Budget Planner
Monthly Budget Breakdown
💵 Monthly Income
Total Monthly Income
£2,500
💸 Monthly Expenses
Total Monthly Expenses
£1,920
Monthly Balance
+£580
+23.2% of income
Savings Rate
8.0%
Expense Ratio
76.8%
Expense Breakdown
- Rent/Mortgage
- Utilities & Bills
- Food & Groceries
- Transport
- Entertainment
- Shopping
- Savings
- Other
Category Spending
Budget Analysis
Essential Spending
£1,370
54.8% of income
Discretionary Spending
£250
10.0% of income
Savings Rate
£200
8.0% of income (target: 20%)
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The 50/30/20 Rule, Explained
The 50/30/20 rule is a simple starting point for splitting your take-home pay: 50% on needs (rent, bills, groceries, transport), 30% on wants (dining out, entertainment, hobbies), and 20% on savings and debt repayment. It's a guideline, not a rigid rule — high-cost-of-living areas often need to flex the "needs" percentage higher.
Recommended Spending Limits by Category
| Category | Recommended Limit |
|---|---|
| Housing (rent/mortgage) | ≤ 30% of take-home pay |
| Transport | ≤ 15% |
| Food & groceries | ≤ 12% |
| Savings & debt repayment | ≥ 20% |
What to Do When Your Budget Doesn't Balance
If expenses exceed income, tackle discretionary spending first (entertainment, shopping, subscriptions) before touching essentials. Cancel unused subscriptions, negotiate bills like broadband or insurance at renewal, and use the 24-hour rule on non-essential purchases over £50 to reduce impulse spending. If housing costs alone push you over budget, it may be worth exploring whether a cheaper property, a lodger, or relocating is realistic.
⚠️ Important Disclaimer
This planner is for illustrative and educational purposes only and does not constitute financial advice. Your figures are calculated locally in your browser and not stored.
100% private — your figures are calculated in your browser and never stored or shared.
Frequently Asked Questions
What's the 50/30/20 rule?
A budgeting guideline: 50% needs (rent, food, bills), 30% wants (entertainment, dining out), 20% savings and debt repayment.
How much should I spend on rent?
Financial experts recommend spending no more than 30-35% of your take-home income on rent or mortgage payments.
What if I'm overspending?
Track expenses for a month, identify non-essential spending you can reduce, and consider the 24-hour rule before discretionary purchases.
Key Terms Explained
Plain-English definitions of the financial terms used in this calculator.
- Gross vs Net Income
- Gross income is your pay before deductions; net (take-home) pay is what lands in your bank after income tax, National Insurance, pension contributions and student loan repayments.
- Emergency Fund
- A cash buffer — typically 3 to 6 months of essential outgoings — kept in an easy-access account to cover job loss, repairs or unexpected bills without borrowing.
- Budget
- A plan for allocating income across essentials, savings and discretionary spending. Popular frameworks include 50/30/20 — 50% needs, 30% wants, 20% savings and debt repayment.
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Not Financial Advice: This calculator is for informational and educational purposes only. Results are estimates and do not constitute financial advice, recommendations, or regulated advice. We are not authorised or regulated by the Financial Conduct Authority (FCA). Always consult a qualified financial adviser for personalised advice. Tax treatment depends on your individual circumstances and may change. Tax laws and rates may change. Past performance does not guarantee future results.
