Monthly Budget Calculator

Lay out a month of take-home pay as needs, wants and savings, see how it compares with 50/30/20, and find the dollars to move.

  • Methods explained
  • Save scenarios
  • Compare saved scenarios
  • Chart

Income

$

After taxes and paycheck deductions. The 50/30/20 rule divides this amount.

Needs

$3,150 a month52.5% of take-home · target 50%
$
$
$
$
$
$
$

Wants

$500 a month8.3% of take-home · target 30%
$
$

Savings

$500 a month8.3% of take-home · target 20%
$

Budget Summary

Total assigned$4,150
Left unassigned$1,850
Savings Rate8.3%
A year of spending and saving$49,800
A year of saving$6,000

50/30/20 Comparison

The 50/30/20 rule: 50% needs, 30% wants, 20% savings.

Needs52.5% / 50% target
$3,150 actual$3,000 target
Wants8.3% / 30% target
$500 actual$1,800 target
Savings8.3% / 20% target
$500 actual$1,200 target

To reach 50/30/20

  • Needs are $150 a month over 50%. Housing is usually the lever.
  • Save $700 more a month to reach 20%. The $1,850 left unassigned covers it.

Expenses by Category

Health Check

  • ✓
    Housing under 30% of take-home pay
    Currently 25.0%
  • !
    Saving at least 20% of take-home pay
    Currently saving 8.3%
  • ✓
    Take-home pay covers everything
    $1,850 a month left unassigned
  • ✓
    Wants under 30% of take-home pay
    Currently 8.3%
How it works›

Model and assumptions. Adds entered income and expense categories to calculate the monthly surplus or shortfall and spending shares. Category percentages use entered income or totals as shown. Irregular bills and omitted income must be included by the user; category targets are planning guidelines.CFPB: money and debt worksheets