§ Calculator · Budget

Budget rules

What this is

The 50/30/20 rule (Elizabeth Warren)

A simple monthly split of your TAKE-HOME pay into three buckets. Easy to remember; works for most people most of the time.

·50% on needs — rent or mortgage, groceries, utilities, insurance, transit, minimum debt payments. The stuff you have to pay.
·30% on wants — dining out, hobbies, subscriptions, travel, gear. Lifestyle.
·20% on the future — savings + extra debt paydown. Emergency fund, TFSA, RRSP, FHSA, anything that builds wealth.

Your numbers

Monthly net income (CAD)You spend on needsYou spend on wantsYou save + pay debt

How you stack up

Needs

$2,800 / $2,600

50% — rent, groceries, utilities, transit, insurance

Wants

$1,400 / $1,560

30% — dining, hobbies, subscriptions, travel

Savings + debt

$800 / $1,040

20% — emergency fund, retirement, extra debt paydown

Educational. Monthly NET income (after tax + CPP + EI). Tweak bands to fit your life — these are starting points, not laws.