Set up the 50/30/20 budget
Set up the 50/30/20 budget
The 50/30/20 rule is one of the simplest ways to split your income: 50% for needs (rent, utilities, groceries), 30% for wants (dining out, fun), and 20% for savings and debt. Here's how to do it in Fiscal Flowcast.
Steps
- Create a new budget. Go to Budgets and click New budget. Choose "Split my income" (budget with income split).
- Enter your amount. Enter the total amount you have for the period (e.g. your monthly take-home pay). Pick the period (e.g. Monthly) and the accounts this budget applies to.
- Use the 50/30/20 template. When asked how to split your money, select "Use a template" → 50/30/20. We'll create an allocation rule that splits 50% to Needs, 30% to Wants, and 20% to Savings. If you don't see the template, create an allocation rule with three items: 50% (Needs), 30% (Wants), 20% (Savings).
- Assign categories or accounts. For each of Needs, Wants, and Savings, choose the category or account the money goes to (e.g. Rent under Needs, Dining under Wants, Savings account under Savings).
- Apply to budget and adjust. Click "Apply to budget." You'll see suggested amounts. Tweak any line if you want, then save. Track your spending against these amounts on your dashboard.
You're all set. Your budget will show how much you planned for needs, wants, and savings—and how much you've actually spent. Review it at the end of the month and adjust next month if needed.
See also How to choose and set up your budgeting method, Set up pay-yourself-first budgeting, and Income allocation rules.
Related articles
- How to choose and set up your budgeting methodChoose the budgeting style that fits you—from simple splits to category-by-category planning—and set it up in a few steps.
- Set up pay-yourself-first budgetingSave a set amount or percentage first; spend the rest on bills and life.
- Income Allocation RulesSet up rules to allocate income to categories, accounts, or goals automatically.