Budget Calculator

Budget Calculator
Total Before Tax Income
Total After Tax Income
Total Expenses
Net (Discretionary Income)

Expenses Breakdown

Housing & Utilities
Living Expenses
Debt & Loan Payments
Children & Education
Savings & Investments
Miscellaneous Expenses

Budget Calculator

This budget calculator is mostly for personal financial planning. All of the income items are valued before taxes.

What is the definition of a budget?

A budget is a systematic plan to spend money in a certain manner, and it is an estimate and planning of income and spending.
Budgets are often designed to achieve specific financial objectives, such as paying off several credit cards, achieving a certain savings target, or putting income and expenditures back on track. There are many reasons why individuals establish budgets, as well as numerous methods for doing so. Some people may like our budget calculator, while others may prefer a different approach. Many alternative budgeting tools and applications have been made possible by modern technology. They all have advantages and disadvantages, but the one that works best is the one that budgeters will try to keep to as much as possible.

How to Make a Budget ?

Budget is essentially two things: living within your means and making plans for the future. Having a precise personal budget and sticking to it is generally the key to successful budgeting.

Keeping Your Costs Low:

Thousands of financial advisers, millennia-old religious teachings, and numerous internet sites have all repeated the concept of living within your means throughout time. As easy as it may seem, many people fail to put it into practice, as shown by the fact that eight out of 10 persons are in debt. People are unable to follow the concept for a variety of reasons, including the following:
Spending more than their income allows—The most common financial mistake individuals make is simply spending more than they earn, which snowballs into ever-increasing debt over time. Excessive reliance on credit—This borrowed money enables individuals to temporarily live above their means. Borrowers, on the other hand, who are unable to repay the borrowed funds on time would almost certainly find themselves in a financial bind. Insufficient knowledge —Because not everyone is expected to be a financial expert, it’s conceivable that ignorance or a lack of knowledge may lead to individuals living above their means. As a consequence, learning more about personal money may be beneficial.

Future-oriented planning

Budgeting and forecasting are extremely essential aspects when attempting to accomplish specific financial objectives, which is why whole departments exist inside many companies for the express purpose of budgeting and forecasting. People may benefit from this idea as well since it can be difficult to accomplish personal financial objectives without first preparing for them. Proper planning may aid in predicting future financial positions based on best estimate revenue and expenditure projections. Planning ahead of time may also assist with:
Defending against unforeseen calamities
Putting money aside for a rainy day
Seasons with a lot of debt
Getting ready to buy a new home, vehicle, or other significant purchase
Investment management that is done correctly
Getting ready for retirement, having children, or going to school
Choosing the right insurance policies
A personal budget may assist peoples in living within their means while also allowing them to prepare for the future. The Budget Calculator assesses the components of a personal budget and identifies which areas need attention.

Budgeting Worksheet

For individuals who wish to start budgeting their own money every month, we’ve developed a free, basic budget calculator. While it isn’t the most feature-rich budgeting tool available, it was designed to help everyone get motivated and started on their budgeting objectives before moving on to more complex budgeting programs. It may also be used as a supplement to annualize net income that has been computed using our Budget Calculator. The annualized expense-to-income ratio is also calculated. Every month, use our Budget Calculator and change the numbers in a saved version of our budget template. The yearly net income will be updated to reflect this.


Everyone would want to earn more money. Aside from more conspicuous expenditure, a greater salary provides for more cost flexibility; a month of excessive spending may be easily remedied with a high enough income. While increasing one’s income is easier said than done, it may usually be done by searching for a new career, obtaining more education such as additional degrees or certificates, learning new skills, or networking with the appropriate people. Investment income may provide a larger income for certain budgeters, but this approach only works in the long run. To make ends meet, a second job may be required in certain cases.


Utilities & Housing

Rent or mortgage payments make up the majority of most people’s monthly housing expenditures. Housing expenses should not exceed 30% of monthly gross income, give or take, according to a common rule of thumb. Any budgeter who discovers that their housing expenses are substantially higher may want to explore other cost-effective living options. Refinancing at a cheaper rate, moving to a more cost-effective area, or downsizing to a smaller house, if feasible, are all options.


The majority of budgeteers’ transportation costs will most likely be their vehicle payment or auto loan. Because the selling pricing of various vehicles varies so widely, there is usually a lot of room to cut costs. Choosing a vehicle within a certain price range will go a long way toward achieving a budget’s financial objectives. Monthly vehicle payments should be less than 10% of total income, as a general rule of thumb. Fuel, maintenance, and insurance are some of the other transportation costs. There are a variety of options available for reducing transportation costs. For one thing, vehicle ownership is not always necessary depending on the area, and there are other modes of mobility available. Instead, use public transportation, carpool, bike, or walk if feasible. Try to keep overall transportation expenses below 15% of your income as a rule of thumb. For more detailed information or computations, please use any of the calculators listed below.

Expenses of Living

While the costs of everyday life may seem small in comparison to the other categories, they may mount up over time. “Meals Out” is a category with a lot of potential for improvement in a budget. Cooking at home is usually more cost-effective than dining out, and depending on how frequently a person eats out, eating in more often may potentially save a considerable amount of money.
The expenditures breakdown in the findings includes “Food” and “Meals Out.” In general, this total cost should not exceed 15% of gross revenue.

Investing and Savings

Excess money in a healthy budget is usually set aside for the future, such as retirement savings or investments, emergency reserves, or education savings. Budgeters must not ignore the significance of an emergency fund; having one may make the difference between being in debt and not being in debt. It is very unusual for ordinary income workers to retire at a younger age if their savings and assets are properly handled. It is suggested that the sum of this section be 15% or greater as a general rule of thumb. For more detailed information or computations, please use any of the calculators listed below.

Miscellaneous Expenses

In comparison to other areas in a personal budget, such as housing or savings, this category of expenditures is usually the most flexible. It covers a wide range of expenditures that blur the boundaries between “needs” and “wants.” This allows for a lot of personal discretion, which may be beneficial or detrimental. Bad in the sense that excessive spending may devastate a budget, but beneficial in the sense that moderation can relieve stress and possibly repair a budget.