Personal Monthly Budgeting Calculator
Take control of your finances and track your monthly cash flow.
Monthly Income
Monthly Expenses
Understanding Your Monthly Budget
Budgeting is the cornerstone of financial freedom. By tracking every dollar that comes in and goes out, you gain the clarity needed to reach your long-term goals, whether that's buying a home, traveling, or retiring early.
The 50/30/20 Rule
A popular budgeting framework is the 50/30/20 rule, which suggests allocating your after-tax income as follows:
- 50% for Needs: Housing, utilities, groceries, and basic transportation.
- 30% for Wants: Entertainment, dining out, and hobbies.
- 20% for Financial Goals: Savings, investments, and extra debt payments.
Example Scenario
If your net income is $5,000 per month:
- Housing & Utilities: $1,500 (30%)
- Groceries: $500 (10%)
- Savings: $1,000 (20%)
- Entertainment: $500 (10%)
- Remaining: $1,500 for other transportation, insurance, and buffer.
Tips for a Better Budget
- Track Small Expenses: Subscriptions and daily coffees add up quickly.
- Emergency Fund First: Aim to save 3-6 months of expenses before aggressive investing.
- Review Monthly: Your budget should be a "living" document that changes with your life.
Budget Summary
'; html += 'Total Monthly Income:$' + netIncome.toLocaleString() + '
';
html += 'Total Monthly Expenses:$' + totalExpenses.toLocaleString() + '
';
html += 'Monthly ' + statusText + ':$' + remainingBalance.toLocaleString() + '
';
html += '';
html += 'You are spending ' + expenseRatio + '% of your total income.';
html += 'Category Breakdown:
'; html += '| Housing & Utilities | ' + (netIncome > 0 ? ((housing + utilities) / netIncome * 100).toFixed(1) : 0) + '% |
| Essentials (Food/Trans/Ins) | ' + (netIncome > 0 ? ((groceries + transport + insurance) / netIncome * 100).toFixed(1) : 0) + '% |
| Debt & Savings | ' + (netIncome > 0 ? ((debt + savings) / netIncome * 100).toFixed(1) : 0) + '% |
| Discretionary | ' + (netIncome > 0 ? (entertainment / netIncome * 100).toFixed(1) : 0) + '% |
Warning: Your expenses exceed your income. Consider reducing discretionary spending or debt payments to avoid increasing debt.
';
} else if (savings === 0) {
html += 'Suggestion: You have a surplus, but haven\'t allocated anything to savings. Try to save at least 10-20% of your income.
';
}
resultDiv.innerHTML = html;
}