What is the 50/30/20 budget rule?

The 50/30/20 rule divides your after-tax income: 50% for needs (rent, food, utilities), 30% for wants (entertainment, dining out), and 20% for savings and debt repayment.

How do I start budgeting?

Track your income and expenses for a month, categorize spending, then use the 50/30/20 rule as a guide. Adjust percentages based on your goals and situation.

What counts as needs vs wants?

Needs are essentials: housing, groceries, insurance, minimum debt payments. Wants are non-essentials: streaming services, restaurants, hobbies, vacations.

Budget Planner (50/30/20)

Income Details

Monthly Income

Needs (50%)$2,500

Wants (30%)$1,500

Savings (20%)Plan a savings goal with this amount

$1,000

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