Online Savings Calculators and Tools




Budget Calculator



Budget Calculator

This budet calculator was designed to convert all inflows and outflows into their monthly equivalents making it easier to see how much you can really afford to spend during any given month. And because your household is just as much a business as any traditional business, the various sections of the calculator have been set up in the same way most businesses would set up their cash flow worksheet.

Starting at the top and working your way down, complete and calculate the cash flows for each of the six sections. Once you've computed the entire worksheet, including the Cash Flow Summary, you can then go back and edit your entries. Once you're comfortable with your Cash Flow Forecast you can then click on the "Create Report" button at the bottom of the worksheet. This will create a condensed report in a new window that you can print out and refer to when creating your spending plan.
Cash Inflows
Example Accounts Inflow
Description
# of Pmts
Per Year
Amt of
Each Pmt
Monthly
Amount
Your Primary Job
Spouse's Primary Job
Your Second Job
Spouse's Second Job
Your Business Revenues
Spouse's Business Revenues
Interest & Dividend Income
Rental Income
Cash Gifts
Gambling Winnings
Rummage Sale Receipts
Tax Refund
Instructions
Inflows
Administrative
Personnel
Transportation
Residential
Entertainment
Totals
Total Monthly Inflow:
Adminstrative Outflows Balance Forward:
Example Accounts Outflow
Description
# of Pmts
Per Year
Amt of
Each Pmt
Monthly
Amount
Savings Deposits
Investment Deposits
Office Supplies
Postage
Basic Phone
Tax Preparation
Computer Supplies
Legal Expenses
Misc. Payments
Brokerage Fees
Income Tax Payments
Health Insurance
Life Insurance
Charitable Gifts
Tools
Reference Materials
Classified Ads
Instructions
Inflows
Administrative
Personnel
Transportation
Residential
Entertainment
Totals
Total Monthly Adminsitrative Outflow:
Personnel Outflows Balance Forward
Example Accounts Outflow
Description
# of Pmts
Per Year
Amt of
Each Pmt
Monthly
Amount
Groceries
Vegetable Gardening
School Lunches
Toiletries & Grooming
Hair & Make-up
Medical, Dental, & Optical
Medication & Prescriptions
Clothing & Laundry
Dry Cleaning
Education
Daycare
Child Support
Health Club Memberships
Therapy
Instructions
Inflows
Administrative
Personnel
Transportation
Residential
Entertainment
Totals
Total Monthly Personnel Outflow:
Transportation Outflows Balance Forward
Example Accounts Outflow
Description
# of Pmts
Per Year
Amt of
Each Pmt
Monthly
Amount
Gasoline
Car Repairs & Maintenance
Car Insurance
Car Payments
Lease Payments
Fares and tolls
Parking
Licenses & Permits
Fines & Tickets
Instructions
Inflows
Administrative
Personnel
Transportation
Residential
Entertainment
Totals
Total Monthly Transportation Outflow:
Residential Outflows Balance Forward
Example Accounts Outflow
Description
# of Pmts
Per Year
Amt of
Each Pmt
Monthly
Amount
Grounds Maintenance
Building Repairs & Maint.
Cleaning Supplies
Furniture & Fixtures
Appliances
Pest Control
Interior Decorating
Rent or Lease Payments
Mortgage Payments
Property Taxes
Propane, Fuel Oil, & Wood
Electricty
Property Insurance
Snow Removal
Alarm Systems
Instructions
Inflows
Administrative
Personnel
Transportation
Residential
Entertainment
Totals
Total Monthly Residential Outflow:
Entertainment Outflows Balance Forward
Example Accounts Outflow
Description
# of Pmts
Per Year
Amt of
Each Pmt
Monthly
Amount
Movies & Theatrical
Long Distance Calls
Vidio & Movie Rental
Cable & Satelite
Sporting Events & Activities
Hobbies & Crafts
Games, Arcade, and Amusement
Parties & Entertaining
Gifts
Dining Out
Nightclubs
Gambling
Pets & Pet Supplies
Music
Vacation Propery Payments
Vacation & Travel
Instructions
Inflows
Administrative
Personnel
Transportation
Residential
Entertainment
Totals
Total Monthly Entertainment Outflow:
Summary of Inflow and Outflows
Links Category Outflows Inflows
Instructions
Inflows
Administrative
Personnel
Transportation
Residential
Entertainment
Totals
Monthly Inflow
Monthly Administrative Outflow
Monthly Personnel Outflow
Monthly Transportation Outflow
Monthly Residential Outflow
Monthly Entertainment Outflow
Total Monthly Outflows
Net Cash Flow


Budget Calculator Information



You may have been given the advice to stick to a budget, which seems simple enough. Once you start realizing how many different sources of income and expenses you have, and that not every payment is a monthly expense, things start to get complicated. If you’re struggling with making a budget to balance your finances, the budget calculator can help you get on track.

The first step to using the budget calculator is to gather all of your bills, paychecks and statements from any sources of income that you have. If you pay all of your bills through online bill pay and are unable to locate paper bills, it’s acceptable to use the amounts listed on your bank statement to judge how much an expense costs per month. You may also be able to discover the amount you pay monthly on the company’s website where you make your payment. Expenses that vary month-to-month, like electricity, can be averaged.

Use of the budget calculator it relatively simple; you’re just going to input your cash inflows (income) into the beginning sections, and outflows (expenses) into the appropriate category. For an example calculation, we’ll keep the inflows and outflows to a minimum for simplicity purposes. Assume the following:

Inflows

• You receive a paycheck of $1,789.00 twice per month.

• Your spouse receives a paycheck of $458.00 every week.

Outflows

• Investments of $250 per month.

• Groceries totaling $300 per month.

• Toiletries & grooming totaling $50 per month.

• Clothing totaling $100 per month.

• Gasoline totaling $250 per month.

• Car repairs and maintenance totaling $500 per year.

• Car insurance totaling $600 every 6 months.

• Mortgage payments totaling $675 per month.

• Vacation once per year totaling $2,500.

You probably have many more expenses than are listed here, particularly items like utilities, but we will keep expenses simplified for illustrative purposes. We will input all of the preceding information into the budget calculator.

The calculator will show you that you have a monthly inflow of $5,562.67, which is your income from you and your spouse’s paychecks. Your cash outflow, or your expenses, total $1,975.00 in this example, leaving you with an additional $3,587.67 per month.

Your actual calculation will likely leave you with a much smaller amount of cash left over at the end of the month, because you’ll have more expenses than we used in the example. The leftover amount can go towards savings, or you can devise a plan to pay off any debts you have sooner.

If you have an excessive amount of money left over after you make your calculation, be sure to double check that you included all expenses. Many people forget about the little expenses that add up: that cup of coffee every morning or a snack at the vending machine every afternoon.

Once you’re sure that you’ve listed all of your expenses, you can determine if you need to make changes in your budget. If the amount calculated is negative, you’re spending beyond your means and need to either find a way to make a larger income or cut expenses to balance your budget.

If you have a positive number, you have a choice as to what to do with the leftover money. You can invest it or put it into a simple savings account. If you have debts, you may want to put the extra money towards your debts so you can pay them off faster and pay less overall in interest. Even if you have no credit card balances, putting more towards your mortgage each month could help you pay your mortgage off earlier.

The budget calculator is to be used as a tool to calculate your basic budget and discover if you’re living outside your means, or if you have money left over at the end of the month. For financial advice about how to cut expenses or how to utilize extra cash flow you have, consult a financial professional.