Paycheck budget builder
A BudgetA plan for where your money will go, so you know what you can spend before you spend it.More in the glossary is just a plan for your paycheck. Start with your Take-home payThe money that actually reaches you after taxes and other deductions come out of your paycheck. Also called net pay.More in the glossary: the money that actually lands in your account.
Then list what you spend each month, and mark each one as a need, a want, or savings. There are no wrong answers. It's your plan.
Your results
- Monthly take-home pay
- $1,800
- Monthly expenses
- $1,530
- Left over
- $270
Of your $1,800 monthly pay, $1,405 goes to needs, $75 to wants, $50 to savings and extra debt payments, and $270 is left over.
What this means
- You have $270 left each month. Deciding where it goes now, like into an Emergency fundMoney set aside only for surprises, like a car repair or a medical bill, so you don't have to borrow.More in the glossary, can keep it from slipping away.
Compared with 50/30/20
The 50/30/20 ruleA budgeting guideline that splits take-home pay into 50% for needs, 30% for wants, and 20% for savings and extra debt payments.More in the glossary suggests 50% of take-home pay for needs, 30% for wants, and 20% for savings and extra debt payments. It's a starting point, not a rule. If your needs take more than half, that's common, especially where rent is high.
| Type | Yours | 50/30/20 guide |
|---|---|---|
| Needs | $1,405 (78%) | $900 (50%) |
| Wants | $75 (4%) | $540 (30%) |
| Savings and extra debt payments | $50 (3%) | $360 (20%) |
Where to get free help
- Nonprofit credit counseling (NFCC)
A certified credit counselor can go over your budget and debts with you, for free or at low cost.
- 211
Call or text 2-1-1 for free, private help finding local programs for rent, utilities, food, and other bills.