The budget calculator below shows how your income could be split using the 50/30/20, 70/20/10, 60/20/20 & 80/20 rule. This budgeting method divides your monthly income among three main categories: needs, wants and savings/debt repayment. Input your net income to see how to divide your money.
| Rule | Breakdown | Details |
|---|---|---|
| 50/30/20 | 50% Needs, 30% Wants, 20% Savings & Debt Repayment | Needs: housing, food, transport, etc. Wants: entertainment, shopping, dining out. Savings: emergency fund, retirement, extra loan payments. |
| 70/20/10 | 70% Living expenses, 20% Savings, 10% Debt repayment | Living: needs and wants combined. Savings: emergency fund, retirement. Debt repayment: paying down loans. |
| 60/20/20 | 60% Needs, 20% Wants, 20% Savings | Needs: housing, food, transport, etc. Wants: shopping, dining out, entertainment. Savings: emergency fund, retirement. |
| 80/20 | 80% Living expenses, 20% Savings | Living: needs and wants combined. Savings: emergency fund, retirement. |
| Needs | Wants | Savings |
|---|---|---|
|
-Housing -Food -Transportation -Basic utilities -Insurance -Minimum loan payments -Child care |
-Monthly subscriptions -Travel -Entertainment -Dining out -Shopping for designer clothes, home items and other goods -Gym memberships |
-Starting and growing an emergency fund -Saving for retirement through a retirement saving account -Paying off debt, including loan payments beyond the minimum requirements |