There are several options available for budget templates and spreadsheets. However, a simpler way to create your budget is to use our FREE online budget calculator!
If you have never created a budget, I recommend you learn how to create a budget so you can better understand how your budget works. It will also ensure you have all items needed in order to properly use our budget calculator template.
You won’t be able to save this information, but you can print it out and keep it handy. Bookmark this page and come back to it frequently so you can update your budget as your income and expenses change.
HOW TO USE THE BUDGET CALCULATOR
Filling out the form is pretty straightforward. However, you want to make sure you use the right numbers so your budget is accurate.
Include all income from all sources. This is the amount of your paycheck, after all taxes and other withholding has been taken. This is the amount you have available to spend.
This is where you want to make sure your numbers are accurate. Completing a spending form will show you exactly how much you spend on each category, ensuring you are creating a budget that works.
While we have included nearly every type of expense for most people. It is also split into sections so you do not forget to add something!
Of course, there are instances where you may have other expenses not listed. Total these and add to the OTHER line in each section.
Once you enter an amount into each expense, the category will automatically show a total (do not enter anything in this box). This gives you a glance at the total you spend on each category, without manually adding it up.
Once you have added all your information to the budget calculator, you will see a result at the end. You want this to be zero as that means every penny you make is being used in some way.
If the result is a POSITIVE number, that means you need to “spend” more. Increase your savings or debt payments until it balances.
If the result is a NEGATIVE number, it means you are “overspending.” Look at the various categories to determine where you can reduce your spending. Some of the first to look at could be dining out, entertainment or other line items that are not mandatory expenses.
It is important to analyze your budget every single month. This way, you always have a good picture of your financial health.