Voya Financial, Inc. (NYSE: VOYA), announced today the launch of a new online, interactive budgeting calculator. As one of the latest enhancements to the company’s suite of digital retirement and financial wellness experiences, the new budgeting capability provides an engaging experience aimed at helping individuals create a monthly budget for spending and saving — including emergency funds.
Voya’s new budgeting calculator is built on the “50/30/20” approach as an opportunity to help ease individuals into the budgeting process. Specifically, this approach provides a simple rule of thumb suggesting that individuals put up to 50% of one’s after-tax income toward their needs (such as housing, utilities, healthcare, childcare, etc.), 30% toward “wants” (such as entertainment, dining, hobbies and splurges) and 20% toward saving — which includes: retirement, rainy-day needs like an emergency fund, and other savings goals such as vacation and travel.
“At Voya, we understand that creating a budget is an important foundational step when it comes to achieving overall financial wellness,” said Amy Vaillancourt, SVP, Workplace Solutions and Experience at Voya Financial. “We also understand that being financially well can mean different things to different individuals. But our goal is to help everyone achieve a state of mental well-being where individuals feel they have control over their current finances, are prepared for the unexpected and have confidence in their financial future, which is why creating a budget can be so valuable.”
Access the tool at https://www.voya.com/tool/budget-calculator