Have you heard of the 50/30/20 budget rule?

The 50-30-20 rule of budgeting recommends, putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals. Let’s take a closer look at each category.

Needs: 50%

About half of your budget should go toward needs. These are expenses that must be met no matter what, such as:

Utility bills
Rent or mortgage payments
Health care
Groceries

If you can honestly say “I can’t live without it,” you have identified a need. Minimum required payments on a credit card or a loan also belong in this category.

Wants: 30%

You subscribe to a streaming service to watch your favorite show, not because you need the subscription to live. Wants are things you enjoy that you spend money on by choice, such as:

Subscriptions
Supplies for hobbies
Restaurant meals
Vacations

Savings: 20%

The remaining 20% of your budget should go toward the future. You may put money in an emergency fund, contribute to a retirement account, or save toward a down payment on a home. Paying down debt beyond the minimum payment amount belongs in this category, too.

This method empowers you to minimize unnecessary expenses while maximizing your savings for the future.

Please Note: We does not offer financial advice.

The information provided is for general knowledge only, not financial advice. Consult with a qualified professional before making any financial decisions. You bear all the risk. We are not liable for any losses or damages arising from your use of this information or template.

This easy-to-use Notion template can helps you plan your money each month using the 50/30/20 budget rule. Which can helps you spend less on things you don't need and save more for your future.

50/30/20 Budget Rule Finance Tracker Notion Template

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