Enter your income and expenses to see exactly where your money goes each month, with a spending breakdown, 50/30/20 comparison, and tips to stay on track.
Enter your income and expenses, then click Calculate Budget to see your spending breakdown and personalised tips.
The 50/30/20 rule is a simple budgeting guideline. It suggests spending 50% of your after-tax income on needs (housing, bills, groceries, transport), 30% on wants (entertainment, dining out, subscriptions), and 20% on savings and debt repayment. It's a great starting point, though you may need to adjust the ratios based on your circumstances, especially if you live in a high-cost area.
A common guideline is to spend no more than 30-35% of your after-tax income on housing (rent or mortgage). In expensive areas like London and the South East, this can be difficult to achieve, so you may need to adjust other categories accordingly. If housing takes more than 40% of your income, look for ways to reduce other expenses.
Start by tracking every pound for a month to see where your money actually goes. Common savings include switching energy providers, cancelling unused subscriptions, meal planning to reduce food waste, using cashback apps, and shopping around for insurance. Even small changes, like making coffee at home, can add up to hundreds of pounds a year.
If you're spending more than you earn, prioritise essential bills first (housing, utilities, food, debt minimums). Look for expenses you can cut or reduce immediately. Consider whether you can increase income through overtime, a side job, or selling unused items. If debt payments are overwhelming, contact StepChange or Citizens Advice for free, confidential support.
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