BUDGET SIMULATOR
Welcome to the FinMango Budget Simulator! A budget is a plan for every dollar you have for a defined time period (usually a month), and budgeting is a essential life skill for anyone of any background, age, and net worth in order to achieve financial freedom.
This budgeting simulator will enable you to organize and visualize your spending and see if you are on track to meet your financial goals.The 50/30/20 Rule of Budgeting
A common rule of thumb for a balanced budget is that you should spend 50% of your monthly income on necessities, 30% on wants, and 20% to save and pay off debt. In this simulator, we use this 50-30-20 rule to help you assess how healthy your budget is!
Please enter your estimated net take home pay per month below. This is the amount remaining after all deduductions (federal, state and local income tax, Social Security and Medicare contributions, retirement account contributions, and medical, dental and other insurance premiums) are taken out.Cost Categories
Let's take a few moments to think about what we spend our money on each month and how much! Are we doing well against our financial goals and the 50-30-20 rule? Please enter the amount you think you spend on each cost category per month to find out.
etc... How many should we have? Let's aim for as few as possible