Monthly Budget Planner
Track your income and expenses to manage your money better. Data is saved locally in your browser.
Summary
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Expenses
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Savings
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Expense Breakdown
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Effective Budgeting with the 50/30/20 Rule
Budgeting doesn't have to be complicated. A popular and effective method is the 50/30/20 rule, which provides a simple framework for allocating your after-tax income.
- 50% on Needs: Half of your income should go towards essential living expenses. This includes housing (rent/EMI), utilities, groceries, transportation, and healthcare.
- 30% on Wants: This portion is for lifestyle expenses that make life more enjoyable but aren't strictly necessary. This includes dining out, shopping, hobbies, and entertainment.
- 20% on Savings & Debt Repayment: At least 20% of your income should be dedicated to your financial goals. This includes building an emergency fund, saving for retirement, investing, and paying off high-interest debt beyond minimum payments.
This planner allows you to categorize your expenses manually, but keeping this rule in mind can help you see if your spending aligns with your goals. Our AI Budget Advisor can provide a quick 50/30/20 breakdown for you.