Tool: Budget Calculator - The Real Money Guide

50/30/20 Budget Calculator

        50/30/20 Budget Calculator
        
        
            
                The 50/30/20 rule is a simple budgeting method that can help you manage your money effectively, as described in "The Real Money Guide." 
                It suggests that you allocate 50% of your after-tax income to needs, 30% to wants, and 20% to savings and debt repayment.
            
        
        
        
            
                
                    Monthly After-Tax Income:
                    
                        
                            $
                        
                        
                    
                
                
                
                    Budget Allocation Preset:
                    
                
                
                
                    Custom Percentages:
                    
                        Needs (50%):
                        
                    
                    
                        Wants (30%):
                        
                    
                    
                        Savings (20%):
                        
                    
                
                
                
                    Your Monthly Budget Breakdown
                    
                        
                            Needs
                            $0.00
                            50%
                        
                        
                            Wants
                            $0.00
                            30%
                        
                        
                            Savings
                            $0.00
                            20%
                        
                    
                
            
            
            
                
            
        
        
        
            What should I include in each category?
            
                
                    Needs (Essentials)
                    
                        Rent or mortgage
                        Utilities (electricity, water)
                        Groceries
                        Transportation costs
                        Insurance premiums
                        Minimum debt payments
                        Childcare
                    
                
                
                    Wants (Non-Essentials)
                    
                        Dining out
                        Entertainment
                        Shopping (non-essential)
                        Subscription services
                        Hobbies
                        Vacations
                        Gym memberships
                    
                
                
                    Savings & Debt
                    
                        Emergency fund
                        Retirement contributions
                        Extra debt payments
                        Investment accounts
                        College savings
                        Major purchase savings
                        Other financial goals
                    
                
            
        
        
        
            Based on principles from "The Real Money Guide: The Missing Manual for Financial Recovery" by David Kim