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//// Personal Finance · Budgeting

50/30/20 Budget Calculator

Needs, wants, savings — split your take-home pay across three buckets and see your budget health, surplus or deficit, and the exact priority order for every extra dollar.

Monthly gross income (before taxes)

$

Monthly take-home / net income (what gets budgeted)

$

Budget health

Needs Attention
Needs (50%)
$2,480
target $2,250 · over $230
Wants (30%)
$590
target $1,350 · $760 under
Savings (20%)
$600
target $900 · short $300
Unallocated surplus
$830
left after all buckets

Budget split

50% Needs30% Wants20% Savings= $2,250 · $1,350 · $900

Needs

$2,480

Essentials — must haves

100% of $2,250 targetover $230
Housing
$
Car payment
$
Insurance
$
Utilities
$
Groceries
$
Debt minimums
$

Wants

$590

Discretionary — nice to haves

44% of $1,350 target$760 left
Dining out
$
Entertainment
$
Subscriptions
$
Shopping
$
Personal care
$

Savings

$600

Future self — wealth building

67% of $900 target$300 left
Emergency fund
$
Retirement 401k
$
Other savings
$

Monthly surplus

+$830

You have $830 left this month after all allocations. Direct it toward the priority ladder below.

Actionable tips

  • →Your needs are 55% of income (target: 50%), over by $230. Look at housing costs — refinancing, a roommate, or moving can have the biggest single impact. Also compare insurance rates annually.
  • →Savings are $300 short of the 20% goal. Even partial progress compounds significantly — closing this gap should be a priority over reducing wants spending.

Where to put extra money — priority order

1

Emergency fund (1 month)

Before anything else: $1,000 cash buffer for true emergencies. Keeps you off credit cards when life happens.

2

High-interest debt

Pay off anything above ~7% APR (credit cards, personal loans). A guaranteed 22% return beats any investment.

3

401k employer match

Contribute enough to get the full employer match — it's a 50-100% instant return. Never leave this on the table.

4

Full emergency fund (3–6 months)

Build to 3-6 months of expenses in a high-yield savings account. This is your financial immune system.

5

Roth IRA (max $7,000/yr in 2024)

Tax-free growth. Contributions (not earnings) can be withdrawn anytime — so it doubles as an emergency backstop.

6

Max 401k ($23,000/yr in 2024)

After Roth: maximize your pre-tax 401k. Lowers taxable income now and compounds tax-deferred for decades.

7

Taxable brokerage / other goals

Buy a home, invest in index funds, pay down low-rate debt. Total flexibility — no contribution limits.

Numbers never leave your browser · Not financial advice

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