50-20-30 Rule

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The 50-20-30 Rule helps to build a budget by following three spending categories: Needs, Debt/Savings, and Wants. 50% of your net income should go towards living expenses and essentials (Needs), 20% of your net income should go towards debt reduction and savings (Debt Reduction and Savings), and 30% of your net income should go towards discretionary spending (Wants).

Enter Your Monthly Income

The 50-20-30 Rule helps to build a budget by following three spending categories: Needs, Debt/Savings, and Wants. 50% of your net income should go towards living expenses and essentials (Needs), 20% of your net income should go towards debt reduction and savings (Debt Reduction and Savings), and 30% of your net income should go towards discretionary spending (Wants).

Begin by entering your total net monthly income (after taxes) from all sources.

Enter Your Monthly Expenses

Expense Type

Current Expenses

% of Income

Housing Mortgage, rent, property taxes, condo fees, insurance
Utilities Cable/internet, electric, gas, water, sewer, phone
Transportation Car loan/lease, gas, insurance, public transportation
Health & Dependent Care Out of pocket copays, daycare, elderly care
Household Maintenance Repairs, replacements, cleaning supplies, lawn care
Debt/Loans Credit card debt, school loans, payday loans
Savings Emergency fund, bank savings, Roth IRAs, brokerage accounts
Personal and Family Care Grooming, clothing, gym memberships, hobbies
Leisure Activites Vacations and get-aways, movies, concerts, sporting events
Other Expenses Charitable donations, birthdays, anniversaries, Christmas, tithing
Budget Category
Goal
Actual
Needs
50%
{{ chartKeyNeeds }}%
Debt/Savings
20%
{{ chartKeyDebts }}%
Wants/Descretionary Spending
30%
{{ chartKeyWants }}%
You have a monthly budget surplus of {{ totalDifference | currency: '$': 2 }}
Your monthly expenses equal your monthly income.
You have a monthly budget shortfall of {{ totalDifference | currency: '$': 2 }}
Ohio Public Employees Retirement System

Retirement Gap Calculator

Use our Gap Calculator tool to calculate the difference between the income you'll need during retirement and the income you'll receive from your pension.