The 50/30/20 Simple Budget calculator tells you how much you should be spending on your essentials (“needs”), your personal spending (“wants”) and saving/investing (20%).
If you’re looking for a simple — but highly effective — budget to follow, use the 50/30/20 budget strategy and our calculator.
Tip: set up your bank accounts to match the strategy. But name your bank accounts something fun and easy to remember.
Where your money goes
50% – Needs
- Mortgage
- Rent
- Healthcare
- Groceries
- Transport
- Debt repayments
30% – Wants
- Netflix & chill
- Gym
- Holiday savings
- Eating out
- Surfing, Skiing
- Pub-related expenses
20% – Savings
- Savings
- Investments
- Savings for your Go Bag
To find all of the finance calculators, visit the Rask Education calculators page.
How does it work with your income?
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