Budget Calculator
Calculate your monthly budget by tracking income and expenses to see how much you can save.
Total monthly take-home pay (after taxes)
Rent or mortgage payment (aim for 25-30% of income)
Electric, water, gas, internet, phone
Groceries and dining out
Car payment, gas, insurance, public transit
Entertainment, subscriptions, healthcare, etc.
What is the 50/30/20 budget rule?
The 50/30/20 rule suggests allocating 50% of after-tax income to needs (housing, utilities, groceries, insurance), 30% to wants (dining out, entertainment, hobbies), and 20% to savings and debt repayment. It's a simple framework to start budgeting, though percentages may vary based on cost of living and personal goals.
How much should I spend on housing?
Housing (rent/mortgage, insurance, property tax) should ideally be 25-30% of gross income, max 35%. If you earn $5,000/month, keep housing under $1,500-1,750. Spending more can leave you "house poor" with little money for savings, emergencies, or other goals. Consider location, commute costs, and quality of life.
What expenses should I track in my budget?
Track all expenses: Housing, utilities, food/groceries, transportation, insurance, debt payments, subscriptions, entertainment, clothing, personal care, healthcare, savings, and emergency fund. Use bank statements, receipts, or apps to track for 1-2 months to see where money actually goes.
How can I stick to a budget?
Start realistic - don't cut everything fun. Use cash envelopes for discretionary spending. Automate savings (pay yourself first). Track spending weekly. Review and adjust monthly. Build in "fun money" so you don't feel deprived. Small consistent changes beat drastic unsustainable cuts.