Free Budget Calculator | SmartAsset.com

Oh, and keep track of your monthly income, or how much money you are bringing home each month. Are you spending more than you earn? You need to trim your ... MenuburgerClosethinFacebookTwitterGoogleplusLinkedinRedditEmailLoadingHomeBuyingCalculatorsHowMuchHouseCanIAfford?MortgageCalculatorRentvsBuyClosingCostsCalculatorHelpfulGuidesHomeBuyingGuideVeteranHomeBuyingGuideCompareRatesToday'sMortgageRates30-YearMortgageRates15-YearMortgageRates5/1ArmMortgageRates7/1ArmMortgageRatesLenderReviewsQuickenLoansMortgageReviewRocketMortgageReviewChaseMortgageReviewBetter.comMortgageReviewWellsFargoMortgageReviewJ.G.WentworthMortgageReviewMoreMortgageLenderReviewsTaxesCalculatorsIncomeTaxCalculatorTaxReturnCalculatorPropertyTaxCalculatorPaycheckCalculatorRetirementTaxesCalculatorHelpfulGuidesTaxGuideLearnMoreHowtoFillOutW-4BestTaxSoftwareBestFreeTaxSoftwareTaxSoftwareReviewsTurboTaxReviewCreditKarmaTaxReviewH&RBlockReviewTaxSlayerReviewRetirementCalculatorsRetirementCalculator401(k)CalculatorSocialSecurityCalculatorHelpfulGuidesRetirementGuideFinancialAdvisorGuideEstatePlanningGuideFinancialAdvisorsFindaFinancialAdvisorFinancialAdvisorsNYCFinancialAdvisorsAustinRobo-AdvisorReviewsAcornsReviewAllyInvestReviewBettermentReviewWealthfrontReviewBankingCalculatorsSavingsCalculatorCompareAccountsCompareSavingsAccountsCompareCheckingAccountsCompareCDRatesCompareMoneyMarketAccountsHelpfulGuidesChecking&SavingsGuideBestBankAccountsBestSavingsAccountsBestMoneyMarketAccountsBestCDRatesBestCheckingAccountsBankReviewsCapitalOneBankingReviewSynchronyBankingReviewAllyBankReviewMarcusbyGoldmanSachsReviewInvestingCalculatorsInvestmentCalculatorAssetAllocationCalculatorCapitalGainsTaxCalculatorInflationCalculatorCompareAccountsOnlineBrokerageAccountsHelpfulGuidesInvestingGuide529PlansbyStateLearnMoreWhatisaMutualFund?WhatisanIndexFund?HowDoestheStockMarketWork?WhatareBonds?InvestingAdviceWhatisaFiduciary?WhatisaCFP?SmartReadsAboutPressTermsofServicePrivacyPolicyMoreCreditCardsBestCreditCardsBestCreditCardsHelpfulGuidesCreditCardsGuideCompareCardsWhatistheBestCreditCardforYou?LifeInsuranceCalculatorsHowMuchLifeInsuranceDoINeed?CompareQuotesLifeInsuranceQuotesHelpfulGuidesLifeInsuranceGuideRefinanceCalculatorsRefinanceCalculatorCompareRatesCompareRefinanceRatesHelpfulGuidesRefinanceGuidePersonalLoansCalculatorsPersonalLoanCalculatorCompareRatesPersonalLoanRatesHelpfulGuidesPersonalLoansGuideStudentLoansCalculatorsStudentLoanCalculatorCompareRatesStudentLoanRefinanceRatesHelpfulGuidesStudentLoansGuideI'manAdvisorFindanAdvisorSearch