Home Budget Calculator

by

Monthly Home Budget Calculator

Budget Analysis

Total Monthly Expenses: $0.00
Remaining Funds: $0.00
Expense-to-Income Ratio: 0%

Understanding Your Home Budget

Managing a home budget is the cornerstone of financial stability. This tool helps you visualize where your money goes each month by categorizing essential and discretionary spending. By comparing your net income against your total obligations, you can identify areas for potential savings.

The 50/30/20 Rule

A common budgeting framework is the 50/30/20 rule:

  • 50% Needs: Housing, utilities, and basic groceries.
  • 30% Wants: Dining out, hobbies, and entertainment.
  • 20% Financial Goals: Savings, emergency funds, and debt repayment.

Budgeting Example

If your monthly household take-home pay is $4,500:

  • Housing: $1,350 (30% of income)
  • Utilities: $250
  • Food: $500
  • Remaining: $2,400 for transportation, savings, and leisure.

If your "Remaining Funds" are negative, it indicates you are living beyond your means and need to reduce discretionary spending or lower fixed costs like utility usage or subscription services.

function calculateMonthlyBudget() { var income = parseFloat(document.getElementById('income').value) || 0; var housing = parseFloat(document.getElementById('housing').value) || 0; var utilities = parseFloat(document.getElementById('utilities').value) || 0; var groceries = parseFloat(document.getElementById('groceries').value) || 0; var transport = parseFloat(document.getElementById('transport').value) || 0; var leisure = parseFloat(document.getElementById('leisure').value) || 0; var totalExpenses = housing + utilities + groceries + transport + leisure; var remaining = income – totalExpenses; var ratio = income > 0 ? (totalExpenses / income) * 100 : 0; document.getElementById('resTotalExpenses').innerText = '$' + totalExpenses.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('resRemaining').innerText = '$' + remaining.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('resRatio').innerText = ratio.toFixed(1) + '%'; var adviceBox = document.getElementById('budgetAdvice'); var resultDiv = document.getElementById('budgetResult'); resultDiv.style.display = 'block'; if (income <= 0) { adviceBox.innerText = "Please enter your monthly income to see a full analysis."; adviceBox.style.backgroundColor = "#fff3cd"; adviceBox.style.color = "#856404"; } else if (remaining 90) { adviceBox.innerText = "Caution: Your budget is very tight. You have less than 10% left for savings or emergencies."; adviceBox.style.backgroundColor = "#fff3cd"; adviceBox.style.color = "#856404"; document.getElementById('resRemaining').style.color = "#f0ad4e"; } else { adviceBox.innerText = "Great job! Your budget is balanced. Consider putting your remaining funds into a high-yield savings account."; adviceBox.style.backgroundColor = "#d4edda"; adviceBox.style.color = "#155724"; document.getElementById('resRemaining').style.color = "#27ae60"; } }

Leave a Comment