Last Updated: June 2026
The 50/30/20 Budgeting Rule
One of the most popular personal finance frameworks is the 50/30/20 rule, popularized by Senator Elizabeth Warren in her book All Your Worth:
- 50% for Needs: Housing, utilities, groceries, transportation, insurance — essentials you can’t avoid.
- 30% for Wants: Dining out, entertainment, subscriptions, shopping — discretionary spending.
- 20% for Savings & Debt Repayment: Emergency fund, retirement contributions, extra debt payments.
Use the category labels in this budget planner to track how well your spending aligns with this framework.
How to Use the Budget Planner
Adding Income
- Click + Income to switch to income mode (green).
- Enter a description (e.g., “Salary”, “Freelance Project”, “Rent Income”).
- Enter the amount.
- Select a category (or leave as “General”).
- Click Add Transaction.
Adding Expenses
- Click − Expense to switch to expense mode (red).
- Enter a description (e.g., “Electricity Bill”, “Groceries”, “Netflix”).
- Enter the amount and select a category.
- Click Add Transaction.
Reading Your Dashboard
| Metric | Meaning |
|---|---|
| Total Income | Sum of all income entries |
| Total Expenses | Sum of all expense entries |
| Balance | Income minus expenses (green = surplus, red = deficit) |
| Spending % Bar | Visual representation of expenses as % of income |
| Category Breakdown | Relative bar chart of spending per category |
[!TIP] Use the Savings category for any money you’re setting aside. This makes your “savings rate” visible in the category breakdown — a key metric for financial health.