About the Budget Planner
This budget planner turns your income and regular bills into a clear monthly budget. Enter take-home pay plus any side income, then fill in what you spend on housing, utilities, groceries, transport, insurance, debt and the everyday extras. It adds everything up, shows how much is left over (or how much you are overspending), and breaks spending down by category.
It is built for anyone starting a budget from scratch, reviewing spending after a raise or a move, or preparing for a big goal such as a house deposit. Expenses are grouped into needs and wants so you can compare the result with the 50/30/20 guideline, and the table converts every line into a yearly figure — often an eye-opener for small recurring costs.
Use monthly averages. For bills paid yearly or quarterly (car insurance, property tax, memberships), divide by 12 or 3 so they are included in the monthly plan. Savings are treated as a planned expense so you pay yourself first.
With the default inputs, the left over each month is $320.00. Change any value above to recalculate instantly.
How to use the budget planner
- 1Enter your monthly take-home pay and any other income.
- 2Fill in each expense category using monthly averages from recent statements.
- 3Convert yearly or quarterly bills to a monthly amount before entering them.
- 4Enter how much you plan to save or invest each month.
- 5Check the amount left over and adjust categories until it is zero or positive.
Formula and method
Total income is take-home pay plus other income. Needs are the essential categories (housing, utilities, groceries, transport, insurance, minimum debt payments, childcare and healthcare) and wants are discretionary ones (dining, subscriptions, shopping and miscellaneous). Planned savings are subtracted like a bill so you pay yourself first.
The savings rate is planned savings divided by total income, and the housing ratio is housing cost divided by total income. Yearly figures are monthly amounts × 12. A leftover of zero means a zero-based budget where every dollar is assigned.
- Income
- Take-home pay + other monthly income
- Needs
- Sum of essential monthly costs
- Wants
- Sum of discretionary monthly costs
- Savings
- Planned monthly saving and investing
Worked examples
Single renter with $5,000 income
With $5,000 coming in, needs total $3,400 and wants $780, so expenses are $4,180. After the planned $500 of savings (a 10% savings rate), $320 a month — $3,840 a year — is still unassigned. Housing takes 32% of income.
Tight budget that overspends
Expenses of $3,260 already exceed the $3,200 income before saving anything, so with $200 of planned savings the budget is $260 a month short. Housing at 43.75% of income is the main pressure point.
Family of four on $9,200 a month
Needs including $1,200 of childcare add up to $6,670 and wants to $1,020. After saving $1,000 (10.9% of income), $510 a month is left to put toward goals. Housing is a comfortable 26% of income.
Frequently asked questions
How do I make a monthly budget?+
List your monthly take-home income, then every regular expense using averages from the last two or three months of bank statements. Subtract expenses and planned savings from income, and adjust categories until the result is zero or positive.
What percentage of income should go to housing?+
A widely used guideline is to keep housing at or below about 30% of income. Lenders often look at 28% of gross income for housing and 36% for all debt payments combined.
What is a zero-based budget?+
A zero-based budget assigns every dollar of income to a category — spending, saving or debt payoff — so income minus everything equals exactly zero. This planner shows a zero leftover when you have achieved it.
How much should I save each month?+
The 50/30/20 rule suggests 20% of take-home pay for savings and extra debt payments. If that is not possible yet, start with any fixed amount, build a starter emergency fund, and raise it with each pay increase.
How do I budget for irregular expenses?+
Add up bills that come once or twice a year — car registration, insurance premiums, holidays, gifts — and divide by 12. Put that monthly amount into a separate sinking fund so the bill does not wreck one month’s budget.
Results are estimates for educational purposes and are not financial advice. Rates, fees and terms vary — confirm with your lender or a licensed advisor before making decisions.