Budget Calculator
Track your income, expenses, and savings goals to create a balanced monthly budget that works for you.
Budget Calculator Tips
Understanding the 50/30/20 Rule
The 50/30/20 rule suggests allocating your after-tax income as follows:
- 50% for needs: Housing, utilities, groceries, transportation, insurance, and minimum debt payments.
- 30% for wants: Dining out, entertainment, subscriptions, and other non-essential purchases.
- 20% for savings: Emergency fund, retirement accounts, debt payments beyond minimum, and other financial goals.
Creating a Balanced Budget
- Track all expenses for at least 30 days to understand your spending patterns.
- Prioritize saving by treating it as a non-negotiable expense.
- Reduce fixed expenses where possible, as they're harder to adjust month-to-month.
- Build an emergency fund that covers 3-6 months of essential expenses.
- Review regularly and adjust your budget as your income and expenses change.