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Mar 25, 2024 · Our 50/30/20 calculator divides your take-home income into suggested spending in three categories: 50% of net pay for needs, 30% for wants and 20% for savings and debt repayment. The 50/30/20...
- Step 1: How to Figure Out Your Monthly Income
- Step 2: How to Determine and Enter Monthly Expenses
- Step 3: How to Determine and Enter Monthly Savings
- Step 4: How to Incorporate Your Budget Into Your Daily Life
Ready to get started? To use our monthly budget calculator, first you need to figure out your monthly income. Remember, this is the amount you can spend every month, so be sure to use your net income — which is the money you’re left with after taxes and deductions for things like health insurance and your 401(k), not your gross income, which is you...
Once you’ve figured out how much money you’re bringing in each month after taxes, you’ll need to figure out how much you need to spend on your monthly expenses. Some of these costs, like rent and car payments, will be specific numbers. Others, like groceries and entertainment expenses, will be estimates. Let’s get started:
Emergency Fund: This is where you add your monthly contribution to your emergency fund. If you decide to include things like home or car maintenance here, remember to include enough to cover those. Retirement: If you make separate contributions every month to a retirement fundout of your take-home pay, like a 401(k) or an IRA, enter them here. Howe...
Once you’ve taken the time to think through your expenses, your daily life should fit into the confines of your budget fairly well. It’s paramount to watch your budget and track your spending for a few months to see where you might be consistently over or under your budget, and tweak as needed. After your budget fits your needs, stick with it by fi...
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We've gathered all the free tools you need in one place. These free calculators, tools and quizzes can help you navigate your financial journey. Use them to create a budget, figure out how much...
