Budget Calculator

This budget calculator is mainly for the planning of personal finance. All the income items are after tax values. If you are in the United State, you can use the take home pay calculator to estimate your monthly income based on your salary or you can take away the average of 28% from your salary as withholdings.

   Salary & Earned Income /
  Pension & Social Security /
  Investment & Saving / interest, capital gain, dividend, rental income...
  Other Income / gift, alimony, child support, tax return...
  Income Tax Rate federal+state+local, use 0 for after tax income, find yours
Housing & Other Debt
  Mortgage /
  Property Tax /
  Rental /
  Auto Loan /
  Other Loan and Liability / credit card, personal loan, student loan, etc.
Living Expenses
  Grocery Items / food, household suppliers, etc
  Utilities / electricity, gas, water, phone, cable, heating...
  Transportation / gas, insurance, repairs, toll, parking, etc.
  Clothing /
  Child & Personal Care /
  Entertainment /
  Home Maintenance / repair, home insurance, furniture, appliance...
  Travel and Vacation /
  Other / eat out, hobbies, etc.
Savings & Investments
  401k & IRA / before tax contribute
  College Saving / before tax contribute
  Stock, Bond, & Funds /
  Other Savings /
  Medical Insurance /
  Medical Spending / copay, uncovered doctor visit or drugs, etc.
  Tuition /
  Other Spending / book, software, magazine, device, trip, etc.
All Others Spendings
  All Other Spendings / gift, donation, etc.

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Importance of living within your means

Financial independence is liberating, while financial stress is a heavy burden. We are all tempted to take on too much debt, but we do not always realize the consequences. Once we exceed our means, the stress of keeping up financially exacts a terrible toll. Few are aware that almost half of those who have excessive debt suffer from symptoms of severe depression.

Whereas financial independence is liberating, even if we don't have a lot of money. The mere ability to know freedom from anxiety over money allows the mind to move on to much more pleasurable pursuits.

Any financial planner will tell you that financial independence may be had by saving, investing for the future, and by budgeting so that you control your spending in the present. Working out a budget means enabling all these positive habits.

Budgeting for the Present and the Future

Before you can begin investing, you have to work out how to put money aside in order to free it up from present needs to invest. This means making a budget, and sticking to it.

The first step is to sit down and to list what you really need to pay every month, and what you really want to have. This includes some 'fun' things: Decide what you will allow yourself to do for fun without spending all of your money. Make sure to allow a sufficient amount for essentials, and leave a bit of extra for emergencies.

Now that you've seen what you really need, you are likely to find that you spend a good deal on non-essentials that you don't really care about. You probably have a few extra meals out every week that you don't need. You go shopping for fun for a few things you could do without. Trim down, but allow yourself some extras.

You should now have some extra money left over to save or invest. Put it into a bond or a mutual fund, where it can earn a healthy rate of interest. Plan to keep making investments in a fund over time with the money you save. This will go to your retirement or to your future needs.

The Budget Calculator determines the funds you have available for investment and regular spending. The budget calculator adds up your assets and deducts your expenses. All the income items are after tax values. If you are in the United State, you can use the take home pay calculator to estimate your monthly income based on your salary.