Budget Calculator
Plan your monthly budget with the 50/30/20 rule and see how your spending compares.
About the Budget Calculator
The 50/30/20 budgeting rule is a simple framework popularized by Senator Elizabeth Warren. It recommends allocating 50% of after-tax income to needs (housing, food, transportation, healthcare), 30% to wants (entertainment, dining out, hobbies), and 20% to savings and debt repayment. This calculator shows exactly where you stand against these benchmarks and highlights areas where adjustments can make a big difference.
To use this calculator most effectively, start with your actual take-home pay from our Salary Calculator, which estimates your after-tax income based on 2024 federal brackets. Knowing your true take-home pay ensures the percentages are based on what you actually receive, not your gross salary.
Once you've established a solid budget with a healthy savings rate, the next step is making those savings work for you. Use our Savings Calculator to model how your regular contributions will grow over time with compound interest, helping you reach financial goals faster.
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For a related calculation, use Salary Calculator to convert salary between hourly, daily, weekly, biweekly, monthly, and annual pay periods. Alternatively, use Student Loan Calculator to calculate student loan monthly payments, total interest, and payoff date.
For the underlying method, read How Currency Conversion Works: Rates, Spreads, and Smarter Estimates or How to Pay Off Debt Faster: A Complete Guide.