Family Budget Calculator
Split your monthly take-home pay using the 50/30/20 rule: 50% needs, 30% wants, 20% savings.
What is a family budget calculator?
A family budget calculator splits your monthly take-home pay into needs, wants and savings using the 50/30/20 rule, so you can see at a glance where your money should go.
How to use the family budget calculator
Enter your monthly income after tax and click Split My Budget. The calculator shows how much goes to needs, wants and savings.
The 50/30/20 rule
The 50/30/20 rule splits income into 50% needs, 30% wants and 20% savings. Needs are essentials like rent, food and bills. Wants are extras like eating out and streaming. Savings include an emergency fund and paying off debt.
Example
With a monthly income of $3,000: Needs (50%) = $1,500.00, Wants (30%) = $900.00 and Savings (20%) = $600.00.
Frequently Asked Questions
What are needs, wants and savings in the 50/30/20 rule?
Needs are essentials you must pay for, such as rent, food and bills. Wants are extras you enjoy, such as eating out and streaming. Savings include an emergency fund and extra debt payments.
How much should I save on a $3,000 income?
Under the 50/30/20 rule you would save 20% of $3,000, which is $600.00 per month.
How much can I spend on wants with a $3,000 income?
You can spend 30% of $3,000 on wants, which is $900.00 per month.
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