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Budget calculator

See where your monthly income goes, your savings rate and how your budget compares with the 50/30/20 guideline.

Your numbers

Take-home pay after tax, per month

Expenses

Put each item in needs, wants or savings

Expense 1
Expense 2
Expense 3
Expense 4
Expense 5
Expense 6
Expense 7
Expense 8

Results

Savings rate

41%

Planned savings plus anything left over, as a share of income

This is the share of your take-home pay you save, counting money left over, which is at or above the 20% guideline.

How we calculated this

Total spending
$2,950.00Needs and wants
Planned savings
$600.00
Left over
$1,450.00Income minus spending and planned savings

Your budget by category

Saving and PDF download use a free account. Everything else works without one.

How it works

List what you spend each month and sort every item into needs, wants or savings. We add up each group, take spending and planned savings away from your income, and show what is left. Your savings rate counts planned savings plus any money left over. We then set your split against the popular 50/30/20 guideline.

Formula

  • Total spending = needs + wants
  • Left over = income − total spending − planned savings
  • Savings rate = (planned savings + left over, if positive) ÷ income × 100
  • Guideline: needs 50%, wants 30%, savings 20% of income

Frequently asked questions

What is the 50/30/20 guideline?

It is a simple rule of thumb for splitting take-home pay: about half on essentials, about 30% on things you enjoy but could live without, and at least 20% towards savings or paying down debt. It is a starting point, not a rule, and the right split depends on where you live and what you earn.

How do I decide whether something is a need or a want?

A need is something you would have to pay even in a tight month, such as rent, basic food, utilities, insurance and getting to work. A want is anything you could cut or pause without real harm, such as dining out, subscriptions or upgrades. Some items are a mix, so split them into two lines if that helps.

Where do debt repayments go?

Minimum payments you must make are usually treated as needs. Anything extra you pay to clear debt faster can go in savings, because it improves your finances in the same way that saving does.

Why does my savings rate include money left over?

Money you don't spend stays with you, so in effect it is saved even if you haven't planned where it goes. If your spending is more than your income, nothing extra is added and the calculator warns you instead.

Should I use income before or after tax?

Use your take-home pay, the amount that actually reaches your account each month. That is the money you can budget with, and it is what the 50/30/20 guideline is usually based on.

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Results are estimates only, not financial advice. Read the disclaimer.