๐ 50/30/20 Budget Calculator
Enter your take-home monthly income, and this tool automatically splits it according to the popular "50/30/20 rule" for budgeting: 50% for needs, 30% for wants, and 20% for savings or debt repayment. Handy as a starting-point budget when you're first setting up a household budget.
How to use
- Enter your take-home monthly income.
- The amounts allocated to "needs," "wants," and "savings" are calculated automatically.
FAQ
What's the difference between "needs" and "wants"?
Needs are essential living expenses like rent, utilities, groceries, and insurance. Wants are optional spending that improves quality of life, like dining out, entertainment, and hobbies.
Do I have to follow the 50/30/20 split exactly?
No, it's just a general guideline. The right split for you depends on local rent costs, family size, and life stage โ adjust it to fit your own situation.
What does "take-home income" mean?
It's the amount you actually get to spend after taxes and social insurance are deducted โ the "net pay" line on your paycheck.