It’s difficult deciding, “which is the best budget type?” Because the answer is: there is no right answer. The best budget is the budget that works for you. We looked into the best budget calculators (for free online) for you.

As I shared with Nerd Wallet, a 50/30/20 budget was key to helping me focus my spending while I was on the road to paying off $30,000 in debt. There are ways to tell good budgets from better budgets. A good budget tells your money where to go. The best budgets prevent you from wondering where your money went. That’s how this budget system helps. A 50/30/20 Budget divides your monthly after-tax income into three categories:

  • 50% for needs
  • 30% for wants
  • 20% for saving and investing

Free Online Budget Calculators

To get started today, try this free 50/30/20 Budget Calculator powered by NerdWallet.com. If a 50/30/20 Budget sounds too restrictive for your personal finance goals, then use this more flexible online budget calculator from Mint.com.

Master Your Budget, Then Increase Your Net Worth

After I mastered the daily habits needed to maintain responsible personal spending each month, I switched to an 80/20 budget. If you want to learn more about why I made the switch and an established a four-step system that works, then my #1 best-selling book goes into more detail: How I Buried Myself $30,000 in Debt and Dug My Way Out.

If you’re ready to increase your net worth, visit our free net worth calculator to compare your household wealth to your age group.

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