Budget Calculator Instructions

Purpose of this tool

This tool gives you a visual representation of where your money is coming from and where you are spending it.

It can help you quickly identify areas where you can make changes in your finanacial habits to improve your financial situation.

Disclaimer

This tool is only a guide.

Individual circumstances vary. You are strongly advised to seek the help of a financial professional (such as a Certified Public Accountant, Certified Financial Planner, or tax attorney) to review your particular financial circumstances.

How to use this tool

Monthly Income

Enter the amount of money that you and/or your spouse/parter get from each of the following sources:

Net Monthly Income from work – This is money earned from working. These sources can be from a job, contract work, and commissions
Net Monthly Pension / Social Security – This is money received from a pension or social security. Pensions can be from employers, the government, or the military. Social Security includes any money received from Social Security.
Net Monthly Insurance / Benefits – This is money received from insurance (such as disability insurance) and other benefits (such as Workers Compensation or Unemployment benefits).
Net Monthly Interest / Dividend Income – This is money received from interest bearing accounts or dividends from stocks and bonds.
Other Monthly Income – This is for income that doesn't fall under other categories.

Monthly Expenses

Enter the amount of money that you spend each month in the following areas –

Housing
- Mortgage/Rent – This can include your Insurance and Property Taxes
- Insurance – This can be for Homeowner's or Renter's Insurance. This can be included in mortgage payment.
- Property Taxes – This can be included in mortgage payment.
- Maintenance – This is for general home maintenance and repairs.
Car
- Car Payment 1 & 2 – Your monthly car payment(s), if any.
- Car Insurance – The monthly amount of your car insurance.
- Gasoline – The average amount of gasoline you purchase each month
- Maintenance – The amount you spend each month on car maintenance (such as oil changes).
- Repairs – The amount you set aside each month for car repairs (such as tire replacements).
Utility – Enter the amount you spend each month on each of the following: Electric, Gas/Heat, Water & Sewer, Telephone, Cable, and Internet
Insurance – Enter the amount you spend each month on Health and Life insurance.
Financial
- Credit Card Payments – Enter your total monthly credit card expense.
- Loan Payments – This is for loans not already counted in Housing, Car, or Credit Cards, such as Student loans.
- Bank Service Charges – Include any monthly bank service charges here.
General – Enter amounts in these categories that are not already covered in other categories.

Analysis

After you have entered your income and expense data, click any of the "Update Budget" buttons.

The tool will then generate pie charts of your income and expenses. It will also determine if you have a net surplus or deficit at the end of the month, and how much this is.

< back