Master Your Finances with the 60/30/10 Rule
Simplify your budgeting and achieve your financial goals
60% Needs
Allocate 60% of your income to essential expenses like housing, utilities, and groceries.
30% Wants
Set aside 30% for non-essential spending, such as entertainment and dining out.
10% Savings
Dedicate 10% to savings, investments, and paying off debts to secure your future.
60/30/10 Budget Calculator
Detailed Budget Breakdown
Needs (60%)
- Rent/Mortgage
- Utilities
- Groceries
- Transportation
- Insurance
Wants (30%)
- Entertainment
- Dining out
- Hobbies
- Shopping
- Subscriptions
Savings (10%)
- Emergency fund
- Retirement contributions
- Investments
- Debt repayment
- Savings goals
Budgeting Tips
- Track your expenses regularly to stay within your budget
- Look for ways to reduce fixed expenses, such as negotiating bills
- Set specific financial goals to motivate your saving habits
- Use cash or a separate account for your "wants" to avoid overspending
- Review and adjust your budget monthly to ensure it remains realistic and effective
Frequently Asked Questions
What is the 60/30/10 budget rule?
The 60/30/10 rule is a budgeting method that allocates 60% of your income to needs, 30% to wants, and 10% to savings and debt repayment.
How do I determine what counts as a need vs. a want?
Needs are essential expenses like housing, food, and utilities. Wants are non-essential expenses like entertainment and dining out.
What if my current budget doesn't fit the 60/30/10 rule?
The rule is a guideline. You can adjust the percentages to fit your situation, but aim to increase savings and reduce unnecessary expenses over time.