Budget Planner & Calculator
Use this budget calculator to plan estimated expenses based on income. Just enter your income (annual or monthly) and this budgeting tool will calculate the conventional spending amounts based on normal percentage ranges. These ranges were determined by cross referencing the Consumer Expenditure Survey from the U.S. Bureau of Labor Statistics against various personal finance guru recommendations.
You can then create a household budget worksheet to use as a reference point for creating a budget.
Your personal budget will vary within these percentages based on personal preferences and income level. For example, lower incomes will have higher percentages for necessities like food. Higher incomes will have larger percentages for pension and insurance but lower for food.
This calculator works great in tandem with the expenses calculator here to compare these suggested allocations with your actual spending.
Finally, if this calculator helped you the please share a like, tweet, or +1. Thanks for your support!
How To Start Saving And Properly Spend Using A Budget
Do you ever wonder where all your money goes?
Do you often find there is more month than money to pay for it?
If this is your scenario then the Budget Calculator can help you take control of where your money is going monthly and get your savings back on track.
There are lots of free budget planners online that can help you create your first budget template. But before you jump in, make sure that you are ready with your list of inputs necessary for creating a budget.
Plan Before You Start
The purpose of budgeting is to allocate your income between your estimated expense categories for the month. However, the process can be confusing because there are so many different expense categories plus some expenses get paid monthly, others quarterly, and still others only occur annually. How can they all fit within a single budget?
Elements For Creating A Budget
There are various elements that make up the income portion of your budget:
Similarly, you can divide the monthly expense portion of your budget into the following categories:
Irregular or annual expenses can be budget busters if mishandled and must be treated differently. The best strategy is to take the annual amount and divide it by 12 to get a monthly expense and then save that amount every month so that you have the cash on hand to pay the annual bill when it arrives. Below is a list of common expenses paid annually:
Steps To Using A Budget Calculator
Ways To Stick To Your Budget Plan
Once you’re done creating a budget, it is important that you stick to it. Sticking to your budget plan can be frustrating especially when you have big expenses coming up that you didn’t plan for. Below are tips to help you avoid this problem:
Budgeting is an essential tool on your path to financial freedom. You must spend less than you make to create savings. Unless you have extraordinary self-discipline then it won’t happen without a budget plan.
When you follow a budget you have more control over your money and increase savings. The first step is debt freedom, and the second step is financial freedom, but it all starts with proper budgeting.
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