Monthly Budget Planner
Enter your income and expenses to see exactly where your money goes, how much you're saving, and how your budget scores against the 50/30/20 rule.
The 50/30/20 rule, explained
The 50/30/20 rule splits your take-home pay into three buckets: 50% on needs (rent, utilities, groceries, transport), 30% on wants (dining out, hobbies, subscriptions), and 20% on savings and extra debt payments. Tag each expense as a Need, Want, or Save in the planner above to see how your real spending compares.
How to reduce each major expense category
- Housing: negotiate at renewal, consider a roommate, or refinance if rates allow.
- Food: shift a few restaurant meals to home cooking and plan around what's on sale.
- Transport: combine trips, keep up maintenance, and shop your insurance every year.
- Subscriptions: audit them monthly and cancel anything you haven't deliberately used.
Don't panic if you can't hit the exact ratios, they're a starting point. The goal is to move in the right direction and protect your savings bucket.