Question 1

What is the 50/30/20 budget rule?

Accepted Answer

The 50/30/20 rule splits your after-tax (take-home) income into three parts: 50% for needs (rent, groceries, utilities, insurance, minimum debt payments), 30% for wants (dining out, entertainment, subscriptions), and 20% for savings and extra debt payoff. It was popularized by Senator Elizabeth Warren in the book 'All Your Worth.'

Question 2

How do I calculate my 50/30/20 budget?

Accepted Answer

Take your monthly take-home pay and multiply it: needs = income × 0.50, wants = income × 0.30, savings = income × 0.20. For example, on $4,000 monthly take-home pay you would budget $2,000 to needs, $1,200 to wants, and $800 to savings. This free Budget Planner does the math instantly as you type.

Question 3

How long will it take to reach my savings goal?

Accepted Answer

Time to a savings goal depends on your target amount, current savings, monthly contribution, and interest rate. This planner estimates it with monthly compounding: each month the balance grows by APY ÷ 12 and then your monthly deposit is added, repeating until the balance reaches the target.

Question 4

Is this budget planner free and private?

Accepted Answer

Yes. The web Budget Planner is completely free with no sign-up, no ads, and no tracking. All calculations and saved data stay on your device in the browser — nothing is uploaded to a server.