50/30/20 budget calculator
The simplest budget there is: needs, wants and future you. Enter your take-home pay to see your split, or pick a split that fits Canadian housing costs.
BudgetHelp's calculators give estimates based on what you enter. They're for education and planning, not financial, tax or investment advice. Check important decisions with a qualified professional.
Needs, wants and future you
Needs are costs you can't skip without real consequences: housing, utilities, groceries, getting to work, insurance, childcare and minimum debt payments.
Wants make life better but are your choice: dining out, streaming, shopping, travel, hobbies.
Future you is money that builds your safety and freedom: emergency savings, investing, and extra debt payments.
The exact percentages matter less than the habit. Decide your future-you share first, move it automatically on payday, and spend the rest without guilt. Read more: does the 50/30/20 rule work in Canada?
50/30/20 questions
What is the 50/30/20 rule?
It's a simple way to divide your take-home pay: about 50% for needs, 30% for wants, and 20% for your future, meaning savings, investing and extra debt payments. It's a guideline, not a law.
Does 50/30/20 work in Canada with high rent?
Often not exactly. In many Canadian cities housing alone can take 40% or more of take-home pay. A 60/20/20 or 70/20/10 split is a realistic starting point. The idea that matters is keeping a fixed share for your future.
Do minimum debt payments count as needs?
Yes. Minimum payments are needs because you have to make them. Anything extra you put toward debt counts as future you, since it's building your net worth.
Should I use gross or net income?
Use net, your take-home pay after tax and deductions. That's the money you actually have to divide up.