Budget Calculator
Track and optimize your spending using the 40/10/20/10/20 approach for better financial health
Monthly Income
Your total monthly income after tax deductions
Monthly Spending Categories
Needs
Essential expenses like rent/mortgage, groceries, utilities, and basic necessities
Wants
Non-essential items like entertainment, shopping, dining out, and hobbies
Savings & Financial Products
Investments, insurance premiums, emergency fund contributions
Debt
Credit cards, personal loans (excluding car and mortgage)
Car Instalments
Vehicle finance payments and related expenses
Contact a MyBenefitz financial wellness expert for personalized budgeting guidance:
Chat with us on WhatsAppUnderstanding the 40/10/20/10/20 Approach
Breaking Down Your Budget
- 40% - Needs: Essential living expenses like housing and groceries
- 10% - Wants: Non-essential items and entertainment
- 20% - Savings: Investments and financial products
- 10% - Debt: Non-housing debt payments
- 20% - Car: Vehicle finance payments
Benefits of Budgeting
- Better control over your finances
- Clear spending priorities
- Improved saving habits
- Reduced financial stress
- Achievement of financial goals
Frequently Asked Questions
Why use the 40/10/20/10/20 rule?
This rule provides a balanced approach to managing your money, ensuring you cover essentials while building savings and managing debt responsibly.
What if my expenses don't match the percentages?
The rule is a guideline. Your situation may require adjustments, but it's a good starting point for financial planning.
Should I include taxes in my calculations?
Use your after-tax income as the starting point for your budget calculations.
What counts as savings?
Include retirement contributions, emergency funds, investments, and insurance premiums in your savings category.