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Budget Calculator

Created by Bogna Szyk
Reviewed by Steven Wooding
Last updated: Jun 05, 2023


This monthly budget calculator is a tool that will aid you in planning your savings and expenses efficiently. You can use it either as a monthly expenses calculator, to assess the current state of your expenses, or as a budget creator, to plan the ideal budget you'd like to have.

If you want to plan your company's budget as well, make sure to check out the business budget calculator. Meanwhile, you can use the EMV calculator (expected monetary value) to quantify any risk that can impact your budget and the high-low method calculator for a quick estimate of your business' costs of operation.

πŸ™‹ If you are looking for a rather basic tool to help you budget, feel free to check out the 50/30/20 rule calculator.

Why use our monthly expense calculator?

Budgeting is an important, even though heavily underestimated, process. How many times did you stare in horror at your empty wallet or your bank account with no savings at all? Budgeting helps you regain control over your finances. At the beginning, it may seem that this rigorous process strips your life of joy (buying stuff is fun, right?). However, in the end, it will give you the freedom to decide what is worth your money and help you accumulate some savings in the meantime.

Our monthly budget calculator bases its calculations on the information you provide to calculate your monthly and annual budget balance. Thanks to it, you will be able to:

  • See where your money goes β€” Categorizing your expenses will give you a clearer understanding of which areas of your life require the largest financial input.
  • Adjust your budget plan β€” Once you will know what happens to your money, you will be able to identify where to cut. Limiting your monthly budget to certain categories will increase your savings.
  • Set goals β€” The savings section allows you to set goals β€” for example, for an emergency fund or a retirement fund. Instead of dreaming about a vacation, you can set a monthly contribution to this goal.
  • Prepare for large expenses β€” Some expenses, such as tuition or insurance, are made annually. Make sure to have some money designated for these causes when the payment deadline comes around.

Categories of our monthly budget calculator

This budget calculator is divided into several sections. You need to fill all of them (except for the "summary" section) out. The best way to do it is to track your expenses for a month and input all numbers you collected into this calculator. Later, you can adjust the values to create your target budget.

The categories include:

  • Income β€” This is the only part of your budget where the money actually flows into your account. It includes your salary, as well as all other sources of income, both monthly (received each month β€” for example, a side business revenue) and annual (received each year β€” for example, the thirteenth salary). If you receive an after-tax salary, input a tax rate equal to 0%. Otherwise, type in the percentage of your salary that will be taken away from you in taxes.
  • Savings β€” This is all of the money you put in savings accounts, whether it is an emergency fund or money you use on investments. This money will still be yours, but our budget creator assumes it's "untouchable" β€” you cannot spend it on other things.
  • Monthly expenses β€” All expenses you make on a daily basis, from groceries to utilities. This category also includes payments you make each month, such as loans and other liabilities.
  • Annual expenses β€” All expenses you make less frequently than once a month, for instance, tuition or vacations. If you normally receive a gross salary, this section will also include taxes.

"Summary" section of the budget creator

Once you type down all information about your budget, our budget calculator will determine the balance for you. This tool will provide you with the following data:

  • Total income β€” Total amount of money you make each month.
  • Total savings β€” You will be able to see how much you save each month and what the total will be after the whole year. Note that this calculator doesn't take into account the interest accumulated over the whole year β€” you can use our APY calculator to do that.
  • Total monthly expenses β€” This is the calculated total sum you spend a month. Compare it with your income. Is it not too high? Compare this number with your savings, too. Experts say that your emergency fund should be equal to three to six-month worth of expenses. Did you plan an adequate savings fund?
  • Total annual expenses β€” Amount of money you will have to spend at one point during the year.
  • Monthly budget balance β€” The sum that will stay on your account after the whole month (doesn't include savings). If it is positive, you are doing well. If negative… Maybe you should cut down some expenses?
  • Annual budget balance β€” Similarly, this is the balance of your account after a full year. Are you happy with this number? If not, simply keep adjusting your budget!
Bogna Szyk
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