Tapontheprofileicontoedityourfinancialdetails.GotItBudgetCalculatorYourDetailsDoneInputyourhouseholddetailstoseetheaveragebudgetofapersoninyourneighborhoodHouseholdIncomeDismissLocationDismissAdultsinHousehold12ChildreninHousehold0123Enteryourmonthlyspendingforeachcategorybelow.BudgetBreakdownLocalBenchmarkofMonthlyExpensesLocalBenchmarkYourExpensesDifferenceChildCareMedicalHousingFoodTransportationOtherSavingsTaxesTotalExpensesSavemorewiththeseratesthatbeattheNationalAverageSavings&MMACD'sUnfortunately,wearecurrentlyunabletofindsavingsaccountthatfityourcriteria.Pleasechangeyoursearchcriteriaandtryagain.Searchingforaccounts...AdDisclosureUnfortunately,wearecurrentlyunabletofindsavingsaccountthatfityourcriteria.Pleasechangeyoursearchcriteriaandtryagain.Searchingforaccounts...AdDisclosureAboutThisAnswerThistoolshowsyoutheaveragehouseholdbudgetbasedonthelocationandincomelevelyouselect.Thebudgetisdividedintoanumberofcategories:childcare,medicalcare,housing,food,transportationandother.Ineachofthesecategories,SmartAssetcalculatestheproportionofexpenditurestypicaltoyourlocationandindexesthoseproportionsbasedonincome.Thesavingscategoryiscalculatedbasedontheaveragesavingsrateinyourareaasaproportionofmonthlyincome.Thetaxcategoryusestaxdataatthefederal,stateandlocalleveltoestimateamonthlytaxburden.Finallywecombineallthisdatatogiveyouanideaofthebudgetofasimilarhouseholdinyourarea....readmoreOurAssumptions•Adults:1=Single,Adults:2=Marriedfilingjointly.•Numberofchildrenequalsthenumberofdependents.•Otherwiseassumealldeductionsandretirementaccountcontributionsarezero.•Numberofpersonalexemptionsisequaltothenumberofindividualsinthehousehold.Meaning,asinglepersonis1,amarriedcoupleis2andanyadditionalchildrenarecountedasanadditionalindividual...readmoreOurHomeBuyingExpertMichelleLernerHomeBuyingAsSmartAsset’shomebuyingexpert,award-winningwriterMicheleLernerbringsmorethantwodecadesofexperienceinrealestate.Micheleistheauthoroftwobooksabouthomebuying:“HOMEBUYING:ToughTimes,FirstTime,AnyTime,”publishedbyCapitolBooks,and“NewHome101:YourGuidetoBuyingandBuildingaNewHome.”Michele’sworkhasappearedinTheWashingtonPost,Realtor.com,MSNandNationalRealEstateInvestormagazine.Sheispassionateabouthelpingbuyersthroughtheprocessofbecominghomeowners.TheNationalAssociationofRealEstateEditors(NAREE)honoredMichelein2016and2017withtheawardforBestMortgageorFinancialRealEstateStoryinaDailyNewspaper....readmoreShareMorefromSmartAssetHowmuchhousecanyouafford?Shouldyourentorbuy?CalculateyourmonthlymortgagepaymentComparesavingsaccountsMoreaboutthispageAboutthisanswerHowdowecalculatethisanswerLearnmoreaboutbudgetstuffShareYourFeedbackHowwouldyourateyourexperienceusingSmartAsset’sfinancialadvisormatchingservicesofar?12345NeedsimprovementExcellentWhatisthemostimportantreasonforthatscore?(optional)Pleaselimityourresponseto150charactersorless.SubmitThankyouforyouranswer!Yourfeedbackisveryimportanttous.BudgetCalculatorPhotocredit:©iStock/andresrHereatSmartAssetwetalkalotaboutbudgets.Weofferadviceonhowtostreamlineyourbudget,howtofixyourbudgetandhowtosticktoyourbudget.Withourinteractivebudgetcalculatoryoucanseehowpeoplelikeyouinyourzipcodearebudgetingbasedonfactorsincludingthenumberofadultsandchildreninthehouseholdandthesizeofthehousehold'sannualincome.HouseholdBudgetBasicsAbudgetletsyoumanagehowmuchyou'respendingrelativetohowmuchyou'reearning.Budgetingalsoletsyouseehowmuchyou'respendingindifferentcategories.Havingabudgetisimportantfortworeasons.First,ithelpsyoulivewithinyourmeans.Second,havingabudgetleavesyoubetterpreparedforchangesinthefuture.Let'stalkaboutlivingwithinyourmeans.Ideally,everydollarofyourincomeshouldbeaccountedforinamonthlybudget.Thatmaysoundlikelivingpaychecktopaycheckandinawayitis.Butit'slivingfrompaychecktopaycheckinagoodway.You"payyourself"bybeefingupyouremergencyfundandinvestingforretirement,youpayyourbills(includinganydebtsyou'recarrying)andthenyoucanspendwhat'sleftover.Havingabudgetthatyouregularlyreassesswillhelpyoutakestockofwhereyourmoneyisgoingandhowcloseyouaretomeetingyourgoals.BudgetingforYourFutureOnceyouhaveaworkablebudgetyou'llseehowusefulitcanbetoprepareyouforthefuture.Foronething,you'llhaveanemergencyfundandretirementsavings.Foranother,you'llbeabletomakeroominyourbudgetifnecessary.Sayyouknowyou'respendingaheftysumoneatingout,travelorclothes.Ifthat'swithinyourbudget,you'vepaidyourbillsandyou'vepaidyourself,goforit.Now,whatifsomethingchangesdowntheroad?Sayyouwanttotakeadreamjobthatpayslessthanyou'recurrentlymakingoryouwanttomovetoacitywithahighercostofliving.Youcantakealookatyourbudgetandseewhatyoucanreasonablytrim.Maybeyou'rewillingtocutbackonsomenon-essentialspendingifitenablesyoutoreachanothergoal.Youwon'tknowhowmuchyoucanaffordtotrimfromyourbudgetifyoudon'thaveoneatall.BudgetPlannerOnepopularstrategythatbusinessesandindividualscanusetogetstartedinvolvesmakingazero-basedbudget.Withazero-basedbudget,everythingisonthetableandyoushouldhavenothingleftover.Startbykeepingtrackofwhatyouspendinamonth.Oh,andkeeptrackofyourmonthlyincome,orhowmuchmoneyyouarebringinghomeeachmonth.Areyouspendingmorethanyouearn?Youneedtotrimyourexpenses.Areyouearningmorethanyouspend?Youcouldaffordtodevotemoretosavingsandinvesting.Becauseexpensesvaryfrommonthtomonth,somehardcorebudgetdevoteeswillmakeanewspendingplaneachmonth.Forexample,youcouldbudgetforgiftsinDecemberandfortravelinthesummer.Othersaveragethecostofallgiftsandtravelfortheyearanddivideitby12months.Herearethemajorexpensecategoriesthatyouwilllikelywanttoincludeinyourbudget:ChildcareIfyouhaveabundleofjoy(orseveral)dependingonyou,yourbudgetwillneedtoaccommodatethatfact.Yourchildcarecostswilldependonyourcircumstances.Isyourpartnerorrelativestayinghomewithyourkidsorareyoupayingsomeonetobeyourchildren'scaregiver?Areyouoptingforpublicorprivateschool?TheSmartAssetbudgetcalculatorshowsyoutheaveragechildcareexpenditureforsomeonelikeyouinyourarea.MedicalYoumayhaveheardthatmedicalcostsareontheriseinthiscountry.Whetheryouremployerhelpscoveryourhealthinsurancepremiumsoryoucoverthatexpenseonyourown,youprobablydon'tgoayearwithoutincurringsomemedicalexpense.Meetingevenarelativelylowdeductiblecanstilleatintoyourbudget.That'swhyit'sagoodideatoplanacertainamountofmedicalexpensesintoyourbudget.HousingThemedianAmericanrentiscurrentlyequalto30.2%ofthemedianAmericanincome.Thatmeansthatmillionsarealreadyrent-burdened(theyspendmorethan