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Free Monthly Budget Calculator
This free monthly budget calculator uses the 50/30/20 rule to split your income into needs, wants, and debt payoff. Adjust any amount and get instant feedback on your financial health.
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🏠 Needs — target 50%
⭐ Wants — target 30%
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Wants
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Savings / debt payoff
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Surplus / deficit
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Your 50/30/20 breakdown
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Enter your monthly income above to see your budget breakdown.
🛀 High minimum payments eating your budget? Consolidation can lower them significantly.
See Consolidation OptionsFree Monthly Budget Calculator FAQ
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What is the 50/30/20 rule? +
The 50/30/20 rule splits after-tax income: 50% for needs (housing, food, transport, minimum debt payments), 30% for wants (dining, entertainment, subscriptions), and 20% for savings and extra debt payoff. It’s a framework — adjust percentages based on your cost of living and debt load.
What counts as a “need” vs a “want”? +
Needs are expenses with serious consequences if cut: rent, utilities, groceries, insurance, minimum loan payments. Wants are discretionary: restaurants, streaming, shopping. If your needs exceed 50%, look at housing costs or debt relief options to reduce minimum payments.
How much should I put toward debt payoff? +
The 50/30/20 rule allocates 20% to savings and debt payoff combined. If you carry high-interest debt (credit cards at 20%+), prioritize extra debt payments over savings. See our debt payoff strategies guide.
My budget is negative — what should I do? +
Start by cutting want categories. If minimum debt payments are the problem, a consolidation loan can lower your monthly obligations. If debt is overwhelming, explore debt relief programs.
For educational purposes only. Not financial advice. See disclaimer.