Budget Calculator & Financial Planning Tool
Plan your personal finances, analyze spending patterns, and get insights into your financial health with our comprehensive budget calculator.
Budget Analysis
Housing Ratio
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Savings Rate
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Discretionary Ratio
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Recommendations
Understanding Your Personal Budget
The 50/30/20 Rule
A popular budgeting method that suggests allocating:
- 50% of income to essential needs
- 30% to wants and discretionary spending
- 20% to savings and debt repayment
Key Budget Categories Explained
Essential Expenses
These are must-pay items including housing, utilities, food, and basic transportation. Aim to keep these below 50% of your take-home pay.
Financial Goals
Include emergency fund savings (3-6 months of expenses), retirement contributions, and debt repayment. Allocate at least 20% of income to this category.
Discretionary Spending
Non-essential expenses like entertainment, shopping, and hobbies. While important for quality of life, these should be the first areas to cut if needed.