Needs
Above target- Actuali
- $3,850.00
- Income sharei
- 59.23%
- Targeti
- 50%
- Target amounti
- $3,250.00
- Variancei
- +$600.00
Household planning tool
Monthly Budget Calculator
Build a line-by-line monthly budget, compare your actual allocation with custom targets, and see whether your plan produces a surplus or shortfall.
Default budget results are displayed.
Monthly balance · Surplusi
$540.00
This amount remains unallocated after all submitted allocations.
Budget results
Based on the most recently calculated values.
Total monthly incomei
$6,500.00
Total monthly allocationsi
$5,960.00
Living expensesi
$4,660.00
Savings & extra debti
$1,300.00
Annual balance projectioni
$6,480.00
Balance ratei
8.31%
Allocation breakdown
Wants
Below target- Actuali
- $810.00
- Income sharei
- 12.46%
- Targeti
- 30%
- Target amounti
- $1,950.00
- Variancei
- -$1,140.00
Savings & extra debt
On target- Actuali
- $1,300.00
- Income sharei
- 20%
- Targeti
- 20%
- Target amounti
- $1,300.00
- Variancei
- $0.00
Unallocated balance
Surplus- Actuali
- $540.00
- Income sharei
- 8.31%
- Target comparisoni
- Not separately targeted
Detailed breakdown
Submitted line items and group subtotalsi
| Namei | Groupi | Monthly amounti | Income sharei |
|---|---|---|---|
| Primary income | Household income | $4,500.00 | 69.23% |
| Partner income | Household income | $2,000.00 | 30.77% |
| Side income | Household income | $0.00 | 0% |
| Other income | Household income | $0.00 | 0% |
| Household income subtotal | Household income | $6,500.00 | 100% |
| Housing | Needs | $1,800.00 | 27.69% |
| Utilities | Needs | $250.00 | 3.85% |
| Groceries | Needs | $600.00 | 9.23% |
| Transportation | Needs | $450.00 | 6.92% |
| Insurance & healthcare | Needs | $350.00 | 5.38% |
| Childcare | Needs | $0.00 | 0% |
| Minimum debt payments | Needs | $300.00 | 4.62% |
| Other needs | Needs | $100.00 | 1.54% |
| Needs subtotal | Needs | $3,850.00 | 59.23% |
| Dining out | Wants | $250.00 | 3.85% |
| Entertainment | Wants | $100.00 | 1.54% |
| Shopping | Wants | $100.00 | 1.54% |
| Subscriptions | Wants | $60.00 | 0.92% |
| Personal spending | Wants | $150.00 | 2.31% |
| Travel fund | Wants | $150.00 | 2.31% |
| Other wants | Wants | $0.00 | 0% |
| Wants subtotal | Wants | $810.00 | 12.46% |
| Emergency fund | Savings & extra debt | $300.00 | 4.62% |
| Retirement contributions | Savings & extra debt | $500.00 | 7.69% |
| Investments | Savings & extra debt | $200.00 | 3.08% |
| Extra debt payments | Savings & extra debt | $200.00 | 3.08% |
| Other savings | Savings & extra debt | $100.00 | 1.54% |
| Savings & extra debt subtotal | Savings & extra debt | $1,300.00 | 20% |
- Needs$3,850.00
- Wants$810.00
- Savings & extra debt$1,300.00
- Unallocated balance$540.00
Needs: actual $3,850.00; target $3,250.00.
Wants: actual $810.00; target $1,950.00.
Savings & debt: actual $1,300.00; target $1,300.00.
How to use your monthly budget results
What it calculates
The calculator totals monthly take-home income and allocations to needs, wants, savings, investments, and extra debt payments. It then shows your monthly balance, a simple 12-month projection, and each group's share of income.
Collect accurate inputs
Review recent pay deposits, bank statements, bills, and credit-card activity. Convert irregular costs into a realistic monthly amount and use after-tax income only, so payroll deductions are not counted twice.
Needs and wants
Needs cover essentials and required obligations. Wants are flexible lifestyle choices. The boundary can vary by household, so classify items consistently and focus on whether the completed budget is workable for you.
Surplus and shortfall
A surplus is income left after every allocation; it has not been automatically assigned. A shortfall means allocations exceed income. Use the detailed table and target variances to identify the largest gaps before changing your plan.
Custom targets
The default 50/30/20 split is editable. Set percentages that reflect your actual obligations and priorities, while keeping their total at 100%. Variances are comparisons with your guide, not judgments about financial health.
Calculation limits
This is a static monthly estimate. It does not model taxes, interest, debt amortization, inflation, investment returns, uneven cash flow, or unexpected expenses. The annual figure assumes the submitted month repeats 12 times.
Frequently asked questions
Should I enter gross income or take-home income?
Enter monthly take-home income after taxes and payroll deductions. This calculator does not estimate taxes or convert gross income to net income.
What belongs in Needs rather than Wants?
Needs are costs required for basic living and contractual obligations, such as housing, essential utilities, groceries, insurance, and minimum debt payments. Wants are flexible lifestyle expenses that can usually be reduced or delayed.
What does a monthly shortfall mean?
A shortfall means your submitted needs, wants, and savings or extra-debt allocations are greater than your submitted monthly income. Review the detailed rows to find expenses or allocations that can be changed.
Can I change the 50/30/20 targets?
Yes. The percentages are editable planning guides and must add up to 100%. They are not mandatory recommendations, and the right targets depend on your circumstances.
Should employer retirement contributions be included?
Include only amounts funded from the take-home income you entered. Do not add deductions or employer contributions that were already handled before your net pay reached you.
Does the annual projection account for irregular months?
No. It multiplies the submitted monthly balance by 12. Seasonal expenses, bonuses, emergencies, interest, inflation, and changes in income are not modeled.