Why bother to create a personal or family budget?
First, at its simplest, a budget is the tool you use to know if you will spend more than you earn. To create a budget, you project your income and then deduct your estimated expenses. The budget calculator makes this calculation a snap. Just provide values for the pertinent inputs and click on the "Calc" button. That's all there is to it. Check out the Summary section for the results.
If the income is higher than the expenses, congratulate yourself. You're at least on the right track. However, if the expenses are higher than the income, then eventually some adjustments will need to be made.
You might be saying, "I don't need a budget calculator to know if I'm spending more than I'm earning." That's probably is right. But there's another, even more, important use for a budget.
Budgets help us reach our goals.
The budget calculator shows the percentage each category is relative to total expenses. If you have a goal to save for the down payment for a home, the calculator will show you where you can consider making adjustments so that you can reach your goal.
Don't forget to checkout the new save feature. More details below
- Calculates expense to income ratio.
- Calculates total & percentage spent in each of 7 categories.
- Updated 2019: Save your inputs for later use.
Answers the question, "Where does the money go?"
Click, copy, paste this URL to save the inputs for yourself or to share with others.
This custom URL updates when you click the "Calc", "Clear" or "Schedule" buttons. Paste it into a browser's address bar to reload.
What is a Budget Calculator Used For?
Simply put, a budget calculator let's you answer that famous question, "Where did all the money go?". Our Budget Calculator also calculates expense groups as a percentage of total expenses. It may be reasonable to have 30% of your expenses go to "Shelter". It probably would not be such a good idea if your "Recreation Expenses" were also 30%.
The budget calculator in SolveIT! also lets you compare projected budgets to actual income and expenses. You'll also be able to save your entries for later use and create budgets and reports which span and summarize an entire year (if you desire).