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Budget Calculator - Monthly Budget Planner

Free budget calculator to plan your monthly expenses. Track housing, food, transportation, savings and see how much you have left each month.

Budget Calculator

Plan your monthly budget and track expenses

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Your total take-home pay each month.

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Monthly rent or mortgage payment.

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Car payment, gas, insurance, public transit.

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Groceries and dining out.

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Electric, gas, water, internet, phone.

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Health insurance, life insurance, medical expenses.

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Credit cards, student loans, other debt.

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401(k), IRA, emergency fund, savings.

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Hobbies, subscriptions, personal care.

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Anything else not covered above.

Budget Summary

Enter your values to see results

and click the "Calculate" button

What is a Budget?

A budget is a plan for your money. It allocates income to expenses, savings, and goals. A good budget ensures you spend less than you earn, save for the future, and avoid debt. This calculator helps you see where your money goes and identify areas to optimize. The popular 50/30/20 rule suggests: 50% needs, 30% wants, 20% savings.

How to Use This Calculator

  1. Enter your monthly take-home pay
  2. Fill in each expense category
  3. Include your planned savings
  4. Click Calculate to see your budget summary
  5. Adjust categories to balance your budget

Budget Formula

Remaining = Income - Total Expenses

If remaining is positive, you have a surplus. If negative, you're spending more than you earn (deficit). Aim for a surplus to save or pay down debt.

Frequently Asked Questions

What is the 50/30/20 rule?
A popular budget guideline: 50% of income on needs (housing, food, utilities), 30% on wants (entertainment, dining out), 20% on savings/debt repayment. Adjust based on your situation.
How much should I spend on housing?
The common guideline is no more than 30% of gross income (or 28-30% of net income). In expensive cities, this may be unrealistic. Aim to keep it as low as possible.
What if my expenses exceed my income?
You have a deficit. Options: cut discretionary spending (entertainment, dining out), reduce fixed costs (cheaper housing, refinance debt), or increase income (side job, raise).
How much should I save each month?
Aim for 15-20% of income minimum. Start with 10% if needed. Build a 3-6 month emergency fund first, then focus on retirement (15%+ including employer match).
Should I budget for irregular expenses?
Yes! Annual expenses (car registration, insurance premiums, gifts) should be divided by 12 and saved monthly. This prevents budget surprises.
What's the best budgeting method?
Several options: Zero-based (every dollar assigned), 50/30/20 (percentage-based), Envelope system (cash for categories), Pay Yourself First (savings first). Try different methods to find what works.

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