The 50-20-30 budget rule is a simple template designed to help people reach their financial goals. Senator Elizabeth Warren (D-Mass.) popularized the 50-20-30 budget rule in her book "All Your Worth: The Ultimate Lifetime Money Plan." According to this rule, 50% of your income should be spent on essentials, 20% should be saved, and the remaining 30% allocated to discretionary, non-essential purchases, or "wants."