Free Monthly Budget Calculator
Take control of your finances by tracking every dollar.
Monthly Income
Monthly Expenses
Why Use a Free Budget Calculator?
Managing personal finances can often feel overwhelming. A budget calculator simplifies this by providing a clear visual representation of where your money goes each month. By categorizing your costs—from fixed expenses like rent to variable costs like groceries—you can identify “leaks” in your spending and reallocate those funds toward your financial goals.
Understanding the Results
Our tool analyzes your inputs based on three primary metrics:
- Total Expenses: The sum of all your monthly outflows.
- Remaining Balance: What is left after all bills are paid. This should ideally be used for savings, investments, or an emergency fund.
- Savings Rate: The percentage of your total income that remains after expenses. Financial experts often recommend a savings rate of 20% (following the 50/30/20 rule).
The 50/30/20 Rule Example
Suppose your monthly take-home pay is 4,000. According to standard budgeting principles:
- Needs (50%): 2,000 should cover housing, utilities, and groceries.
- Wants (30%): 1,200 is allocated for dining out, hobbies, and entertainment.
- Savings/Debt (20%): 800 should go toward your savings account or paying down high-interest debt.
Tips for a Better Budget
If your “Remaining Balance” is negative, you are in a deficit. Start by reviewing your “Entertainment & Miscellaneous” category. Small daily habits, like coffee shop visits or unused streaming subscriptions, often add up to hundreds of dollars over a month. Use this calculator regularly to adjust your spending as your income or lifestyle changes.
function calculateBudget() {
var income = parseFloat(document.getElementById(‘monthlyIncome’).value) || 0;
var housing = parseFloat(document.getElementById(‘expHousing’).value) || 0;
var utilities = parseFloat(document.getElementById(‘expUtilities’).value) || 0;
var food = parseFloat(document.getElementById(‘expFood’).value) || 0;
var transport = parseFloat(document.getElementById(‘expTransport’).value) || 0;
var insurance = parseFloat(document.getElementById(‘expInsurance’).value) || 0;
var debt = parseFloat(document.getElementById(‘expDebt’).value) || 0;
var misc = parseFloat(document.getElementById(‘expMisc’).value) || 0;
var totalExpenses = housing + utilities + food + transport + insurance + debt + misc;
var netBalance = income – totalExpenses;
var savingsRate = income > 0 ? (netBalance / income) * 100 : 0;
// Update UI
document.getElementById(‘totalExpensesOutput’).innerText = totalExpenses.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById(‘netBalanceOutput’).innerText = netBalance.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById(‘savingsRateOutput’).innerText = (savingsRate < 0 ? 0 : savingsRate).toFixed(1) + '%';
var resultDiv = document.getElementById('budgetResult');
var adviceDiv = document.getElementById('budgetAdvice');
resultDiv.style.display = 'block';
if (netBalance < 0) {
resultDiv.style.backgroundColor = '#fdf2f2';
document.getElementById('netBalanceOutput').style.color = '#e74c3c';
adviceDiv.innerHTML = "Warning: You are spending more than you earn. Review your miscellaneous expenses to close the gap.”;
} else if (savingsRate < 20) {
resultDiv.style.backgroundColor = '#fef9e7';
document.getElementById('netBalanceOutput').style.color = '#f39c12';
adviceDiv.innerHTML = "Good start: You have a surplus, but your savings rate is below the recommended 20%. Try to reduce variable costs.”;
} else {
resultDiv.style.backgroundColor = ‘#f4fbf7’;
document.getElementById(‘netBalanceOutput’).style.color = ‘#27ae60’;
adviceDiv.innerHTML = “Excellent! Your budget is healthy. Consider putting your surplus into a high-yield savings account or investments.”;
}
resultDiv.scrollIntoView({ behavior: ‘smooth’, block: ‘nearest’ });
}