The new year is a time for change. Sure, there are the standard financial resolutions like “save more money”, “spend less money”, and “take control of my finances”. However, there are other things that may be changing as well. For example, maybe you’re going to be buying a home, purchasing a new car, or going back to school. Whatever changes you’re going to be making in the new year, make sure can afford them! One way to make sure you aren’t stretching your finances too thin is to use a living expense calculator. Below is a free living expense calculator which can help you better understand your financial flow.
To use this free living expense calculator, simply enter your monthly income. Enter the money you’re sure you’ll receive not bonuses and overtime because they aren’t a guaranteed source of revenue each month. Once you’ve entered your monthly income, go down the list and enter all of your expenses. If a category doesn’t pertain to you, just leave it blank or enter a $0. When you’ve filled in all the fields, simply click “Calculate” and the living expense calculator will compare your income to your expenses. If you see a positive number, you’ll know you have that much “extra” money to work with each month. If you see a negative number, you’ll know you are overspending by that much each month.
You can also use this free living expense calculator for hypothetical scenarios. For instance, if you know your new home will increase your mortgage payment by $300 a month you can figure out what your new total would be. Don’t forget to take into account changes in insurance and property tax as well!
In addition to this free living expense calculator, if you are looking for other free money tools, be sure to download my free printable budget worksheets to keep your money organized and accounted for.
Free Living Expense Calculator
Enter your monthly income and expenses into the fields below. If a category doesn’t apply, leave it blank. When you’re finished, click “Calculate”. A positive number indicates a budget surplus; a negative number indicates a budget deficit.
|Phone (landline and cell phones):|
|TV (cable or satellite/movie subscriptions):|
|Family Expenses (day care/tuition/activities/child support/alimony):|
|Personal Care (hair cuts/toiletries/clothing):|
|Eating Out and Entertainment (books/magazines/movies/hobbies):|
|Debt Repayment (credit cards/car loans/home equity/student loans):|
|Property Tax (if not included in mortgage):|
|Savings Towards a Goal (buy a house or car/go on vacation):|
|Gifts/Charitable Donations (including tithes):|