Paycheck Splitter Calculator

Customize Your Budget to Fit Your Life

The 50/30/20 rule is a simple and popular way to budget your money. It breaks your monthly take-home pay into three categories, including needs, wants, and savings/debt repayments.

While the 50/30/20 rule is a great starting point, it might not work for everyone. That’s why this calculator lets you adjust the percentages for each category. If your situation calls for more savings, fewer wants, or different priorities, just enter the percentages that work best for you.

Before using this method, you’ll want to figure out your after-tax income—also called net income or take-home pay. That’s the amount that actually hits your bank account after taxes are withheld. See below before filling out the form.

Before Filling Out the Calculator Form

A Quick Note About Payroll Deductions
You might have other deductions—like health insurance or 401(k) contributions—coming out of your paycheck automatically. If those are already removed before you get paid, you don’t need to subtract them again. Just be sure you’re only subtracting taxes when figuring out your net income.

Not Paid Monthly? Here’s How to Find Your Monthly Income

If you get paid weekly, multiply your take-home pay by 52 and then divide by 12 to get your average monthly income.

If you get paid every two weeks, multiply your paycheck by 26 and then divide by 12.

This helps you get an accurate monthly number to use with the 50/30/20 rule, or whatever you choose for your percentages.

Snowball / Avalanche Debt Calculator

The best teaching methods often involve identifying and sharing the best available tools. We don’t have a software developer here at Matt’s Dad Says… so creating a meaningful debt calculator is out of our reach at the moment. However, This is the best Snowball Debt Calculator I’ve ever found. I used this exact template to get myself out of debt several years ago!

There’s a free version and a paid version. The free version is the one I used and it works perfectly! Thanks to Vertex 42 for this tool!

Simple Avalanche Debt Calculator

If the Snowball / Avalanche Calculator is a bit much for your needs, try this Avalanche-Only version.

The calculator uses the Debt Avalanche approach:

Every month, it applies the minimum payment to each card.

Then, it uses any leftover money in your budget to make extra payments on the card with the highest APR.

When that card is paid off, the money that was going toward it rolls into the next-highest APR card.

This method is proven to save more on interest than paying off the smallest balances first.

Enter Your Info in These Fields:

• Total Monthly Budget – The total amount you can put toward all your credit cards each month.

For each credit card, enter:

• Card Name – Any label that helps you track it (e.g., “Visa,” “Store Card”).
• Balance – Your current balance on the card.
• Minimum Payment – The required monthly minimum.
• APR (%) – The annual interest rate for that card.
• Click “+ Add Another Card” to include more — up to as many as you need.

Simple Loan Payoff Calculator

For car loans, home loans, and most personal loans, your creditor will calculate interest using a simple formula. Input your loan specifics and choose an additional payment amount. Hit calculate for your results.

Credit Card Payoff Calculator

See how much you can save by adding an additional dollar amount to your minimum monthly credit card payment.