Budget Calculator
Track where your money goes each month and see how much you're actually saving
Monthly Expenses
Budget Summary
Total Income
$5000.00
Total Expenses
$0.00
Monthly Savings
$5000.00
Savings Rate
100.0%
Expense Breakdown
Note: This calculator helps you track your monthly budget. For best results, update your expenses regularly and review your spending patterns.
Features
- Track income and expenses by category
- Calculate monthly savings and savings rate
- Visual expense breakdown with pie chart
- Comprehensive expense categories
Common Uses
- Monthly budget planning and tracking
- Identifying spending patterns and areas for improvement
- Setting and tracking savings goals
- Financial planning and goal setting
How Budgeting Works
Track income vs. expenses. Fixed expenses (rent, insurance) stay the same. Variable expenses (groceries, entertainment) change monthly. Common budgeting methods: 50/30/20 rule (50% needs, 30% wants, 20% savings), zero-based budgeting (every dollar assigned a purpose), or pay yourself first (savings before anything else).
Review your budget monthly. Adjust as needed. The goal is to spend less than you earn and save consistently.
Frequently Asked Questions
How much should I save?
Aim for 20% of your income, but adjust based on your goals and situation. Starting with 10% is fine if that's what you can afford—just be consistent.
What's a good savings rate?
20%+ is great. But it depends on your age, goals, and current finances. Higher rate = reach goals faster.
How do I reduce expenses?
Track everything for a month to see where money goes. Common cuts: dining out, entertainment, unused subscriptions. Then look at fixed costs (housing, transportation) for bigger savings.
Pay off debt or save first?
Build a small emergency fund first ($1k-$2k), then hammer high-interest debt (credit cards). After that's gone, split between saving and paying off remaining low-interest debt.
How often should I review my budget?
Monthly minimum. Weekly or even daily if you're just starting out or trying to stay disciplined. More frequent = stay on track better.