Budget Calculator
Create a comprehensive monthly budget with income, expenses, savings, and debt payments. Track spending by category and see where your money goes with the 50/30/20 rule.
How to Use This Calculator
- Add your income sources - Salary, freelance, investments, rental income, etc.
- Enter your expenses - Categorized as Needs (essentials), Wants (lifestyle), and Savings/Debt
- Review your budget analysis - See the 50/30/20 breakdown, cash flow, and insights
- Click Calculate Budget to see your complete financial picture
💵 Income Sources
Include all sources of monthly income: salary, side hustles, investments, rental income, etc.
🏠 Needs (Essential Expenses)
Fixed expenses you must pay: housing, utilities, groceries, insurance, minimum debt payments, transportation.
🎯 Wants (Lifestyle Expenses)
Non-essential spending: dining out, entertainment, subscriptions, hobbies, shopping, travel.
💰 Savings & Debt Payments
Savings contributions, investments, and extra debt payments beyond minimums.
📊 What Is the 50/30/20 Budget Rule?
The 50/30/20 rule is a simple budgeting framework that divides your after-tax income into three categories:
- 50% Needs: Essential expenses like housing, utilities, groceries, insurance, and minimum debt payments
- 30% Wants: Lifestyle expenses like dining out, entertainment, hobbies, and non-essential shopping
- 20% Savings: Savings, investments, and extra debt payments beyond minimums
💵 Income Categories Explained
- Salary/Wages: Regular employment income (use after-tax amount)
- Freelance/Side Hustle: Contract work, gig economy income
- Investments: Dividends, interest, capital gains distributions
- Rental Income: Property rental income (net of expenses)
- Business Income: Self-employment or business profits
- Other Income: Alimony, child support, government benefits, etc.
🏠 Needs vs Wants - Know the Difference
Needs are essential for survival and basic functioning:
- Housing (rent/mortgage), utilities, basic groceries
- Health insurance, car insurance, minimum debt payments
- Transportation to work, childcare, essential medications
Wants enhance your life but aren't essential:
- Dining out, streaming services, gym memberships
- New clothes (beyond basics), vacations, hobbies
- Upgraded phone plans, premium subscriptions
💡 Budgeting Best Practices
- Track everything: Even small purchases add up over a month
- Use after-tax income: Budget with what actually hits your bank account
- Build an emergency fund first: 3-6 months of expenses before aggressive investing
- Pay yourself first: Automate savings before spending on wants
- Review monthly: Adjust your budget as circumstances change
- Be realistic: An overly restrictive budget is hard to maintain
⚠️ Common Budgeting Mistakes
- Forgetting irregular expenses: Car repairs, annual subscriptions, holidays
- Not accounting for inflation: Costs increase over time
- Ignoring small purchases: Coffee, snacks, and impulse buys add up
- No emergency fund: Unexpected expenses derail budgets
- Being too restrictive: Burnout leads to budget abandonment
🔗 Save & Share Your Budget
Your budget is automatically saved in the URL. You can bookmark this page to save your budget, or use the Share button to save the link. All values including all income sources and expenses will be restored automatically when you return.