The 50/30/20 Simple Budget Calculator

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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