Monthly Budget Planner
Plug in your take-home pay and expenses. The planner stacks them against the 50/30/20 framework so you can see where you really sit. Half on needs, 30% on wants, 20% on savings and debt. If you blow past one bucket, the others have to give.
Live · Updates as you type Budget Planner
Monthly Income
Take-Home Pay
$
Needs (Housing, Transport, Food, Utilities)
Housing / Rent
$
Transportation
$
Groceries
$
Utilities
$
Health Insurance
$
Needs Total $2,900
Wants (Entertainment, Shopping, Hobbies)
Entertainment
$
Shopping
$
Hobbies / Dining Out
$
Wants Total $900
Financial Goals (Savings, Investments, Debt)
Savings / Investments
$
Debt Payments
$
Goals Total $1,000
Monthly Income $5,000
Total Expenses $4,800
Remaining $200
Savings Rate 20%
Category Breakdown
50/30/20 Comparison
| Category | Target | Yours |
|---|---|---|
| Needs | $2,500 | $2,900 |
| Wants | $1,500 | $900 |
| Goals | $1,000 | $1,000 |
Built on the 50/30/20 framework. Percentages are based on take-home pay. The target splits are guidelines, not commandments.
Frequently Asked Questions
The 50/30/20 rule splits your take-home pay into three buckets: 50% for needs (housing, food, utilities, transport), 30% for wants (entertainment, dining out, shopping), and 20% for goals (savings, investing, extra debt payments). It is a starting framework, not a commandment. Adjust the percentages to your situation. If needs eat 60%, something else gives.
Needs are the things you cannot reasonably live without: rent or mortgage, basic utilities, groceries, minimum debt payments, basic transportation. Wants are discretionary: streaming bundles, dining out, new clothes beyond the basics, vacations, hobbies. Some expenses straddle the line. A phone plan you need for work is a need. A car payment is a want or a need depending on where you live.
In high cost-of-living cities, needs almost always run past 50%. If that is you, attack wants first, then look for ways to grow income or shrink fixed costs over the medium term. The exact target matters less than the awareness. Tracking the ratios is what makes the trade-offs conscious instead of accidental.
The standard answer is 3 to 6 months of essential expenses, parked in a high-yield savings account. If your monthly needs are $3,000, aim for $9,000 to $18,000. Lean toward 6 months if your income is variable or your household runs on one paycheck. Once it is built, redirect those automated transfers toward investing.