Rule for budgeting and planning?

Is there a rule for budgeting and planning?

I have followed and tweaked the 50-30-20 Rule as follows:

50% of your take home income for essential expenses (home loan, car loan, education, groceries etc)
30% of your take home income should be kept aside for investments (savings + retirements + investments)
20% of take home for lifestyle expenses (credit cards, mobile expenses, gym, movies etc)

If you have an additional source of income or bonuses etc, try and put them in the investment bucket.

e.g
Take home 1L per month

Keep
50K for essential expenses
30K for investments
20K for lifestyle expenses

Makes sense?