Create and Track Your Monthly Budget with Our Budgeting Calculator

Staying on top of your finances doesn’t need to be complicated. Our budget calculator gives you a bird’s-eye view of your monthly income, spending, and savings — all in one place. Whether you're managing a household, paying off debt, or building a savings cushion, this tool helps you make every pound count.

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Target My Budget Difference
Needs (50%) $0 $0 (0%) $0
Wants (30%) $0 $0 (0%) $0
Savings (20%) $0 $0 (0%) $0

Budget Calculator

This free calculator allows you to:

  • Break down your monthly income
  • Categorize and track regular expenses
  • Identify areas where you can cut back
  • Visualize how much you’re saving each month
  • Make informed decisions to reach your financial goals faster

Whether you're budgeting solo or for your entire family, this tool makes it easier to stay in control of your cash flow.

How to Use the Budget Calculator

Here’s how to get the most out of the tool:

Input your monthly income

Include wages, freelance earnings, benefits, and passive income.

Fill in expense categories

List out what you spend on housing, food, utilities, insurance, transport, and more.

Hit “Calculate”

Instantly see your total spending, savings, and remaining balance.

Adjust your numbers

Play around with figures to explore potential savings and reduce unnecessary costs.

The calculator also shows what percentage each expense category takes up, helping you pinpoint habits that may be draining your wallet.

What Is the 50/30/20 Budget?

This budgeting framework helps you manage money in three easy-to-follow chunks:

50% for Needs – This includes rent or mortgage, groceries, bills, and essential transportation.
30% for Wants – Spend this on non-essentials like entertainment, takeout, travel, or subscriptions.
20% for Savings & Debt Repayment – Allocate toward your emergency fund, retirement, or paying off loans and credit cards.

The 50/30/20 rule offers a flexible starting point for building financial discipline, even if your exact percentages differ.

Example of Monthly Budget Calculation

Let’s break down a hypothetical monthly income of $4,000:

Income $4,000

Here is an approximate breakdown of expenses:

Needs (50%) Covering rent, food, utilities, and transport. $2,000
Wants (30%) Used for dining out, hobbies, streaming services, and leisure. $1,200
Savings & Debt (20%) Going into a savings account, retirement fund, and credit card payments. $800

If your actual expenses exceed income, the calculator highlights it, prompting you to adjust accordingly, making it a powerful tool for financial planning.

More Handy Personal Finance Tools

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