment, subscriptions), 20% to savings and extra debt payoff. It's a starting point — adjust based on your situation.
What is a good savings rate?
20% of take-home pay is the standard target. 15% is the minimum for retirement savings alone. High earners and early-retirement chasers often save 40–70%+. The best savings rate is the highest one you can sustain without feeling deprived.
What counts as a need vs a want?
Needs: housing, utilities, groceries, minimum debt payments, health insurance, basic transportation. Wants: restaurants, streaming, gym, shopping, entertainment, vacations. Gray areas: internet (need for remote work, want for gaming), clothing (need for basics, want for fashion). When in doubt, ask: "Would my life suffer significantly without this for 3 months?"
What should I do if I have a budget deficit?
Priority order: (1) Cut wants first — subscriptions and dining are most flexible. (2) Reduce wants further before touching savings rate. (3) Only reduce savings as a last resort. (4) Look for ways to increase income. A persistent deficit requires either cutting expenses or earning more — there's no third option.