50/30/20 budget calculator
Enter your monthly income after tax and see how much goes to needs, wants and savings or debt repayment. The 50/30/20 split is a popular rule of thumb, so the percentages are editable if your situation is different.
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How to use it
- Enter your monthly income after tax.
- Keep the 50/30/20 split or change it. The three percentages must add up to 100.
- Read how much each part is per month, what you save per year and the weekly amounts for needs and wants.
How it is calculated
- Each amount = income × its percentage ÷ 100.
- Savings per year = monthly savings × 12.
- Weekly amounts = monthly amount × 12 ÷ 52.
Worked example
With 3,000 a month: needs 50 percent = 1,500, wants 30 percent = 900, savings 20 percent = 600. Savings come to 7,200 a year. Needs are about 346.15 a week and wants about 207.69.
Tips
Track your real spending for a month before comparing it with the rule. If needs take more than half, look at the largest fixed costs first; if wants are small, move the difference into savings.
Frequently asked questions
What is the 50/30/20 rule?
It is a popular rule of thumb for splitting income after tax: about 50 percent for needs such as housing, food, utilities and minimum debt payments, 30 percent for wants, and 20 percent for savings and extra debt repayment. It is a starting point, not a requirement.
Should I use income before or after tax?
The rule is usually applied to income after tax, which is what actually reaches your account. If you use gross income the amounts will be too large to spend.
What counts as a need and what as a want?
Needs are costs you cannot easily skip: rent or mortgage, groceries, utilities, transport to work, insurance and minimum loan payments. Wants are things you could cut, such as eating out, subscriptions and hobbies. The line is personal, so decide it for yourself.
Can I use other percentages?
Yes. Edit the three fields, for example 60/20/20 where living costs are high or 40/30/30 if you want to save more. They must add up to 100.