30%oftheirincomeonrent)orareonthevergeofbeingrent-burdened.Ourbudgetcalculatorshowsyouthebudgetbreakdownofpeoplelikeyouwholivewhereyoulive.Ifthatpercentageisover30%ittellsyouthatyourneighborsarestrugglingtokeepupwithhousingcosts.Ifyou'reahomeowner,yourhousingcostswillincludeyourmortgageandhomerepairs,too.FoodPhotocredit:©iStock/monkeybusinessimagesAmericansspendasmallerpercentageoftheirincomesonfoodthantheydidinpreviousdecades.AccordingtotheUSDA,theshareoftheaverageAmericans'incomethatgoestofoodisdownfrom17.5%in1960toaround10%now.Wealsospendlessonfoodthanpeopleinotherdevelopedcountries.BetweenFoodNetwork,foodpicturesonsocialmediaandthepopularityoftheterm"foodie"itmayseemlikewe'vebecomemorefood-obsessed,butwe'reactuallyspendingasmallerportionofeachpaycheckonfooditems.Atthesametime,we'respendingmoreofthatmoneyonfoodoutsidethehome,which(asweknow)cantakeatollonaperson'sbudget.TransportationOnlyonein20Americanscommutestoworkbypublictransportation.Afewwalkorbike,butmostoftherestofustakeacar.Thatmeanspayingforrepairs,carinsuranceandgas.Dependingonwhereyouliveyoumayalsohavetopayfortollsandparking.TransportationisabudgetpainpointformanyAmericansbecauseit'ssocloselyrelatedtojobsecurity.Ifyouhaveanunreliablecaryoulikelycan'tbeareliableemployee,whichmeansyourpositionislesssecure.Unexpectedcarexpensesareoneofthemainreasonsit'ssoimportanttokeepanemergencyfundinplace.OtherEventhemostfrugalamongusspendmoneyonsomemiscellaneousitems.Thebarebonesexpensesinthiscategoryincludetoothpasteandsoap,clothes,laundryandschoolsuppliesforkids.Ifyouhavemorewiggleroominyourbudgetyoucanallocatefundstootherexpenses,likeentertainmentandgifts,travelormealsout.SavingOurretirementcalculatorcanhelpyoufigureouthowmuchyoushouldbesavingforretirementeachmonth.TheSmartAssetbudgetcalculator,ontheotherhand,tellsyouhowtheaveragepersonlikeyouinyourneighborhoodissaving.Ifyou'resavingahigherpercentagethanyourlocalpeers,don'tstopnow.Americansavingsratesarenotoriouslylow.Oursavingscalculatorcanshowyouhowyoursavingswillgrowandallowyoutoseehowtheinterestrateofyouraccountswillimpactthat.TaxesPhotocredit:©iStock/OnzegItgoeswithoutsayingthattaxeseatintoyourtake-homepayandlimitthesizeofyourbudget.Ifyou'rearegularemployeeyourtaxesarelikelywithheldfromeachpaycheck.Thatmayseemlikeabummerbutitactuallycanmakeiteasierforyoutobudget.Ifyou'reafreelancerorcontractorit'simportanttobudgetforyourtaxpaymentseachmonthsoyoudon'tgetahugebillattaxtimethatyou'renotpreparedtopay.BottomLineWeallgetakickoutofseeinghowourfinancescomparetootherpeopleinsimilarcircumstances.Abudgetcalculatorisagreatreferenceforanyonewhowantsthatkindofdetailedinsight.Ultimately,makingabudgetthatworksforyouwillmeantakingahardlookatyourexpensesandyourincome.Doyouneedtocutbackonyourspending?Earnsomeincomewithasidehustle?Thewayyouallocateyourmoneywilldependonyourprioritiesandonthetrade-offsyou'rewillingtomake.Justremembertopayyourbillsandpayyourself.Your401(k)isn'tgoingtofunditself!OKCancelAnerroroccurredPleasereloadthepage.