Monthly Budget Planner interactive tool
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What Is Monthly Budget?
A personal budget compares income with expenses and savings goals. A category-based plan makes it easier to see how much of each pay period is assigned to needs, wants, debt, and savings.
The 50/30/20 Rule
If you're new to budgeting, the 50/30/20 framework is a popular and effective starting point:
- 50% Needs: Essential expenses you cannot avoid (rent/mortgage, utilities, groceries, insurance, minimum debt payments).
- 30% Wants: Non-essential lifestyle spending (dining out, entertainment, hobbies, travel, subscriptions).
- 20% Savings & Debt: Building your financial future (emergency funds, retirement investments, extra debt payoff).
Why Use This Planner?
Our browser-based budget planner shows how your monthly income is distributed across the categories you enter. Adjust the percentages to compare a budget for your own situation; the calculation itself runs on your device.
How To Use the Monthly Budget Planner
- Enter your monthly (or per-period) income.
- Add budget categories and the percentage of income for each.
- Adjust percentages so they total 100% if desired.
- Review the dollar amount allocated to each category.
Monthly income allocation planner
Use this monthly budget planner when you want to divide income among expenses, debt, and savings categories. The percentage-based layout makes it easy to compare a 50/30/20 starting point with a budget that fits your own priorities.
Need the formula or convention behind this result? Read the calculator methods and assumptions.