Financial Happiness Formula

I have been doing a lot of reading on getting my finances in order and also being happy. Debt is a big burden and is the source of much unhappiness for me. I am looking at the big picture to find out what I can do to be happier once I am done paying it. I have seen many formulas and this is what works for me:

60% of income goes to needs
20% of income goes to wants
20% of income goes to savings

The above is what I aspire to reach. I think it is a balanced breakdown of my income to make sure I am happy and reach my goals. This is the ideal target to reach once I am over the mountain of debt that I still have to climb slowly. Currently my breakdown is more like this:

70% of income goes to needs
< 1% of income goes to wants
24% of income goes to debts
5% of income goes to savings

The problem is I have almost a quarter of my income going to debts. Any extra income I get also goes to debts so I can get it paid down faster. I spend very little on my wants, by force, since I have no income left for it. This is most certainly why I am not as happy as I want to be. Right now the only solution is to wait. It will take time to pay off the debts.

How does your current financial formula measure up? Are you over/under in these categories?