How this budget calculator works
Start with your monthly take-home income — the amount that reaches your bank account after taxes. Then fill in what you spend on needs (housing, utilities, groceries, transportation, insurance and minimum debt payments), wants (dining out, entertainment, shopping, travel) and savings.
The calculator adds everything up, shows what's left over or how much you're overspending, and compares your split with the 50/30/20 guideline.
The 50/30/20 rule
The 50/30/20 rule suggests spending about 50% of after-tax income on needs, 30% on wants and putting 20% toward savings and extra debt payments. It's a simple benchmark: if needs are eating well over half your income, that's a sign to look at housing or transportation costs; if savings are under 20%, trim wants to make room.
Budgeting tips that stick
- Give every dollar a job. A leftover balance is easy to spend without noticing — assign it to savings or debt.
- Base your numbers on real spending. Check your last two or three months of bank statements rather than guessing.
- Pay yourself first. Set up an automatic transfer to savings on payday so it happens before you can spend it.
- Revisit monthly. Irregular costs like car repairs and annual fees are easier to handle if you set a little aside each month.
Frequently asked questions
What income should I enter?
Enter your take-home pay — the amount you actually receive after taxes and payroll deductions. If your income varies, use a conservative average. To estimate take-home from a salary, use the salary-after-tax calculator.
What counts as a need versus a want?
Needs are costs you can't easily avoid: housing, utilities, basic groceries, transportation to work, insurance and minimum debt payments. Wants are optional: dining out, subscriptions, shopping, travel and hobbies.
What if my budget doesn't fit 50/30/20?
That's common, especially where housing is expensive. Treat the percentages as a guide and adjust — for example 60/25/15 while you're paying down debt or living in a high-cost area.
Where do I put extra debt payments?
Put anything above the required minimum in the Savings & extra debt payoff section, since it builds your financial position like saving does. Minimum payments belong under Needs.
Is my data saved or sent anywhere?
No. Everything is calculated in your browser and nothing is stored or sent to a server.
This calculator is for general informational purposes only and does not constitute financial advice.