Budget Calculator
Plan a month of money — enter your monthly income and your spending across categories to see your total budget, monthly savings, savings rate and how you compare to the 50/30/20 rule.
What is a budget calculator?
A budget calculator helps you plan a month of spending. You enter your monthly income after tax and split your spending into categories such as housing, food, transport, bills, insurance and discretionary items. The calculator totals what you spend, works out what is left over as savings and shows your savings rate as a percentage of income. It also benchmarks your split against the popular 50/30/20 rule — 50% of income on needs, 30% on wants and 20% on savings.
Because budgeting starts with a clear picture, seeing your totals in one place makes it far easier to cut back or redirect money. Everything runs on JavaScript in your browser, so no financial data leaves your device.
How to use
- Enter your monthly take-home income after tax.
- Fill in each spending category with your typical monthly amount.
- Click Calculate Budget to see total spending, savings, savings rate and the 50/30/20 split.
- Adjust your categories or income to see where you can save more.
How your budget is calculated
Savings = Income − (Needs + Wants) Savings rate = Savings ÷ Income 50/30/20 targets = 50% Needs, 30% Wants, 20% Savings
Needs are the essentials you cannot avoid (housing, food, transport, bills, insurance). Wants are discretionary (dining out, shopping, subscriptions, other). Savings is whatever is left over after covering both.
Example
With the defaults — an income of $5,000 and spending of $2,750 on needs and $650 on wants — your total spending is $3,400, leaving $1,600 in monthly savings, a 32% savings rate. The 50/30/20 targets are $2,500 on needs, $1,500 on wants and $1,000 saved. Here your essentials are a bit over target and your discretionary spending is well under it, so there is room to trim needs or boost savings.
Common use cases
- Monthly planning: see exactly where your income goes each month.
- Cutting expenses: find categories where you can trim to save more.
- Building an emergency fund: aim for a positive savings rate to grow savings.
- Checking the 50/30/20 rule: see if your split is in line with the common guideline.
Pro tips
- Budget on after-tax income: planning on take-home pay keeps your savings realistic.
- Aim for a positive savings rate: if you spend more than you earn, you are drawing down savings or adding debt.
- Automate savings: set up an automatic transfer to savings right after payday.
- Adjust for your life: the 50/30/20 split is a guideline, not a rule — high-cost cities may need more on needs.
FAQ
What is a budget calculator?
A tool that takes your monthly income and your spending across expense categories and shows your total budget, how much you save, and how your spending lines up with a 50/30/20 split.
What is the 50/30/20 rule?
A popular budgeting rule: spend about 50% of your after-tax income on needs, 30% on wants, and save 20%. It gives a simple starting point for dividing your money.
What counts as a need?
Needs are essentials you cannot avoid — housing, groceries, transportation, utilities, insurance and minimum debt payments.
What counts as a want?
Wants are discretionary spending — dining out, entertainment, shopping, subscriptions, travel and other things you choose rather than need.
How do I calculate my savings rate?
Savings rate is your monthly savings divided by your monthly income. For example, saving $1,600 from a $5,000 income gives a savings rate of 32%.
Is the 50/30/20 rule right for everyone?
No. It is a useful guideline, but your ratios depend on your income, location and goals. High-cost areas may need more than 50% on needs, and some people aim to save far more than 20%.
How do I know if my budget is balanced?
A balanced budget has expenses that are less than your income, so you have a positive amount left over. If you spend more than you earn, you are using savings or debt.
Should I budget monthly or yearly?
Most people start with a monthly budget because income and bills arrive monthly. You can then multiply to check a full year, especially for irregular expenses like insurance or holidays.
Does this calculator track actual spending?
No. You enter your amounts manually, and the calculator does the math. It is a planning tool, not a bank connection or automatic tracker.
Is this budget calculator free?
Yes. It runs entirely in your browser and no data is uploaded anywhere.
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