Efficiency Sheets
Simple Sheets
50/30/20 Budget Calculator
Enter your monthly take-home pay to see how much goes to needs, wants and savings under the 50/30/20 rule, and compare it with what you spend now.
Needs · 50%
$2,000
$24,000 a year
Wants · 30%
$1,200
$14,400 a year
Savings and debt · 20%
$800
$9,600 a year
Compare with what you spend now (optional)
How it is worked out
- 50% of take-home pay goes to needs: housing, utilities, groceries, insurance, transport and minimum debt payments.
- 30% goes to wants: eating out, subscriptions, shopping, hobbies and travel.
- 20% goes to savings and paying off debt beyond the minimums.
Questions
Do I use gross or net income?
Net: your take-home pay after taxes. That's the money you actually have to divide.
What if my needs are more than 50%?
That's common in expensive cities. Try 60/20/20 for now, taking the difference from wants rather than savings.
Are debt payments needs or savings?
Minimum payments are needs. Anything above the minimum counts toward the 20%.
