Budgeting Percentages Average Calculator For Sample Budget Based On Income

Budgeting Percentages Average Calculator Sign

This free online Budgeting Percentages Average Calculator is based on Table 1203. Income before taxes: Annual expenditure means, shares, standard errors, and coefficients of variation, Consumer Expenditure Survey, 2020, conducted by the U.S. Bureau of Labor Statics.

Simply enter your annual before-tax income and the automatic budget generator on this page will calculate the budget percentages and average household expenses reported by Consumer Expenditure Survey respondents in your income level. You can then create a sample budget based on the income that you can print out and use as a reference point for revising or setting up a budget.

Read more ...

Also on this page:

Budgeting Percentages Average Calculator

Calculate budgeting percentages and amounts based on income and budget percentages of other households in your bracket.

Special Instructions

Learn More

Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Income/year:Annual income:Before tax annual income:Before tax annual income:

Before tax annual income:

Enter your annual before-tax household income. The calculator will automatically look up the appropriate average budgeting percentages and dollar amounts for your income level.

$
Detail level:Detail level:Budget detail level:Budget detail level:

Budget detail level:

Select the level of budget detail you would like to display in the results. A level 1 will only list the 14 main survey categories, whereas a level 4 will display all 97 budget line items contained in the Consumer Expenditure Survey. You can change the detail level before or after calculating the budgeting percentages and average expenses, and as often as you like.

Period:Period:Reporting period:Reporting period:

Reporting period:

Select whether you want the chart populated with monthly or annual amounts. You can change the reporting period before or after calculating the budgeting percentages and average expenses, and as often as you like.

Annual avg:Annual average:Average annual expenditures:Total average annual expenditures:

Total average annual expenditures for income level:

This is the total average annual expenditures for the income bracket your annual income falls into.

Monthly avg:Monthly average:Average monthly expenditures:Total average monthly expenditures:

Total average monthly expenditures for income level:

This is the total average monthly expenditures for the income bracket your annual income falls into.

If you would like to save the current entries to the secure online database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Related Calculators

annual salary calculatormonthly budget calculatornon monthly budget calculator

Help and Tools

Notes

Do you really want to be average?

Do You Really Want to Be Average?

Considering that the average American family has a mountain of debt and little if any savings, do you really want to strive to achieve the average family budget percentages?

I hope not.

In fact, part of my motivation for creating the budgeting percentages average calculator was to show you where you don't want to be -- average or worse.

Instead, your goal should be to try to spend less than all monthly household expenses calculated by this calculator and then use your budget surpluses to get out of debt as quickly as possible.

Once you manage to get out of debt you will then be able to apply all of those freed-up debt payments for going from debt to financial freedom.

Just imagine what it will be like to wake up early on a Monday morning -- not because you have to -- but because you can't wait to get to work at something you love without having to worry about how much it pays.

The Number One Key To Setting Up a Budget That Works

While the results generated by the budgeting tool on this page can serve as a reference point for setting up a budget, they certainly don't represent an accurate record of your actual expenditures. And without accurate records from which to base your budgeting on, your budget will be as dangerous to your personal finances as a faulty air tank gauge would be to a deep-sea diver.

If you are going to take the time and effort to create a household budget, why not take the necessary steps to ensure that your efforts prove to be worthwhile? The first of those necessary steps is to make a religious habit of recording every financial transaction that occurs in your day-to-day life.

Without that first step, none of the other steps can be taken with any degree of confidence.

One of the most often recommended budgeting method is the "50/30/20" rule of thumb, which allocates 50% of your income for your basic necessities (needs), 30% for discretionary spending (wants), and 20% for savings and debt payoff. Below is a calculator that will quickly calculate the amounts those percentages would mean for your budget.

50 30 20 Budget Calculator
Income:
$
Needs:
  • Housing
  • Food
  • Healthcare
  • Transportation
  • Utilities
  • Insurance
  • Basic clothing
  • Child care
  • Minimum debt/loan payments
Wants:
  • Vacations
  • Dining out
  • Cable TV
  • Netflix
  • Entertainment
  • Status symbols
Savings and debt payoff:
  • Emergency fund
  • Extra loan payments
  • Retirement fund

Of course, you will need to adjust the 50/30/20 rule of thumb numbers to suit your individual situation and tastes.

Back to CalculatorBack to CalculatorBack to Budget Percent Average CalculatorBack up to Budgeting Percentages Average Calculator

Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.