Take control of your finances with our free budget calculator. Enter your monthly income and add expenses by category to instantly see how much you have left, your savings rate, and a visual breakdown of where your money goes.
Monthly Expenses
One of the most popular budgeting frameworks allocates after-tax income into three buckets: 50% for needs (rent, utilities, groceries, insurance), 30% for wants (dining out, entertainment, hobbies), and 20% for savings and debt repayment. While these exact percentages won't work for everyone — especially in high cost-of-living areas — they provide a practical starting framework that's easy to remember and adjust.
Financial experts recommend saving 3–6 months of essential expenses in a readily accessible account. This fund protects against unexpected job loss, medical bills, or major repairs. Start small — even $500 covers many minor emergencies. Automate transfers to your emergency fund so saving happens consistently without relying on willpower. Once fully funded, redirect those automatic transfers toward retirement or other financial goals.