Budget calculator

This section of the budget calculator covers take-home pay, including your main source of income and any supplementary sources of cash flow that is disposed of each month. This could be a paycheck, tips, child support payments, Social Security income, etc. Don’t forget household income if you’re budgeting for a family.

Let’s take a look at your average monthly recurring expenses, including fixed costs such as bills, subscriptions, and utilities.

• Rent: Enter your total monthly rent payments.
• Insurance: Enter any costs related to your monthly insurances. It can be car insurance, renter or health insurance, etc.
• Property tax: Include monthly property tax payments based on your area.
• Electricity: Consider how much you pay for electricity every month.
• Gas: Enter monthly costs for gas in your home.
• Water: Include the cost of your monthly water bill.
• Internet service: Enter how much you pay for Wi-Fi or internet provider monthly.
• Cell phone: This may include how much is your cell phone plan, let’s say AT&T or T-Mobile.
• Subscriptions: This may include all monthly costs on subscriptions such as Netflix, Spotify, Youtube Premium, etc.
• Other: Note any recurring monthly expenses that don’t fall under the above categories in this space.

This section in our budget calculator goes for monthly expenses broken down by category.

• Home: Enter your total monthly spending related to home such as supplies, cleaning, furniture, etc.
• Groceries: Consider how much you spend on groceries every month. It also might be grocery bills or food subscriptions.
• Auto & Transport: Enter your total monthly costs for day-to-day transportation. If you drive a car, include auto payments and gas expenses. If you commute by public transportation, include ticket pricing or pass subscriptions.
• Eating out: Note how much money goes for restaurants and other places where you eat.
• Entertainment: Under this category, include the amount you regularly spend on entertainment activities per month, away from home, such as concert tickets, movie passes, or social events.
• Health & Medical: Enter the amount of money you spend on hospitals, pills, other related health-care expenses.
• Personal Care: This may include items such as shampoo, toothpaste, cosmetics, and other personal care essentials.
• Gifts & Donations: Don’t forget to include money for birthday gifts and church donations during the month.
• Clothing: Many people love shopping, and expanding their wardrobe is one of their favorite activities. Add how much money you spend on the elements of clothing like jackets and shoes in this category.
• Education: This may include costs for any educational courses, books, etc.
• Electronics & Software: Enter all electronics costs such as covers, power banks, chargers, sockets, licensed software, etc.
• Kids: Enter any expenses spent on child care, including daycare costs, school fees, and babysitting costs.
• Pets: If you have a furry friend, fill in this field with monthly expenses for food, medicine, grooming, or veterinary bills.
• Shopping: Include other shopping expenses.
• Sports & Fitness: Under this category you should include expenses such as sport wear, sport supplies, protein, equipment, etc.
• Travel: Enter travel-related spending such as air tickets, hotel costs, etc.

This section of the spending calculator covers all your debt payments, so you could easily pay them off and cover all necessities at the same time. Enter the sum of minimum payments you need to pay every month for all your debts.

• Credit cards: Enter the minimum amount of money you must pay towards your credit cards debts.
• Loans: Include the minimum costs for any loan debts.
• Mortgage: This section goes for the minimum mortgage payment that is enough to pay it off avoiding extra fees.
• Insurance: Any insurance-related debts such as car or health insurance.

This part is all about planning for your financial future. It involves the sum that you manage to save during a specific period of time. From emergency savings to retirement contributions, everything is included.

• Emergency Fund: An emergency savings account is a stash of money set aside to cover any financial surprises life may throw your way. For instance, you may find out that you need a new fridge all of a sudden (or, at least, its repair). It is better to save a minimum of three-month living expenses. Enter your monthly contributions to your emergency savings fund here.
• Investments: If you contribute to any investment accounts, do not forget to include contributions as well to get more accurate results.
• Retirement: If you contribute to a retirement account outside of a workplace 401(k), add those as well.
• Other: Include any other types of savings contributions you make on a monthly basis.

As you enter your information, our budget calculator will automatically update each section, then show you how much you’re overspending (or how much money is left after covering all necessary expenses, we call it “In My Pocket”).

Monthly budget is a must-have for every person who wants to have full control of their finances without facing any issues. Our tool helps with budgeting and visualizing your finances. By having this information, you can make the most of your money using our free budget calculator and planner.