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Budget Calculator: Simplify Your Monthly Budgeting

Sophie Isbell • December 18, 2023

To use our budget calculator, enter your monthly after-tax income and expenses. We’ll show you how your current spending compares to the 50/30/20 budget rule, which suggests putting 50% of your income toward needs, 30% toward wants and 20% toward savings and debt. 

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Budget Calculator

Enter a number between 0 and 999,999


Essentials

Enter a number between 0 and 999,999

Enter a number between 0 and 999,999

Enter a number between 0 and 999,999

Enter a number between 0 and 999,999

Enter a number between 0 and 999,999

Enter a number between 0 and 999,999

Enter a number between 0 and 999,999

Enter a number between 0 and 999,999


Wants

Enter a number between 0 and 999,999

Enter a number between 0 and 999,999

Enter a number between 0 and 999,999

Enter a number between 0 and 999,999


Savings

Enter a number between 0 and 999,999

Enter a number between 0 and 999,999

Enter a number between 0 and 999,999

Oops!

Income:

$5,000

Allocated:

$5,500

You have an extra:

$1000

Your current spending exceeds your income by:

$500

Monthly budget:

Essentials
Wants
Savings
Extra

50/30/20 budget

$2,500
50%
$1,500
30%
$1,000
20%

Current budget

$2,500
50%
$2,500
50%
$1,500
30%
$1,000
20%

This calculator is for educational purposes only and is not intended to offer any tax, legal, financial, or investment advice.

A budget is the foundation of your finances. It tells you where your money goes each month – and once you know that, you can spend with confidence and reach your financial goals sooner. The 50/30/20 rule is a helpful starting point if you’ve never made a budget before.

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How to use the budget calculator

Our budget calculator gives you a high-level view of your spending across each category and how to divide your income based on the 50/30/20 rule. 

Here’s how to use it:

  • Monthly after-tax income: Enter your total monthly income after taxes and other paycheck deductions. 
    • If you have any automatic savings deductions, like 401(k) contributions, add the amount to your income so you can include those savings in the “Savings” section of the calculator. 
  • Essentials: Enter your nonnegotiable monthly expenses, like bills, housing, and transportation. Only include required necessities that you can’t avoid.
  • Wants: Enter your monthly expenses for nonnecessities, like travel, entertainment, or hobbies. These are extra expenses that you don’t need to live or work. 
  • Savings: Enter your monthly contributions toward savings, like building an emergency fund or saving for retirement, and any extra contributions beyond the minimum monthly payment for loans or debts.  

Plug your details into the budget calculator and hit “Calculate” to see your results. 

Don't want to take control of your finances

Whether you want to get serious about building your savings, paying off debt, or better understanding your finances, it all starts with your budget. Once you have a plan, you’ll quickly gain the confidence to reach your financial goals

Eager to expand your budgeting knowledge? Read more in our beginner’s guide to budgeting

Ready to put your savings to work? Open a Chime high-yield savings account* to watch your money grow.

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  • Checking Account with no monthly fees
  • 50,000+ fee-free ATMs~
  • Chime Visa® Debit Card
Get Started

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