Budget Calculator
Add up monthly expenses, see your leftover balance and savings rate, and compare against the 50/30/20 rule. Free.
Independently verified for accuracy
Calculator by Toolsloft ↗- Total expenses
- 3200
- Leftover balance
- 2800
- Savings rate
- 46.67%
- 50% needs target
- 3000
- 30% wants target
- 1800
- 20% savings target
- 1200
This budget calculator adds up your monthly expenses, subtracts them from your income, and shows what is left over. It also lines your income up against the 50/30/20 rule so you can see how your spending on needs, wants, and savings compares to a common target.
How this is calculated
Your balance is monthly income minus the sum of every expense you enter. The savings rate is that balance divided by income. The 50/30/20 figures apply the popularized rule from Senator Elizabeth Warren's "All Your Worth": 50 percent of income toward needs, 30 percent toward wants, and 20 percent toward savings and debt payoff.
How to use
- Enter your total monthly income.
- Add each monthly expense, one amount per line.
- Read your total expenses, leftover balance, and how it compares to the 50/30/20 targets.
Examples
- $6,000 income, $3,200 expenses:
$2,800 left, 46.67% savings rate - $4,200 income, $5,100 expenses:
$900 shortfall
FAQ
- What is the 50/30/20 budget rule?
- It splits after-tax income into 50 percent for needs like rent and groceries, 30 percent for wants, and 20 percent for savings and paying down debt. The calculator shows those dollar targets next to your actual spending.
- Should I use gross or net income?
- Use take-home (net) pay for the most realistic budget, since that is the money you actually control after taxes and payroll deductions.
- What does a negative balance mean?
- It means your expenses are higher than your income for the month, so you are running a shortfall. Trim expenses or raise income until the balance is positive.