50/30/20 Budget Planner
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Secret Sheet
Understanding the 50/30/20 Rule
The 50/30/20 rule is a simple budgeting method that divides your after-tax income into three categories: Needs, Wants, and Savings. Here’s how it works:
- Needs (50% of Income)Allocate 50% of your income to essential expenses that you must pay to live and work. (Examples: Rent, Utilities, Groceries, Transportation)
- Wants (30% of Income)Allocate 30% of your income to non-essential expenses that enhance your lifestyle. (Examples: Dining Out, Entertainment, Shopping, Travel)
- Savings (20% of Income)Allocate 20% of your income to savings and debt repayment beyond the minimum payments. (Examples: Emergency Fund, Retirement accounts, Investments)
Read more about this 50/30/20 budget rule in Elizabeth Warren's book, All Your Worth.
Note: This product does not offer financial advice.
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