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50/30/20 Budget Calculator

Create a budget using the 50/30/20 rule

Monthly Budget

Income

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Fixed Expenses

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Variable Expenses

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Savings and Debt

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Budget Analysis

Enter your income and expenses

Analyze your monthly budget

Budgeting Basics

Why Budget?

A budget is a plan for your money. Without one, it is easy to overspend and wonder where your money went. Budgeting helps you prioritize spending, reach financial goals, and reduce stress about money.

The 50/30/20 Rule

  • 50% Needs: Housing, utilities, groceries, insurance, minimum debt payments
  • 30% Wants: Dining out, entertainment, hobbies, subscriptions
  • 20% Savings: Emergency fund, retirement, investments, extra debt payment

Fixed vs Variable Expenses

  • Fixed: Same amount each month (rent, car payment, subscriptions)
  • Variable: Changes month to month (groceries, utilities, entertainment)

Common Budget Mistakes

  • Forgetting irregular expenses (car repairs, annual subscriptions)
  • Being too restrictive (unsustainable)
  • Not tracking spending
  • No buffer for unexpected costs

Tips for Success

  • Track every expense for one month to understand habits
  • Use autopay for fixed bills
  • Review and adjust monthly
  • Build in fun money so you dont feel deprived
  • Pay yourself first (automate savings)

Disclaimer: This calculator is for informational purposes only and should not be considered financial, tax, or legal advice. Results are estimates based on the information provided and current tax laws. Consult a qualified professional for advice specific to your situation.

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