50/30/20 Budget Calculator
Allocate your income using the popular 50/30/20 rule.
Needs (50%)
$2,500
Housing, utilities, groceries, insurance, transportation
Wants (30%)
$1,500
Dining out, entertainment, hobbies, subscriptions
Savings (20%)
$1,000
Emergency fund, retirement, debt payoff, investments
Needs (50%)
Wants (30%)
Savings (20%)
Learn More
Understanding This Calculator
What this calculator does
This calculator splits your income into the 50/30/20 budget: 50% needs, 30% wants, 20% savings/debt — a simple framework popularized by Senator Elizabeth Warren.
How to use the results
- 1.Enter your monthly after-tax (net) income.
- 2.The calculator shows the dollar amount for each bucket.
- 3.Compare to your actual spending to see where you're over or under.
Worked example
On $5,000/month net: $2,500 for needs (rent, groceries, utilities, minimums), $1,500 for wants (dining, entertainment), $1,000 for savings and extra debt payments.
Important assumptions & limitations
- •Based on after-tax income — use net, not gross, pay.
- •In high-cost areas 50% for needs may be unrealistic; adjust the split to your reality.
- •The 20% savings bucket includes retirement contributions, emergency fund, and extra debt payments above minimums.
Frequently asked questions
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Mike Starr
Founder, FinanceWizardTools · M.S. Organizational Management