Home Budget Calculator
Plan your complete monthly household budget — track income against all expenses, see your savings rate, and find out exactly where your money goes.
Income Section
Housing
Transportation
Food
Utilities
Health
Financial
Personal
Example Calculation
Take-Home $6,000 | Other $500 = Total $6,500
- Housing $2,000 | Transport $700 | Food $600 | Utils $250 | Health $250 | Financial $800 | Personal $500
- Total Expenses: $5,100
- Monthly Balance: $1,400
- Savings Rate: 7.69%
- Housing %: 30.77%
Frequently Asked Questions
What is the 50/30/20 budget rule?
The 50/30/20 rule divides your after-tax income into three categories. 50% goes to needs — essential expenses like housing food transportation utilities and minimum debt payments. 30% goes to wants — discretionary spending like dining out entertainment subscriptions and hobbies. 20% goes to savings and additional debt repayment. This rule provides a simple framework for balanced budgeting though adjustments are needed based on cost of living and personal goals.
How much should I spend on housing?
Most financial advisors recommend keeping housing costs including rent or mortgage property taxes and insurance below 28% to 30% of gross income or 30% to 35% of take-home pay. In expensive cities like New York and San Francisco many residents spend 40% or more. If housing exceeds 35% of take-home pay look for ways to reduce other expenses or increase income to maintain financial stability.
What is a good savings rate?
Financial experts generally recommend saving at least 20% of take-home pay. This includes contributions to retirement accounts emergency fund and other savings goals. A savings rate of 10% to 15% is common but may not be enough for early retirement or significant financial goals. Even a 5% savings rate is better than nothing — start where you can and increase gradually. High earners can often save 30% to 50% with careful budgeting.
How do I reduce expenses to save more?
Start by tracking spending for one month to identify where money actually goes versus where you think it goes. Then look for quick wins in discretionary categories — dining out entertainment and subscriptions are often the easiest to cut. For fixed expenses consider refinancing debt negotiating insurance rates and shopping around for utilities. Reducing housing or transportation costs has the biggest impact but requires bigger lifestyle changes.
Should I budget based on gross or take-home pay?
Always budget based on take-home (net) pay — the money actually deposited in your bank account after taxes and any pre-tax deductions. Gross income can be 20% to 35% higher than take-home pay depending on your tax rate and benefits. Budgeting based on gross income leads to overspending. The 50/30/20 rule and most budgeting guidelines apply to after-tax income.