The Budget Calculator adds up your income and spending by category to show where your money goes and how much is left each month.
You are spending $6.67 a month more than you earn.
| Gross income | $83,000.00/yr |
| Income tax | $20,440.00/yr |
| Housing & Utilities | $1,666.67/mo · 24.1% |
| Transportation | $478.33/mo · 6.9% |
| Other Debt & Loan Payments | $250.00/mo · 3.6% |
| Living Expenses | $1,000.00/mo · 14.5% |
| Healthcare | $200.00/mo · 2.9% |
| Children & Education | $100.00/mo · 1.4% |
| Savings & Investments | $833.33/mo · 12.0% |
| Miscellaneous Expenses | $691.67/mo · 10.0% |
| Total expenses and savings | $5,220.00/mo |
| Left over | -$6.67/mo |
A budget is a plan for your money. Listing every source of income and every regular expense shows where money actually goes, reveals leaks, and makes room for goals such as an emergency fund, paying off debt or saving for a home.
The 50/30/20 rule splits after-tax income into 50% needs (housing, food, transport, minimum debt payments), 30% wants (dining out, hobbies, travel) and 20% savings and extra debt payments. Housing costs are often recommended to stay below 28–30% of gross income, and total debt payments below 36%.
Each item can be entered per month or per year. Income tax is estimated with the rate you enter on income after before-tax retirement and college contributions. Spending is totalled by category and compared with gross income; the remainder is what you have left to save or spend.
Worked example (defaults): $83,000 of income and the default expenses leave a modest monthly surplus after a 28% tax rate.
Automate savings on payday. Track spending for a month before setting limits. Review subscriptions and insurance yearly. Build an emergency fund of three to six months of expenses. Revisit your budget after any big change in income or family.
Should savings count as an expense? Yes; paying yourself first makes saving a habit.
What if I spend more than I earn? Cut wants first, then look at big fixed costs such as housing and cars.
How often should I update my budget? Monthly at first, then quarterly.