Budget Calculator for One Income

Transitioning to one income is one of the most challenging financial aspects of widowhood. This calculator helps you understand your current financial situation and create a realistic budget.

Your Privacy Matters

All calculations are done in your browser. No financial information is sent to our servers or stored anywhere except your device.

Monthly Budget Calculator

Monthly Income

Include all income: survivor benefits, your salary, pensions, investment income, etc.

Monthly Expenses

Include property taxes and HOA fees if applicable

Groceries and dining out

Car payment, insurance, gas, maintenance, public transit

Health insurance premiums, medications, copays

Credit cards, loans (excluding mortgage)

Life, home, auto (if not included above)

Clothing, haircuts, hobbies, subscriptions

Pet care, children's expenses, savings, etc.

Understanding the 50/30/20 Rule

A popular budgeting guideline suggests allocating your income as follows:

50% - Needs (Essential Expenses)

  • Housing (rent/mortgage)
  • Utilities
  • Groceries
  • Transportation
  • Insurance
  • Minimum debt payments
  • Healthcare

30% - Wants (Discretionary Spending)

  • Dining out
  • Entertainment
  • Hobbies
  • Vacations
  • Subscriptions (streaming, gym)
  • Non-essential shopping

20% - Savings & Debt Payoff

  • Emergency fund
  • Retirement savings
  • Extra debt payments
  • Future goals

Note: This is a guideline, not a rule. Your situation may require different allocations, especially if you're on a tight budget. The priority is covering your essential needs first.

Tips for Reducing Expenses

Housing

  • Refinance mortgage if rates are lower
  • Consider taking in a roommate (carefully screened)
  • Appeal property tax assessment
  • Downsize if house is too large/expensive

Utilities

  • Lower thermostat by 2-3 degrees in winter
  • Switch to LED bulbs
  • Unplug devices not in use
  • Check for utility assistance programs

Food

  • Meal plan before shopping
  • Use store brands instead of name brands
  • Cook in batches and freeze
  • Limit dining out to special occasions
  • Use grocery delivery to avoid impulse buys

Transportation

  • Shop around for car insurance annually
  • Combine errands to save gas
  • Maintain your car to prevent costly repairs
  • Consider selling second vehicle if you don't need it

Subscriptions & Memberships

  • Review all subscriptions - cancel unused ones
  • Share streaming services with family
  • Use library instead of buying books
  • Cancel gym membership if not using regularly

Building an Emergency Fund

Even on a tight budget, try to save something each month. Start small:

  • Goal 1: $500 for minor emergencies
  • Goal 2: $1,000 for unexpected expenses
  • Goal 3: 3-6 months of expenses for job loss or major emergency

Tip: Set up automatic transfers to savings, even if it's just $25/month. Small amounts add up over time.

When Your Expenses Exceed Income

If You're Struggling to Make Ends Meet

Don't panic. Many resources can help:

  • 211: Dial 211 for local assistance programs
  • LIHEAP: Help with utility bills
  • SNAP: Food assistance (eligibility varies)
  • Local food banks: Free groceries
  • Churches and charities: Emergency financial aid
  • Credit counseling: Free help from NFCC.org

Consider meeting with a financial advisor. Many offer free initial consultations and can help you:

  • Understand your full financial picture
  • Make decisions about retirement accounts
  • Create a debt payoff plan
  • Maximize survivor benefits