Simple 50/30/20 Monthly Budget Calculator
If you’re looking for an easy way to figure out how much money you should be spending on your needs, wants, and savings or retirement, this 50 30 20 budget calculator is what you need!
Simple 50/30/20 Calculator
To begin, enter your monthly take-home pay in the calculator below. The results will tell you how much of your take-home pay you should be budgeting for your:
– Savings, Retirement, or Paying Off Debt
What Is A 50/30/20 Budget?
A 50/30/20 budget is a simple formula that divides up your take-home pay into easy-to-understand chunks. This budget puts a focus on your needs, wants, and savings.
What You Should Do With Your Results
After receiving your ideal percentages from the calculator, follow this rule to divide your monthly budget into the proper areas to avoid overspending.
Needs Should Be 50%
After you have your own 50/30/20 budget numbers from the calculator, look at your 50% needs category. Then, when you sit down to do your budget, make sure your needs don’t exceed your 50% number.
Wants Should Be 30%
Take your personal
number and make sure you can fit all of your wants within this budgeted amount. If you can’t, you either need to increase your income or cut back on some of your wants.
Savings Should Be 20%
In the most basic structure, you should be saving 20% of your income for retirement. However, many people still have crippling debt that is keeping them from saving.
Swipe up now to read the full post!
25 Best Ways To Make Money As A Kid
6 Ways To Get A Loan Without Good Credit