A budget tells your money where to go instead of wondering where it went. Track for a month or two to get accurate figures, then adjust categories. Yearly costs like insurance premiums, holidays and car repairs are easy to forget – divide them by 12.
How to use the Budget Calculator
- Take-home salary (monthly)
- Other monthly income
- Yearly income (bonus, tax refund)
- Savings and investments (monthly)
- Retirement contributions (monthly, from take-home)
- Housing (rent or mortgage)
- Utilities, phone and internet
- Groceries
- Transportation (fuel, transit, car payment)
- Insurance
- Debt payments
- Health and personal care
- Childcare and education
- Entertainment and eating out
- Subscriptions
- Other monthly expenses
- Holidays (yearly)
- Gifts and celebrations (yearly)
- Car maintenance and registration (yearly)
- Other yearly expenses
Results update as you type, and every field accepts the units shown in its menu.
How it works
Enter your income, planned savings, monthly expenses and yearly expenses.
Tips
- Use your real spending from bank statements rather than guesses.
- Automate savings so they happen before you spend.
- Revisit your plan once a year or after any big life change.
- Keep an emergency fund before investing for long-term goals.
Common mistakes to avoid
- Underestimating irregular expenses such as car repairs, gifts and annual bills.
- Ignoring inflation for long-term goals.
- Taking on high-interest debt to fund wants.
Inputs explained
| Field | What to enter |
|---|---|
| Take-home salary (monthly) | Amount in your currency |
| Other monthly income | Amount in your currency |
| Yearly income (bonus, tax refund) | Amount in your currency |
| Savings and investments (monthly) | Amount in your currency |
| Retirement contributions (monthly, from take-home) | Amount in your currency |
| Housing (rent or mortgage) | Amount in your currency |
| Utilities, phone and internet | Amount in your currency |
| Groceries | Amount in your currency |
| Transportation (fuel, transit, car payment) | Amount in your currency |
| Insurance | Amount in your currency |
| Debt payments | Amount in your currency |
| Health and personal care | Amount in your currency |
| Childcare and education | Amount in your currency |
| Entertainment and eating out | Amount in your currency |
| Subscriptions | Amount in your currency |
| Other monthly expenses | Amount in your currency |
| Holidays (yearly) | Amount in your currency |
| Gifts and celebrations (yearly) | Amount in your currency |
| Car maintenance and registration (yearly) | Amount in your currency |
| Other yearly expenses | Amount in your currency |
What each result means
- Total monthly income = [Take-home salary (monthly)] + [Other monthly income] + [Yearly income (bonus, tax refund)]÷12
- Total monthly spending = [Housing (rent or mortgage)] + [Utilities, phone and internet] + [Groceries] + [Transportation (fuel, transit, car payment)] + [Insurance] + [Debt payments] + [Health and personal care] + [Childcare and education] + [Entertainment and eating out] + [Subscriptions] + [Other monthly expenses] + ([Holidays (yearly)] + [Gifts and celebrations (yearly)] + [Car maintenance and registration (yearly)] + [Other yearly expenses])÷12
- Total monthly savings = [Savings and investments (monthly)] + [Retirement contributions (monthly, from take-home)]
- Monthly balance left over = [Total monthly income] – [Total monthly spending] – [Total monthly savings]
- Annual balance = [Monthly balance left over]×12
- Savings rate = ([Total monthly savings] + max([Monthly balance left over], 0))÷[Total monthly income]×100
- Housing as a share of income = [Housing (rent or mortgage)]÷[Total monthly income]×100
Example values
How the main result changes when Take-home salary changes and everything else stays at the example values above:
| Take-home salary (monthly) | Monthly balance left over |
|---|---|
| 2,100 | -2,201.67 |
| 3,150 | -1,151.67 |
| 4,200 | -101.67 |
| 5,250 | 948.33 |
| 6,300 | 1,998.33 |
| 8,400 | 4,098.33 |
Formula
Monthly income = salary after tax + other monthly income + yearly income ÷ 12Monthly spending = Σ monthly expenses + Σ yearly expenses ÷ 12Balance = income − savings − spendingWorked example
Inputs — Take-home salary (monthly): $4,200; Other monthly income: $300; Yearly income (bonus, tax refund): $2,400; Savings and investments (monthly): $500; Retirement contributions (monthly, from take-home): $200; Housing (rent or mortgage): $1,500; Utilities, phone and internet: $280; Groceries: $550; Transportation (fuel, transit, car payment): $420; Insurance: $180; Debt payments: $250; Health and personal care: $120; Childcare and education: $0; Entertainment and eating out: $250; Subscriptions: $60; Other monthly expenses: $100; Holidays (yearly): $2,400; Gifts and celebrations (yearly): $800; Car maintenance and registration (yearly): $900; Other yearly expenses: $600.
Results — Total monthly income = $4,700.00; Total monthly spending = $4,101.67; Total monthly savings = $700.00; Monthly balance left over = $-101.67; Annual balance = $-1,220.00; Savings rate = 14.89 %; Housing as a share of income = 31.91 %.
Frequently asked questions
How do I start a budget?
List your income, then every expense, then decide what to save first.
What percentage of income should go to housing?
Ideally 30% or less.
What if my balance is negative?
Cut wants first, then look at big fixed costs like housing and transport.
What formula does the Budget Calculator use?
Monthly income = salary after tax + other monthly income + yearly income ÷ 12.