Budget Calculator

This tool helps users build a balanced monthly budget using the proven 50/30/20 rule: 50% for needs, 30% for wants, and 20% for savings and debt repayment.

Purpose:

  • Create a clear, simple monthly budget

  • Visualise actual vs. ideal spending distribution

  • Track and improve money habits in real time

Inputs Required:

  1. After-Tax Income – Monthly or per-pay-period take-home income

  2. Needs Expenses – Rent, mortgage, groceries, transport, childcare, debt, etc.

  3. Wants Expenses – Dining out, entertainment, hobbies, travel

  4. Savings Goals – Emergency fund, retirement, investments, debt repayment

  5. Income Frequency – Weekly, monthly, bi-monthly

Outputs Displayed:

  • Budget Summary: Total income, expenses, and free cash flow

  • Category Breakdown: Spending in needs, wants, and savings—both ideal and actual

  • Comparison Chart: Bar graph showing where you’re over or under budget

✅ Bonus Insight: Highlights areas where small shifts in spending can realign your budget with long-term goals.

How to Use It:

  1. Enter your actual income and expenses across each category

  2. Review how your spending compares to the 50/30/20 guidelines

  3. Adjust budget items to better align with your goals

  4. Track progress month to month

Who It’s For:

  • Anyone looking for a simple, structured budget

  • Ideal for new budgeters or those rebuilding control

  • Great for visual learners and those who need flexible but clear financial limits

Personal Finance Hack:

Treat savings like a bill. Automate savings to come out on payday so it’s never missed—and build it into the 20% category.

Take Action Today!

✅ Fill in your income and actual expenses in the Budget Calculator
✅ Review the comparison chart to spot overspending or savings gaps
✅ Adjust and automate your budget plan for next month

Balance your financial life with one simple rule—start budgeting with 50/30/20 today!