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.
You have an extra:
Your current spending exceeds your income by:
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.
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.