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Plan your monthly spending using proven budgeting methods. Enter your after-tax income and see an instant breakdown.

$
$5,000.00per month
Needs
$2,500.00
50%
Wants
$1,500.00
30%
Savings
$1,000.00
20%

Needs

$2,500.0050%
Housing (rent/mortgage)$1,375.00
Utilities$250.00
Groceries$375.00
Insurance$200.00
Transportation$175.00
Minimum debt payments$125.00

Wants

$1,500.0030%
Dining out$375.00
Entertainment$300.00
Shopping$300.00
Subscriptions$300.00
Hobbies$225.00

Savings

$1,000.0020%
Emergency fund$300.00
Retirement (401k/IRA)$350.00
Extra debt payoff$150.00
Investments$200.00

Understanding Budget Rules

The 50/30/20 Rule

Popularized by Senator Elizabeth Warren in her book All Your Worth, the 50/30/20 rule is a simple framework for dividing your after-tax income into three categories:

  • 50% Needs: Essential expenses you can't avoid — housing, utilities, groceries, insurance, transportation, and minimum debt payments.
  • 30% Wants: Non-essential spending that improves your quality of life — dining out, entertainment, shopping, subscriptions, and hobbies.
  • 20% Savings: Money put toward financial goals — emergency fund, retirement accounts, extra debt payoff, and investments.

When to Adjust Your Budget

The 50/30/20 rule is a starting point, not a rigid mandate. You may need to adjust based on your situation:

  • High cost-of-living areas (NYC, SF, LA): Use 60/20/20. Housing alone can eat 35-40% of income.
  • Aggressive debt payoff: Use 50/20/30 — flip wants and savings to pay down high-interest debt faster.
  • Low income: Use 70/20/10. Cover essentials first, then build savings gradually.
  • High earners: You can often push savings to 30-40%. The gap between needs and income creates opportunity.

Tips for Sticking to Your Budget

  1. Automate savings — set up auto-transfers on payday so you never "forget" to save.
  2. Track spending for one month before budgeting. You need to know where your money actually goes.
  3. Review your budget monthly and adjust. Life changes; your budget should too.
  4. Use the "pay yourself first" method: move savings out of checking immediately.
  5. Don't count on willpower. Use separate accounts for needs, wants, and savings.

FYN calculates your actual spending automatically.

Connect your bank and see where your money really goes — categorized into needs, wants, and savings. See all FYN features.

FYN calculates this automatically

Connect your bank accounts and FYN categorizes every transaction into needs, wants, and savings — automatically. See your real budget, not a guess.

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