Monthly Income
Expense Categories
Budget Analysis
$800.00
Monthly Surplus
$4,200.00
Total Expenses
0.84%
Income Used
Expense Breakdown
Housing
30.00%
Transportation
8.00%
Food
12.00%
Utilities
4.00%
Insurance
6.00%
Healthcare
4.00%
Entertainment
6.00%
Personal
4.00%
Savings
10.00%
50/30/20 Rule Recommendations
$2,500.00
Needs (50%)
$1,500.00
Wants (30%)
$1,000.00
Savings (20%)
Great job! You have $800.00 left over each month. Consider increasing savings or investments.
Frequently Asked Questions
What is the 50/30/20 budget rule?
The 50/30/20 rule suggests allocating 50% of income to needs (housing, food, utilities), 30% to wants (entertainment, dining out), and 20% to savings and debt repayment.
How much should I save each month?
Financial experts recommend saving at least 20% of your income. If you're starting out, begin with 5-10% and gradually increase. The key is consistency over time.
What counts as needs vs wants?
Needs are essential expenses: housing, utilities, groceries, transportation, insurance. Wants are non-essential: entertainment, dining out, hobbies, luxury items. Be honest about what's truly necessary.