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Budget Calculator

Split your take-home pay into needs, wants and savings with the 50/30/20 rule, and see how it compares with what you really spend.

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Your pay after tax. Not sure? Work it out with our Income Tax Calculator.

Your costs a month (examples: change them to yours)

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$
$
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Left each month

$350

You spend $3,550 and save $300 of your $4,200 take-home pay

Needs
$3,050 (73%)
Saving
$300 (7%)
Where your money goes
  • Needs$3,050
  • Wants$500
  • Savings$300
  • Left over$350

What this means

Give the $650 you don’t spend a job: first an emergency fund of three to six months of needs ($9,150–$18,300), then clearing expensive debt, then investing for later.

The 50/30/20 guide would save $840 a month, $540 more than now.

Compared with the 50/30/20 guide

GuideYou
Needs (50%)$2,100$3,050Over
Wants (30%)$1,260$500✓
Savings (20%)$840$300Under

What to do next

  • Move your $350 left over into savings. You’d then need $190 more a month to save 20%.
  • Your needs are $950 over the 50% guide. Housing is usually the biggest cost to look at.
  • Aim for an emergency fund of 3 to 6 months of needs: $9,150 to $18,300.
Assumptions in this estimate
  • Needs are rent or mortgage, bills, groceries, transport, insurance and health, and debt payments. Wants are everything else you spend. Savings is money you put aside or invest.
  • The 50/30/20 guide is a simple starting point, not a strict rule. Where housing is expensive, needs often take more than half.
  • Fortnightly and weekly pay are turned into a monthly amount (26 fortnights or 52 weeks a year).
Spotted a mistake? Tell us

How the calculator works

  1. Your pay: your take-home pay, a month, a fortnight or a week.
  2. Your costs: rent or mortgage, bills, groceries, transport, insurance and health, debt payments, fun and savings. The boxes start with example amounts: change them to yours.
  3. What’s left: the big result is what you have left each month. Below, you can see how you compare with the 50/30/20 guide, and what to do next.

Not sure what you take home? Use our income tax calculator.

Example

On $4,200 a month of take-home pay:

Share A month A year
Needs 50% $2,100 $25,200
Wants 30% $1,260 $15,120
Savings 20% $840 $10,080

Last updated

Frequently asked questions

What is the 50/30/20 rule?

A simple way to split your take-home pay: 50% on needs, 30% on wants and 20% on savings and paying off debt. On $4,200 a month, that’s $2,100, $1,260 and $840.

What counts as needs and wants?

Needs are what you must pay: housing, bills, groceries, transport, insurance and minimum debt payments. Wants are the extras, like eating out, shopping, subscriptions and holidays.

What if my needs are more than 50%?

That’s common, especially where housing is expensive. Try a 60/20/20 split, look at your biggest costs first, and keep saving something, even if it’s less than 20%.

How big should my emergency fund be?

A common aim is 3 to 6 months of essential spending. With $2,100 a month of needs, that’s $6,300 to $12,600.

Should I save or pay off debt first?

Build a small emergency fund first, then pay off high-interest debt such as credit cards, which usually costs more than savings earn. Our debt payoff calculator shows the quickest way to clear it.