Monthly Budget Calculator
Add up your monthly income and expenses by category to see what is left over, your savings rate and how your spending compares with 50/30/20.
A monthly budget shows where your money actually goes. Enter your take-home pay and what you spend in each category, and this monthly budget calculator totals it up, tells you how much is left over (or how far short you are), works out your savings rate, and compares your needs, wants and savings with the 50/30/20 guideline.
How to use this tool
- Enter your monthly take-home pay and any other regular income.
- Fill in each expense category; use last month's bank and card statements for real figures.
- For bills paid yearly or quarterly, divide by 12 or 3 and include the monthly share.
- Enter what you save or invest each month, then check what is left over.
Formula
Left over = Income − Needs − Wants − Savings
Savings rate = Savings ÷ Income × 100
Needs are housing, utilities, groceries, transportation, insurance, minimum debt payments and childcare. Wants are dining out, subscriptions, shopping and other spending. Percentages are of take-home income.
Example
With $4,800 of take-home pay, needs of $3,150 (rent $1,500, utilities $250, groceries $500, transportation $400, insurance $200, debt $300), wants of $660 and $500 saved, total spending is $3,810 and $490 is left over. The savings rate is 10.4%, and needs take 65.6% of income, well above the 50% guideline, mostly because of rent.
Frequently asked questions
What is a good savings rate?
The 50/30/20 guideline aims for 20% of take-home pay toward savings and extra debt payments. Any positive rate is a start; raising it a point or two each year adds up.
What should I do with money left over?
Give it a purpose: build an emergency fund first, then pay down high-interest debt or invest. Unassigned money tends to get spent.
How do I handle irregular expenses?
Add up yearly costs such as car registration, gifts and annual subscriptions, divide by 12, and put that amount in "Other spending" so they do not surprise you.
Last updated: 2026-10-30