This free 50/30/20 budget calculator splits your monthly income into needs, wants, and savings instantly. The 50/30/20 budget calculator rule is one of the simplest, most effective ways to budget — 50% to needs, 30% to wants, and 20% to savings or debt payoff. Enter your income below to see your personalized 50/30/20 budget calculator breakdown.
The 50/30/20 rule is a simple budgeting framework popularized by Senator Elizabeth Warren. It splits your after-tax income into three buckets: 50% for needs (essential expenses you can't avoid), 30% for wants (lifestyle spending that improves your life but isn't essential), and 20% for savings and debt repayment. It's not a perfect formula for everyone — high cost-of-living areas may need to adjust the needs percentage higher — but it's an excellent starting point for anyone who's never budgeted before.