Free Budget Calculator Monthly Planner

This Monthly Budget Calculator is a handy tool designed to help you plan and manage your savings and expenses. Whether you want to evaluate your current spending with our monthly expenses calculator or create your ideal budget, this tool has you covered. Use it to gain a clear understanding of your financial situation and to set achievable budgeting goals.

Creating a budget plan is a good idea because it allows for careful planning and ensures financial wellness. With a workable budget, you can manage your expenses effectively and achieve your financial goals.

This budget calculator is not a substitute for consulting financial advisors who can help you plan any investments and plan for future goals. It is just for personal use to help you get an idea of where your money is coming in and where it is going out. It is always a good idea to review your budget every 3 to 4 months and adjust.  

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Why use a Monthly Expense Calculator?

Budgeting is an essential yet often underestimated process. How many times have you been shocked by an empty wallet or a bank account with no savings? Budgeting is a good way to regain control over your finances, offering a clear picture of how much money you have to spend on your monthly income and what your monthly expenses are. 

Initially, a good budget might feel like a restrictive practice that takes away the joy of spending, as buying things can be fun. However, in the long run, budgeting empowers you to make informed decisions about your family’s needs.  It helps you prioritize your spending, avoid unnecessary expenses, and gradually accumulate savings

When it is all done, a personal budget provides the financial freedom to enjoy life without the constant worry of running out of money and maybe having extra money at the end of the month. 

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Categories of our monthly budget calculator:

This budget calculator is organized into several sections. You need to complete each section, except for the “Summary” section. The best approach is to track your expenses for a month and input all the numbers you collect into this calculator. Afterward, 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 monthly take-home pay, as well as all other sources of income, such as social security, both monthly and yearly. 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, and retirement savings, whether it is an emergency fund or money you use on investments. This money will still be yours, but our budget calculator 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. Expenses include car payments, student loans, child care, health insurance, property taxes, housing costs, mortgage payment, home or car insurance, public transportation, school supplies, groceries, any loan payment, cell phone, gas for your car, internet service, cable, credit cards that you are making a payment, you get the idea. Find them all and add them up so you do not have any surprises. 
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“Summary” Section of the Budget Calculator:

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

  • Income β€” This is the only part of your budget where the money actually flows into your account. It includes your monthly take-home pay, as well as all other sources of income, such as social security, both monthly and yearly. 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, and retirement savings, whether it is an emergency fund or money you use on investments. This money will still be yours, but our budget calculator 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. Expenses include car payments, student loans, child care, health insurance, property taxes, housing costs, mortgage payment, home or car insurance, public transportation, school supplies, groceries, any loan payment, cell phone, gas for your car, internet service, cable, credit cards that you are making a payment, you get the idea. Find them all and add them up so you do not have any surprises. 
  • 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.
  • Total income β€” Total net income 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. (The calculator doesn’t take into account the interest accumulated over the whole year.)
  • Total monthly expenses β€” This is the total amount you spend each month. Compare it with your incomeβ€”does it seem too high? Also, consider your savings. Experts recommend having an emergency fund equal to three to six months’ worth of expenses. Have you planned 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€” This is the amount left in your account at the end of the month (excluding savings). If it’s positive, you’re doing well. If it’s negative, you might need to cut down on some expenses.
  • Annual budget balance β€” This is the balance of your account after a full year. 
  • Adjust your budget plan β€” Once you understand where your money goes, you’ll be able to identify areas to cut back. By limiting your monthly spending in certain categories, you can increase your savings.
Budget Calculator

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