Budget Calculator — Plan Your Monthly Income and Expenses
Our Budget Calculator helps you create a clear picture of where your money goes each month. By entering your income and categorizing your expenses, you can instantly see whether you're living within your means, how much you're saving, and where you might be overspending. Budgeting is the foundation of financial health — it's the first step toward building wealth, paying off debt, and achieving your financial goals.
The calculator also checks your budget against the popular 50/30/20 rule: 50% for needs (housing, utilities, groceries), 30% for wants (entertainment, dining, shopping), and 20% for savings and debt repayment. This simple framework is a great starting point for anyone looking to take control of their finances.
How to Use the Budget Calculator
- Enter your incomeInclude salary, side income, and any other regular income sources.
- Enter fixed expensesRent/mortgage, utilities, insurance, car payments, phone, and subscriptions.
- Enter variable expensesGroceries, dining, transportation, shopping, entertainment, healthcare, personal care, and misc.
- Enter savings and debt paymentsHow much you save and how much you pay toward debt each month.
- Click CalculateSee your remaining balance, savings rate, and how your budget compares to the 50/30/20 rule.
Frequently Asked Questions
The 50/30/20 rule divides after-tax income into three categories: 50% for needs (housing, food, utilities, insurance), 30% for wants (entertainment, dining out, hobbies), and 20% for savings and debt repayment. It's a simple framework for balanced budgeting.
Financial experts recommend saving 20% of your income (the "20" in 50/30/20). At minimum, aim for 10% and increase over time. Build an emergency fund of 3-6 months of expenses first, then focus on retirement and other goals.
First, look for expenses to cut — dining out, subscriptions, and shopping are easiest to reduce. Consider increasing income through side hustles or negotiating a raise. If debt is the issue, prioritize high-interest debt and consider consolidation. Small changes add up quickly.
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