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514 W. Washington Avenue
Pleasantville, NJ 08232
609-646-6644

Budget Calculator

This budget calculator will give you an idea of your cash flow...that is, what money you have left, or what your are short, over a particular period of time.  In order to be accurate, you must make sure you include all income and expenses.  If there are items that are not specifically listed, include them in the "Other" number.    

Tips:
The amounts you fill in can be for any period of time ( weekly, monthly or even yearly) as long as you use the same period for the whole table.  Read our booklet, Homeowner's Gold, for a wealth of other advice and tips on saving money and reducing expenses at home or on the road.
If you use "Before Tax" income, you must consider your income tax/social security/pension, and other deductions from your gross income, as expenses and include them below.  With "Before Tax" income, you should add back the amount of the deductions you can take off taxable income on your tax returns...particularly because you can structure your deductions so that they are, in effect, additional periodic income instead of an annual tax refund. 

 Remember that, if you use "after tax" income, and then go from paying rent to paying a mortgage, your after tax income will increase with the same amount of PITI vs rent, because of the tax benefits of owning a home.

 The best thing you can do when you are about to begin budgeting, is to carry a small pad with you wherever you go for 1 month. 

 During that period, write down everything that you spend for everything that is paid for with cash or by means of debit cards.  The trick is to not miss a single penny.  At the end of the month, total up what this "misc" expense was composed of.  You will probably be surprised where the money went.  You also may find that controlling these expenses could make a big difference in your cash flow.

 

Section 1: Income 

Note:  If you use "Before Tax" income, you must consider your income tax/social security/pension, and other deductions from your gross income, as expenses and include them below.  On the same hand, you can should add back the amount of the deductions you can take off taxable income on your tax returns...particularly because you can structure your deductions so that they are, in effect, additional periodic income instead of an annual tax refund.

 Your base and overtime income

 Partner's base & overtime income

 Other Bonuses, commissions &/or Benefits

 Investment income 

 Other income (As mentioned above, include tax refunds if using before tax income)

 Total income

Section 2: Expenses

Mortgage or rent

Utility bills (gas, electricity, water, telephone)

Life, home, medical insurance (include vehicle insurance below)

Food and drink (supermarket shopping)

Toiletries, medicines, other personal items

Clothing and footwear

Leisure (Eating out, other entertainment, hobbies, cigarettes--include "take-out" or delivered meals)

Home maintenance and household goods

Automobile/vehicle insurance, operating & repair expense (except vehicle loan payments)

Vacation expenses

Non-mortgage installment debt. education, vehicle loan and credit card repayments

Regular savings

Other expenditures ( cell phone, internet access), pay TV, misc...include income deductions if using "after tax" income)

Total expenses

Your Income (from section 1)

Less Your Expenses (from section 2)

 Equals Your Excess or Shortage

Have you got money left over, or are you running out of money each month?  Read our booklet, Homeowner's Gold, for many suggestions for saving money that you have, for finding money to save AND for ways to get, and keep, various expenses in line.

This calculator is based on a model at the FSA, UK website...much thanks to the FSA. 

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