Here’s a budgeting calculator that will help you figure out how much of your after-tax income you need to put aside for essential necessities, discretionary spending and savings. We have three types of savers listed where most people would fit into one of the following buckets.

What are necessities?

Necessities are costs for essential needs for housing, such as rent or mortgage payments, food, water, utilities, transportation or vehicle costs, debt payments, as well as insurance payments.

What is discretionary spending?

Discretionary spending are non-essential costs such as for leisure travel, restaurants, entertainment, or costs related to socializing.

Skint – These savers will spend a greater proportion of their overall spend on saving or investing, and less on necessities or discretionary spend.

Average – Average savers will put aside at least half their earnings for necessities, a third into discretionary spend and the remaining portion into savings or retirement accounts.

Splurger – If you’re a Splurger, then you’re more likely to spend a majority of your income on necessities or discretionary spending, and put away a minimum amount into savings or retirement.