Budget planner (50/30/20)

Split take-home pay into needs (50%), wants (30%) and savings (20%), in amounts rather than percentages.

Monthly Income (after tax)$4,000

$500$20,000

Needs50%

Housing, groceries, utilities, insurance, minimum debt payments, transportation

Wants30%

Dining out, entertainment, subscriptions, hobbies, shopping, vacations

Savings & Investing20%

Emergency fund, retirement (401k/IRA), index funds, extra debt payments

Your monthly budget

$4,000

50%

30%

20%

Needs(50%)

$2,000

Wants(30%)

$1,200

Savings & Investing(20%)

$800

Annual breakdown

Needs$24,000/yr

Wants$14,400/yr

Savings & Investing$9,600/yr

The 50/30/20 rule is a starting framework. Adjust percentages based on your cost of living, debt level, and financial goals.