Budget Calculator
This calculator helps you create a personalized budget based on your income and financial goals.
Enter your after-tax income and select a budgeting approach to see recommended allocations for various spending categories.
Your Budget Results
Overview
Detailed Breakdown
Savings Goals
Monthly Budget Summary
Total Monthly Income
$5,000
Needs (Essentials)
Housing (Rent/Mortgage)
$1,250
Utilities
$375
Groceries
$500
Transportation
$250
Healthcare
$125
Wants (Non-Essentials)
Dining Out
$450
Entertainment
$300
Shopping
$300
Subscriptions
$150
Other Wants
$300
Savings & Debt Repayment
Emergency Fund
$300
Retirement
$400
Debt Repayment
$200
Other Savings Goals
$100
Savings Goals Timeline
Emergency Fund (6 months expenses)
15 months
Down Payment ($60,000)
60 months
Vacation Fund ($5,000)
5 months
Tips for Success
Based on your income and budget allocation, here are some personalized tips:
- Track your spending regularly to ensure you're staying within your budget
- Consider automating your savings to reach your goals faster
- Review your budget monthly and adjust as needed
- Focus on reducing high-interest debt first to improve your financial health
- Look for ways to increase your income through side hustles or career advancement
Important Notes:
- This calculator provides estimates based on the information you provide and general budgeting principles. Your actual budgeting needs may vary.
- The 50/30/20 rule is a guideline, not a strict requirement. Your optimal allocation may differ based on your life stage, geographic location, and personal financial goals.
- The detailed category breakdowns are suggestions based on typical spending patterns. Adjust these to fit your personal situation.
- Savings projections assume consistent monthly contributions and do not account for investment returns or inflation.
- This tool is for educational purposes only. Consider consulting with a financial advisor for personalized advice.
