Household Budget Calculator

Description

Are you spending more than you make? Or are you making more than you spend? Where does all the money go? Will you have enough saved for retirement? A household budget is nothing more than a plan that sets spending goals over a period of time and allows you to monitor how you are doing against that plan.

When to Use

Use this household budgeting calculator to:
  • Examine the nature of your spending habits
  • Establish a tax reduction plan
  • To plan for retirement
  • To set savings goals for vacation, a new car, college and the like
  • Examine the nature of your personal Wealth....How much liquidity do you have?
What information you will need

To effectively use this financial tool it is best to have the following on hand:
  • checkbook
  • paycheck stub(s)
  • records of other income (dividends, interest statements, brokerage accounts etc)
  • copies of major bills (telephone, utilities, auto insurance, health insurance etc.)
  • life insurance policy statement (showing annual premiums)
  • most recent tax return and credit card statements and loan statements
  • mortgage statements
  • other debts
Note: You do not need to have all this information to use the tool, but the more you have available, the more accurate the calculation.
INCOME

Date:
Title:
 
Step 1: Record your Income
Salary #1
Salary #2
Interest Income
Dividends
Other # 1

Other # 2

Other # 3

Step 2: Record your Weekly Expenses
Groceries

Transportation

    Fuel
    Repairs
    Loans
    Insurance

    Other Trans

Child Care
Household Supplies
Dining Out

Other # 1

Other # 2

Other # 3
  Total Weekly Expenses on Results Page

Step 3: Record your Monthly Expenses
Housing
Utilities
Phone
Cable
Loan Repayments

Other # 1

Other # 2
Other # 3
  Total Monthly Expenses on Results Page

Step 4: Record your Taxes
Federal
State/Local
Property
Other Taxes

Other # 1

Other # 2
Other # 3
  Total Taxes on Results Page

Step 5: Record your Other Expenses
Medical & Dental Expenses
Repairs
Retirement Savings
Regular Savings
Entertainment
Vacations
Gifts
College Savings
Other # 1
Other # 2
Other # 3
  Total Other Expenses on Results Page