50/30/20 budget calculator
Split your take home pay into needs, wants, and savings, by the 50/30/20 rule or a stricter split.
| Split | Share | A month |
|---|---|---|
| NeedsRent, groceries, utilities, transport, insurance, minimum debt payments | 50% | $1,500.00 |
| WantsEating out, streaming, shopping, trips | 30% | $900.00 |
| SavingsEmergency fund, retirement, paying debt down faster | 20% | $600.00 |
How it is calculated
The 50/30/20 rule splits what you take home after taxes: half for needs, 30% for things you want, and 20% for savings and paying down debt. Elizabeth Warren and her daughter, Amelia Warren Tyagi, set it out in their 2005 book All Your Worth: The Ultimate Lifetime Money Plan.
Paid weekly or every two weeks? The calculator first turns your pay into a year at 52 weeks, then a month, so a month gets 4.33 weekly paychecks, not 4.
If half your pay doesn't cover your needs, as in a city with high rent, start from 60/20/20 or 70/20/10 and work your way back.
Questions
Is the 50/30/20 rule based on gross or net pay?
On net pay: what lands in your account after taxes and deductions. If your employer takes retirement savings out of your paycheck, you can count it toward the 20%.
Where do debt payments go?
Minimum payments are needs. Anything you pay above the minimum counts as savings, since it lowers what you owe.
How do I stick to it?
Track what you spend against each part. In Outlayr you can set a budget per category or one for the whole month, and see where your current pace ends before the month does.
Is what I type saved?
No. The math runs in your browser, and nothing you type is stored or sent anywhere.
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