Does the thought of running out of money by the second week of every month scare you out of your wits? Well, what if we tell you that you don’t have to lose your hair worrying about it anymore?
With the help of our online budget calculator, you can enter all the data about your income and expenses and figure out a way to save up!
If you just heaved a sigh of relief knowing there is a budget calculator based on income out there that can help you keep track of your finances, then it’s time you give it a try!
Keep reading to find out more about it!
Why Should You Use Our Online Budget Calculator?
Budgeting your monthly expenses is a necessary chore that you need to incorporate into your life. But, unfortunately, it is no news that sometimes it is hard to keep track of how much you’re spending. And, before you know it, your bank account has run out of every single penny.
Living on a low bank balance with no savings is no fun! Therefore, you must start budgeting, especially if your income is month to month. Budgeting helps you plan for the future by taking your monthly income into account and enables you to take command of your finances.
It may seem like a tedious and redundant process initially, mainly because you will have to learn to say no to yourself sometimes. But, eventually, becoming a budgeter will help you recognize what is worth spending money on and what is not.
This practice will help you save up lots of money, which will serve as a blessing in the long run. Trust us!
Our online budget calculator is a money monitor that will help you make a monthly and annual budget balance within a few minutes. All you have to do is enter the required information in this digital budget planner and get a plan right away!
If you are curious why should you use our online budget calculator, then keep reading to find out its benefits:
Keep Track of Your Money
The first savings rule is to categorize your monthly expenses and recognize your different expenditures. Of course, some of the costs are unavoidable. However, some of them can be avoided, so you need to lay down everything on the table.
Once you’ve entered your monthly income and expenses, our monthly income calculator will help you categorize your expenditures and help you with financial input for each category.
Revise Your Budget Plan
Once your expenses are categorized, you will know where the costs can’t be avoided and where you can make some cuts. Restricting your spending for some categories will help you save up drastically every month.
Plan Financial Goals
Our online budget calculator has a savings section, which has proved beneficial in setting goals for different individuals. For example, it can serve as a retirement budget calculator or help you set up an emergency fund.
This feature helps in diverting attention from momentary desires to come in handy in the long run.
Save Up For Big Expenses
As discussed earlier, some expenses like health insurance, tuition, home pay, and mortgage cannot be avoided. This is precisely why you should have savings to use in time of need. A monthly budget calculator helps you designate from monthly income to your savings.
Categories of Our Online Budget Calculator
Our Online Budget Calculator has multiple categories. You must feel these sections to get financial input on your monthly expenses. The first budget rule is to enter accurate information about all of your expenditures and monthly gross income.
Following are some of the sections:
Monthly Income
In this category, you need to add your gross income, including your salary and any and every source of income. For example, this would include information about your monthly paycheck or any monetary benefit generated from a side business revenue or annual gross income.
If you’re receiving your after-tax salary deduction, you can add 0% under the tax rate. Otherwise, you can type in the percentage value of the amount deducted from your salary.
Savings
This category will display all of the money stored in your savings account. It does not matter if the savings are for investments, rents, emergency funds, etc. The point of this category is to inform you how much money is collected in your savings.
Our online budget calculator does not touch money from this section. Therefore, it is assumed that this money does not exist while building an income and expense worksheet.
Monthly Expenditures
This category keeps track of all the everyday expenses you make daily. It can be anything from groceries, rents, transport, and other liabilities. You can also recognize some of the expenditures you can cut on or find better alternatives from this category.
Annual Expenditures
This final category keeps track of more considerable expenses that are usually less frequent than monthly expenses. It can include anything from tuition, lease, insurance, or vacation. If you get a gross salary, this section will also have taxes.
“Summary” Section of The Monthly Budget Calculator
Once you’ve entered all the information required to make a budget, our online budget calculator will work out its math and reveal the balance for you. Now, documenting all the data may be a bit of a hassle, but let us walk you through how it is helpful.
Once the budget binder has all the information it requires, it delivers you the following data:
Total Income
This category will exhibit the total monthly income you make through a paycheck or other monetary benefits from side businesses.
Total Savings
You will be able to check out how much money you are saving each month and what could be the total amount of savings by the end of the year. This could help you motivate into abiding by the budget rules.
However, keep one thing in mind that this calculator does not consider the interest amount collected throughout the year!
Total Monthly Expenses
This category has a sample budget that will reveal the amount you’ve spent monthly. Now, this could be eye-opening. You can compare the numbers of your monthly income with your monthly expenses and figure out if you’re spending too much or too little.
Finance professionals are of the opinion that a budget should be based on a person’s income, and emergency funds should be equivalent to three to six months’ worth of expenses.
This could help you reflect and plan better ways to save up by making necessary cuts.
Total Annual Expenses
This part of the digital budget planner determines how much money you will have to spend on the total expenses at some point during the year.
Monthly Budget Balance
This is one of the best features of our online budget calculator as it helps you stay on track regarding your spending. A sum sign on your account does not include your savings. If, after a whole month, the sum remains positive, then you are on track.
However, if the sum is negative, you need to make some cuts from your spending budget.
Annual Budget Balance
The annual budget balance is similar to the monthly budget balance, except it shows the sum of your account’s balance after a whole year. If you follow the monthly budget balance religiously, then there is no way you will be disappointed by this category.
How To Use This Calculator?
If you are intrigued by our money calculator online, why don’t you give it a try? It is easily accessible and super easy to use. All you have to do is have knowledge of your monthly expenses and income data with you.
In addition, this financial organizer has multiple categories that make it so efficient to use.
You just need to enter the data under each category except the summary. Once you’re done, the online budget calculator will provide you with an outline.
You’ll know your personal finance through this, which will ultimately help you plan your future!
Final Words
It is hard not to be overwhelmed with the high interest, inflation, rising housing costs, and maintaining credit cards, right? Well, this budget planner can also act as a money goal tracker and help you save up for the long run for more significant expenses.
Trust us, and you don’t have to do everything alone. Our online budget calculator can be the friend you need to lean on when it comes to finances. So let go of the fear of being broke by the end of every month and start using this budget calculator based on income.
