50/30/20 Budget Calculator
:root {
–primary-blue: #004a99;
–success-green: #28a745;
–light-background: #f8f9fa;
–dark-text: #343a40;
–border-color: #dee2e6;
–card-background: #ffffff;
}
body {
font-family: 'Segoe UI', Tahoma, Geneva, Verdana, sans-serif;
background-color: var(–light-background);
color: var(–dark-text);
line-height: 1.6;
margin: 0;
padding: 20px;
display: flex;
justify-content: center;
align-items: flex-start;
min-height: 100vh;
}
.budget-calc-container {
background-color: var(–card-background);
border-radius: 8px;
box-shadow: 0 4px 15px rgba(0, 0, 0, 0.1);
padding: 30px;
width: 100%;
max-width: 700px;
box-sizing: border-box;
}
h1, h2 {
color: var(–primary-blue);
text-align: center;
margin-bottom: 20px;
}
.input-section, .output-section {
margin-bottom: 25px;
padding: 20px;
border: 1px solid var(–border-color);
border-radius: 6px;
background-color: #ffffff;
}
.input-group {
margin-bottom: 15px;
display: flex;
flex-wrap: wrap;
align-items: center;
gap: 10px;
}
.input-group label {
flex: 1 1 150px;
font-weight: 600;
color: var(–primary-blue);
}
.input-group input[type="number"],
.input-group input[type="text"] {
flex: 2 1 200px;
padding: 10px;
border: 1px solid var(–border-color);
border-radius: 4px;
font-size: 1rem;
box-sizing: border-box;
}
.input-group input[type="number"]:focus,
.input-group input[type="text"]:focus {
outline: none;
border-color: var(–primary-blue);
box-shadow: 0 0 0 2px rgba(0, 74, 153, 0.2);
}
button {
display: block;
width: 100%;
padding: 12px 20px;
background-color: var(–primary-blue);
color: white;
border: none;
border-radius: 5px;
font-size: 1.1rem;
font-weight: 600;
cursor: pointer;
transition: background-color 0.3s ease;
}
button:hover {
background-color: #003b7a;
}
.output-section h2 {
color: var(–primary-blue);
margin-bottom: 15px;
}
.result-item {
display: flex;
justify-content: space-between;
padding: 10px 0;
border-bottom: 1px dashed var(–border-color);
}
.result-item:last-child {
border-bottom: none;
}
.result-item span:first-child {
font-weight: 600;
color: var(–dark-text);
}
.result-item span:last-child {
font-weight: bold;
color: var(–success-green);
font-size: 1.1rem;
}
#calculationResult {
background-color: var(–primary-blue);
color: white;
padding: 20px;
border-radius: 6px;
text-align: center;
margin-top: 20px;
font-size: 1.3rem;
font-weight: bold;
}
#calculationResult span {
color: #ffffff;
}
.explanation-section {
margin-top: 40px;
padding: 30px;
background-color: var(–card-background);
border-radius: 8px;
box-shadow: 0 4px 15px rgba(0, 0, 0, 0.05);
}
.explanation-section h2 {
color: var(–primary-blue);
margin-bottom: 15px;
text-align: left;
}
.explanation-section p, .explanation-section ul {
margin-bottom: 15px;
color: var(–dark-text);
}
.explanation-section ul {
list-style-type: disc;
margin-left: 20px;
}
.explanation-section li {
margin-bottom: 8px;
}
.highlight {
color: var(–primary-blue);
font-weight: bold;
}
@media (max-width: 600px) {
.budget-calc-container {
padding: 20px;
}
.input-group {
flex-direction: column;
align-items: stretch;
}
.input-group label,
.input-group input[type="number"],
.input-group input[type="text"] {
flex: unset;
width: 100%;
}
button {
font-size: 1rem;
}
}
50/30/20 Budget Calculator
Your 50/30/20 Breakdown
Your results will appear here.
Understanding the 50/30/20 Budget Rule
The 50/30/20 rule is a simple, flexible budgeting guideline that helps you allocate your income effectively. It suggests that after-tax income should be divided into three categories: 50% for Needs, 30% for Wants, and 20% for Savings & Debt Repayment.
The Categories Explained:
- 50% – Needs: These are essential expenses required for survival and basic functioning. They include housing (rent/mortgage), utilities, groceries, transportation to work, insurance, minimum debt payments, and other absolute necessities.
- 30% – Wants: This category covers discretionary spending – things that enhance your lifestyle but aren't strictly necessary for survival. Examples include dining out, entertainment, hobbies, travel, new clothing (beyond essential), subscriptions (that aren't essential), and gym memberships.
- 20% – Savings & Debt Repayment: This portion is dedicated to your financial future and reducing liabilities. It includes saving for emergencies, investing for retirement, paying down high-interest debt beyond the minimums, or saving for major goals like a down payment on a house.
How the Calculator Works:
This calculator takes your reported Monthly Net Income and subtracts your essential Needs and discretionary Wants expenses, along with your current Savings & Investments.
It then calculates the target amounts for each category based on your net income:
- Target Needs: 50% of your Monthly Net Income.
- Target Wants: 30% of your Monthly Net Income.
