Budget Calculator
Your monthly budget: income against needs, wants and savings, what is left over, your savings rate, and how it compares with the 50/30/20 rule of thumb.
Result…
How it's calculated
Monthly income = income × payments a year ÷ 12 Left over = monthly income − (needs + wants + savings) Share of income = section total ÷ monthly income × 100 Savings rate = savings ÷ monthly income × 100 50/30/20: needs 50%, wants 30%, savings 20% of monthly income
A monthly budget from your take-home income and three lists: needs, wants, and savings with extra debt payments. It adds each list, shows what is left over, each list as a share of income and your savings rate, and sets your split beside the 50/30/20 rule of thumb, which puts half of take-home pay on needs, 30% on wants and 20% on savings. That split is a common starting point, not a rule that fits every place or household. Income paid weekly, every two weeks, twice a month or yearly is turned into a monthly figure first.
Your numbers, step by step
About the Budget calculator
This budget calculator sets your take-home income against three lists: needs, wants, and savings with extra debt payments. Type each cost on its own line, such as “Food 450”, and it adds every list, shows what is left over each month and over a year, gives each list as a share of income and works out your savings rate. Beside your own split it shows the 50/30/20 rule of thumb, which puts half of take-home pay on needs, 30% on wants and 20% on savings, so you can see where you differ. That rule is a common starting point rather than advice, and where housing costs a lot, needs alone can pass half of income. Pay that arrives weekly, every two weeks, twice a month or yearly is turned into a monthly figure first, and the steps show every sum with your own numbers.
How to use it
- Enter your “Take-home income”, the pay after tax for everyone sharing the budget, and choose how often it is paid in “Income is paid”.
- Replace the example lines in “Needs: monthly essentials, one per line” with your own costs, such as “Rent 1100”.
- Do the same for “Wants: monthly extras, one per line”.
- List what you set aside in “Savings and extra debt payments, one per line”.
- Read what is left over each month, your savings rate, and the bars comparing your split with 50/30/20.
Worked example
Take a take-home income of 3,200 a month. Needs are rent 1,100, food 380, bills 160 and transport 140, which is 1,780 or 55.6% of income. Wants are eating out 150, streaming 30 and a gym 40, which is 220 or 6.9%. Savings of 300 give a savings rate of 9.4%. In all, 2,300 goes out, so 900 is left over each month, or 10,800 over a year. The 50/30/20 split of 3,200 would be 1,600 for needs, 960 for wants and 640 for savings.
Updated
Questions people ask
How do I make a monthly budget?
Start from the pay that actually reaches your account, list every regular cost under needs, wants or savings, and take the total from your income. What is left is free to save or spend; if it is negative, something has to give.
What is the 50/30/20 budget rule?
It is a rule of thumb that splits take-home pay into 50% for needs, 30% for wants and 20% for savings and debt payments above the minimum. It is a starting point, not a rule that fits every household or every city.
How is my savings rate worked out here?
It is the total of your savings list divided by your monthly take-home income, times 100. If you also plan to save what is left over, the steps show that higher rate too. To see what regular saving grows into, try the savings goal calculator.
What is a common mistake when building a budget?
Leaving out costs that do not come every month, such as yearly insurance or car repairs. Divide each one by 12 and add it as a monthly line so the budget does not look better than it is.
Can this budget tell me how much I should spend on each thing?
No. It adds up the figures you enter and compares them with a popular split; what counts as a need, and what is sensible to spend, depends on where you live and your situation. For a plan built around your circumstances, a qualified financial adviser or a free money-advice service can help.