Free 50/30/20 budget calculator trusted by 500,000+ people. Get instant results and personalized financial guidance.
The simple rule that works: 50% needs, 30% wants, 20% savings. See your personalized budget breakdown instantly.
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Quick answers to common budgeting questions
The 50/30/20 rule is a simple budgeting method: spend 50% of after-tax income on needs, 30% on wants, and save 20%. It's recommended by financial experts as an easy way to manage money.
Needs are essential for survival: rent/mortgage, utilities, groceries, minimum debt payments, insurance. Wants are everything else: dining out, entertainment, hobbies, subscriptions.
The rule is a guideline, not law! If your needs exceed 50% (common in expensive cities), adjust gradually. Focus on increasing income or reducing fixed costs over time.
Start with a small emergency fund ($1,000), then focus on high-interest debt. Once debt is manageable, build your full emergency fund while continuing minimum debt payments.