- Target Savings & Debt: 20% of your Monthly Net Income.
The calculator also sums up your reported actual expenses in each category to show you how your current spending aligns with the 50/30/20 guideline. If your actual spending in a category exceeds its target percentage, you'll see that you are overspending in that area, prompting you to adjust.
Benefits of the 50/30/20 Rule:
- Simplicity: Easy to understand and implement.
- Flexibility: Allows for enjoyment (Wants) while prioritizing financial health (Savings & Debt).
- Goal-Oriented: Encourages saving and debt reduction.
- Awareness: Helps identify where your money is actually going.
Remember, this is a guideline, not a rigid rule. You can adjust the percentages based on your personal financial situation, goals, and priorities. The key is to have a plan and stick to it.
function calculateBudget() {
var monthlyIncome = parseFloat(document.getElementById("monthlyIncome").value);
var rentMortgage = parseFloat(document.getElementById("rentMortgage").value);
var utilities = parseFloat(document.getElementById("utilities").value);
var groceries = parseFloat(document.getElementById("groceries").value);
var transportation = parseFloat(document.getElementById("transportation").value);
var debtPayments = parseFloat(document.getElementById("debtPayments").value);
var insurance = parseFloat(document.getElementById("insurance").value);
var otherNeeds = parseFloat(document.getElementById("otherNeeds").value);
var wantsExpenses = parseFloat(document.getElementById("wantsExpenses").value);
var savingsInvestments = parseFloat(document.getElementById("savingsInvestments").value);
var resultDiv = document.getElementById("calculationResult");
var breakdownDiv = document.getElementById("breakdownDetails");
breakdownDiv.innerHTML = "; // Clear previous results
if (isNaN(monthlyIncome) || monthlyIncome < 0 ||
isNaN(rentMortgage) || rentMortgage < 0 ||
isNaN(utilities) || utilities < 0 ||
isNaN(groceries) || groceries < 0 ||
isNaN(transportation) || transportation < 0 ||
isNaN(debtPayments) || debtPayments < 0 ||
isNaN(insurance) || insurance < 0 ||
isNaN(otherNeeds) || otherNeeds < 0 ||
isNaN(wantsExpenses) || wantsExpenses < 0 ||
isNaN(savingsInvestments) || savingsInvestments < 0) {
resultDiv.innerHTML = "
Please enter valid positive numbers for all fields.";
return;
}
// Calculate target amounts
var targetNeeds = monthlyIncome * 0.50;
var targetWants = monthlyIncome * 0.30;
var targetSavingsDebt = monthlyIncome * 0.20;
// Calculate actual expenses
var actualNeeds = rentMortgage + utilities + groceries + transportation + debtPayments + insurance + otherNeeds;
var actualWants = wantsExpenses;
var actualSavingsDebt = savingsInvestments;
// Calculate remaining income after all expenses and savings
var remainingIncome = monthlyIncome – actualNeeds – actualWants – actualSavingsDebt;
// Format results
var formattedTargetNeeds = targetNeeds.toFixed(2);
var formattedTargetWants = targetWants.toFixed(2);
var formattedTargetSavingsDebt = targetSavingsDebt.toFixed(2);
var formattedActualNeeds = actualNeeds.toFixed(2);
var formattedActualWants = actualWants.toFixed(2);
var formattedActualSavingsDebt = actualSavingsInvestments.toFixed(2);
var formattedRemainingIncome = remainingIncome.toFixed(2);
// Determine status for each category
var needsStatus = (actualNeeds <= targetNeeds) ? "On Track" : "Over Budget";
var wantsStatus = (actualWants = targetSavingsDebt) ? "On Track" : "Under Target";
// Display main result summary
resultDiv.innerHTML = "Your income covers your needs and wants, with " +
"
= 0 ? "var(–success-green)" : "#dc3545") + ";'>" +
(remainingIncome >= 0 ? " $" + formattedRemainingIncome + " left over" : " $" + Math.abs(formattedRemainingIncome).toFixed(2) + " deficit") +
" for savings/debt.";
// Display detailed breakdown
breakdownDiv.innerHTML += `
Monthly Net Income:
$${monthlyIncome.toFixed(2)}
Target 50% Needs:
$${formattedTargetNeeds}
Actual Needs Spent:
$${formattedActualNeeds} (${needsStatus})
Difference (Actual – Target Needs):
$${(actualNeeds – targetNeeds).toFixed(2)}
Target 30% Wants:
$${formattedTargetWants}
Actual Wants Spent:
$${formattedActualWants} (${wantsStatus})
Difference (Actual – Target Wants):
$${(actualWants – targetWants).toFixed(2)}
Target 20% Savings & Debt:
$${formattedTargetSavingsDebt}
Actual Savings & Debt Contributed:
$${formattedActualSavingsDebt} (${savingsDebtStatus})
Difference (Actual – Target Savings/Debt):
$${(actualSavingsDebt – targetSavingsDebt).toFixed(2)}
Total Expenses + Savings:
$${(actualNeeds + actualWants + actualSavingsDebt).toFixed(2)}
Remaining Income/Deficit:
$${formattedRemainingIncome}
`;
}