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AgileLogics

Budget Calculator

Totals your monthly expenses across common categories and shows how much you're saving, and at what rate.

How it works

Enter your monthly income and as many expense categories as apply — leave any category blank to skip it.

What is a budget calculator?

A budget calculator adds up what you spend each month and compares it with what you earn. This one takes your monthly income and five spending categories (housing, transportation, food, utilities and other expenses), then shows your total expenses, the amount left over as monthly savings, and that amount as a percentage of income, your savings rate.

How the calculation works

There are only three steps:

  1. Total expenses = housing + transportation + food + utilities + other expenses.
  2. Monthly savings = monthly income − total expenses.
  3. Savings rate = monthly savings ÷ monthly income × 100.

Income is required and must be above zero. Every expense category is optional: leave one blank and it counts as zero. Amounts are shown to two decimal places and the savings rate to one. If you spend more than you earn, both savings figures come out negative, which is the shortfall you'd need to cover.

The calculator has no currency, so use whatever you're paid in. Everything should be monthly: divide yearly bills (insurance, subscriptions, car servicing) by 12 before entering them, and multiply weekly costs by 52 and divide by 12.

Worked example

Take-home income of 4,000 a month:

Category Monthly amount
Housing (rent or mortgage) 1,200
Transportation 350
Food 600
Utilities 250
Other expenses 800
Total expenses 3,200.00
  • Monthly savings: 4,000 − 3,200 = 800.00
  • Savings rate: 800 ÷ 4,000 × 100 = 20.0%

Now a tighter month: income of 3,000 with housing at 1,800, food at 900 and other expenses at 600 (transport and utilities left blank). Total expenses are 3,300.00, so monthly savings are −300.00 and the savings rate is −10.0%. The calculator shows the deficit as a negative number.

What to put in each category

  • Housing: rent or mortgage payment, plus property tax, home insurance and service charges if you pay them monthly.
  • Transportation: fuel, public transport, car loan payments, insurance, parking and maintenance (averaged per month).
  • Food: groceries and eating out. If you want to see these separately, add eating out to Other.
  • Utilities: electricity, gas, water, internet and phone.
  • Other expenses: everything else, including debt repayments, childcare, healthcare, subscriptions, clothing and entertainment.

Irregular costs are where budgets usually go wrong. Look back over several months of bank statements to catch annual or occasional expenses, then spread them across the year.

Using the result

The U.S. Federal Trade Commission's guide to making a budget suggests the same basic approach: list your expenses, subtract them from income, and if the result is negative, look for places to cut. Then track what you actually spend for a month and adjust.

A few ways to read your numbers:

  • Compare categories with income. Divide any category by income to see its share. In the example, housing is 30% of take-home pay.
  • Try the 50/30/20 split as a rough check: about half for needs, 30% for wants, 20% for saving and paying down debt. It doesn't fit every situation, especially where housing is expensive, but it shows where your spending stands out.
  • Plan for emergencies. The U.S. Consumer Financial Protection Bureau's guide to building an emergency fund says the right amount depends on your situation and the kinds of unexpected costs you've had, and that even a small amount helps.

How to use the calculator

  1. Enter your monthly income, ideally after tax.
  2. Fill in the expense categories that apply to you, leaving others blank.
  3. Click Calculate to see total expenses, monthly savings and your savings rate.
  4. Change a figure, such as a lower food budget or a cheaper phone plan, and recalculate to see the effect.

Related calculators

Results are estimates for illustration and aren't financial advice; your actual budget will depend on your own circumstances.

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Frequently asked questions

How is the savings rate calculated?
Savings rate = (monthly income − total expenses) ÷ monthly income × 100. With an income of 4,000 and expenses of 3,200, you save 800, a savings rate of 20.0%. The calculator rounds the rate to one decimal place.
Should I enter income before or after tax?
The calculator works either way, but after-tax (take-home) income gives a more useful answer, because that's the money you actually have to spend and save. If you enter gross income, add taxes as an expense under Other.
What if my expenses are more than my income?
The calculator shows a negative monthly savings figure and a negative savings rate. That's the shortfall you're covering from savings or borrowing each month, and the gap you need to close by cutting costs or raising income.
Where do debt payments and savings contributions go?
Loan and card payments belong in Other expenses (or Housing, for a mortgage or rent). Leave savings and investment contributions out of expenses, because the Monthly Savings figure is what's left for them.
What is the 50/30/20 rule?
A rule of thumb popularised by Elizabeth Warren and Amelia Warren Tyagi in their 2005 book All Your Worth. It suggests splitting after-tax income into about 50% for needs, 30% for wants and 20% for savings and debt repayment. It's a starting point, not a requirement.

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