To use this calculator, input your total monthly income and any expenses you have in the provided fields. The calculator will automatically allocate your income according to the 70-20-10 rule, showing you how much you should ideally spend on needs, save, and allocate for wants.
The 70-20-10 rule formula is simple: allocate 70% of your income for needs, 20% for savings, and 10% for wants. This calculator also sums your expenses and subtracts them from your income to show remaining funds.
For example, if your monthly income is $5,000, the calculator will suggest $3,500 for needs, $1,000 for savings, and $500 for wants. It will also calculate your total expenses and remaining income.
While the 70-20-10 rule is a great starting point, it may not fit everyone's financial situation. Adjust the percentages as needed to better suit your lifestyle and financial goals. Always prioritize saving and investing for future security.