50/30/20 budget calculator
Split your take-home pay into needs, wants, and savings or debt payoff.
Needs (50%)$2,250$27,000 a year
Wants (30%)$1,350$16,200 a year
Savings and debt (20%)$900$10,800 a year
How it works
The 50/30/20 guideline puts 50% of take-home pay toward needs, 30% toward wants, and 20% toward savings and extra debt payments.
It is a starting point. In high-cost areas, needs may take more than 50%.
Example
With the sample inputs shown above (Monthly take-home income ($) = 4500), the calculator returns: Needs (50%): $2,250 ($27,000 a year); Wants (30%): $1,350 ($16,200 a year); Savings and debt (20%): $900 ($10,800 a year).
Things to know
Use take-home pay after taxes and deductions, and classify spending honestly: rent and groceries are needs, subscriptions and dining are wants. If needs exceed 50%, shrink wants first, and revisit the split as your income changes.