Savings / THE DECISION DESK
Monthly Budget Planner
Allocate take-home income across essentials, lifestyle spending, and saving. See what is left and compare a 50/30/20 starting point.
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Compare up to three snapshots of inputs and headline results. Snapshots clear when you leave this page.
$500
Your allocation
A 50/30/20 starting point
How this is calculated
Remaining income = take-home income − needs − wants − savings and extra debt payments. A negative result is a shortfall, not money available to spend.
For $5,000 take-home income, the 50/30/20 comparison shows $2,500 for needs, $1,500 for wants, and $1,000 for saving and extra debt. If your actual allocations total $4,500, you still have $500 to assign.
These percentages are illustrative. Adjust for your circumstances. This is a monthly allocation tool, not a bank-connected expense tracker or tax calculation.
Further reading: CFPB budgeting worksheet. This planner explicitly groups minimum debt payments with needs and extra debt payments with savings.
Common questions
›Should I use gross or take-home income?
Use the amount available after tax and payroll deductions. Only allocate money from this amount; payroll retirement deductions should not also appear as spending in this plan.
›Where do debt payments belong?
For this planner, required minimum payments belong under needs. Extra payments above the minimum belong with savings. This convention keeps the same payment from appearing twice.
›What if my income changes each month?
Compare snapshots using a lower-income month and a typical month to see how allocations hold up. This planner does not model when bills and income arrive within a month.