50/30/20 Budget Calculator — The Simplest Budget That Works
Split your income into 50% needs, 30% wants, and 20% savings. See exactly where your money should go — and the gap between target and reality.
On $5,000/month, your 20.00% savings target is $1,000/month — $2,500 goes to needs, $1,500 to wants.
Lock this number into your Money Map and we'll track progress.
Track this in Money MapPut your savings to work — compare savings rates
This is an educational estimate, not tax, legal, investment, or lending advice. Confirm with a qualified professional or the provider before acting.
Coach Insight
The 50/30/20 rule is the most practical budgeting framework for most people. It is simple enough to stick with but rigorous enough to build wealth. The 20% savings category is where financial independence begins.
Recommended next move
Turn the result into a savings decision.
If the calculator shows a meaningful gap, compare current high-yield savings accounts or run Money Map to see whether savings is your biggest opportunity.
Reviewed Jun 14, 2026 · Methodology
Advertising disclosure: SwitchWize may earn a referral fee if you open an account through a link above. This does not affect our rankings. Ranked using the SwitchWize methodology. Learn more
Frequently Asked Questions
Everything you need to know.
Related Calculators
Why This Matters
The 50/30/20 rule is the most practical budgeting framework for most people. It is simple enough to stick with but rigorous enough to build wealth. The 20% savings category is where financial independence begins.
How to Use It
- 1Enter your monthly take-home income
- 2Enter what you actually spend on needs, wants, and savings
- 3See your target vs actual for each category
- 4Find the gap — especially in the 20% savings bucket
Find the best account for this goal
Money Map matches your numbers to the strongest available accounts in 90 seconds.
Ready to take the next step?
Compare rates, run Money Map, or explore the full SwitchWize toolkit.