Monthly Budget Calculator

Plan your household finances by tracking income and expenses. See your savings rate and budget health.

How to Use the Budget Calculator

This calculator helps you understand your spending patterns:

Enter your income: Your monthly take-home pay after taxes.
Add essential expenses: Housing, utilities, food, transport - things you must pay.
Add discretionary spending: Entertainment, shopping, subscriptions - nice-to-haves.
Review your results: See your savings rate and how you compare to the 50/30/20 rule.

A healthy budget typically has at least 10-20% left for savings after all expenses.

With $5,000/month income:

What is the 50/30/20 budget rule?: The 50/30/20 rule suggests allocating 50% of income to needs (housing, utilities, food), 30% to wants (entertainment, dining out), and 20% to savings and debt repayment. It's a simple guideline for balanced budgeting.
What savings rate should I aim for?: Financial experts recommend saving at least 20% of your income. However, even 10% is a good start. The key is consistency - saving something regularly is better than saving nothing while waiting for the "perfect" amount.
How can I reduce my expenses?: Start by tracking all spending for a month to identify patterns. Look for subscriptions you don't use, negotiate bills, cook more at home, and distinguish between needs and wants. Small changes add up significantly over time.