Budget Calculator

Plan your monthly budget with the 50/30/20 rule. See exactly where your money goes and how much you should be saving.

Monthly Take-Home Income (after tax)

🏠 NEEDS (50%)

Housing/Rent

Utilities

Groceries

Transport

Insurance/Healthcare

🎯 WANTS (30%)

Dining Out

Entertainment

Shopping

Subscriptions

Other Wants

💰 SAVINGS (20%)

Emergency Fund

Retirement (401k)

Investments

Debt Repayment

Monthly Budget Summary

Needs $0

Wants $0

Savings $0

📐 Formula

Needs ≤ 50% of take-home income. Wants ≤ 30%. Savings/debt ≥ 20%

Frequently Asked Questions

Q.What is the 50/30/20 budget rule?▼

Allocate 50% of take-home pay to needs (housing, food, transport, utilities), 30% to wants (dining, entertainment, hobbies), and 20% to savings and debt repayment. It was popularised by Senator Elizabeth Warren in All Your Worth.

Q.What counts as a "need" vs a "want"?▼

Needs are essentials you cannot live without: rent/mortgage, basic groceries, utilities, minimum debt payments, and essential transport. Wants are nice-to-haves: streaming services, gym memberships, restaurants, and non-essential shopping.

Q.What if I cannot save 20%?▼

Start with whatever you can — even 5% is better than 0%. Automate savings so they happen before you spend. As income grows or debts are paid off, gradually increase your savings rate. The goal is progress, not perfection.

Q.What percentage of income should go to rent in the US?▼

The traditional rule is 30% of gross income. In 2026, median US rent as a share of income is closer to 35–40% in major metros. Many financial advisors now suggest keeping total housing costs (rent + renters insurance + utilities) under 30% of take-home pay rather than gross income for a more realistic target.