Knowing where your money goes is an eye-opening experience and an education in itself. This calculator will help you understand this by tracking your expenses. Keep a log and jot down whatever you spend. In this way, you will be able to take control of your money and your current financial situation.


 
MONTHLY INCOME

Income #1
If you get paid once a week, multiply your check amount by 52 and divide by 12 for your monthly income. If you get paid every two weeks, multiply by 26 and divide by 12.

$
Income #2
List here any secondary sources of income such as a spouse’s income or income from a second job.
$
Interest
Include only interest income that can be used to pay for monthly expenses, and not interest earned on retirement accounts or other investments.
$
Pension
If you receive money from a pension account, enter it here.
$
Other
Include any other regular sources of money (income) that you can include in your monthly financial outlook.
$
 
 
MONTHLY EXPENSES
Rent/Mortgage
Your rent/mortgage allowance should include your total monthly spending on housing including insurance, taxes, etc.
$

Car Payment
This amount is your monthly car loan or lease payment. If your car is already paid off, you can enter zero for the amount.

$
Car Insurance
This amount is separate from your car payment because it can vary with your driving record and other factors.
$
Credit Cards
If you don’t pay your entire credit card balance off every month, enter the amount you do pay each month. If you do pay your balance off each month, enter zero for the amount.
$
Education
Include tuition, books, fees and any other educational expenses.
$
Entertainment
Movies, concerts, ballet – any money you spend on having a good time. Include money you spend eating at restaurants in this category, not in food expenses.
$
Food
Include all food-related expenses including cooking supplies. But don’t include money spent on eating at restaurants – that should be included in your entertainment budget.
$
Medical
If your medical insurance isn’t deducted from your paycheck, include it here. Also include your average monthly expenditures for prescriptions, co-pays and other medical related payments.
$
Transportation
This category should include any costs associated with getting you from here to there outside of your car payment and insurance – fuel costs, public transportation, etc.
$
Utilities
This category is fairly self-explanatory. Gas. Electric. Water. Sewer.
$
Childcare
Include not only day care but also diapers, formula, and other baby-related expenses.
$
Miscellaneous
Every month there will be quite a few expenses that don’t fit in any of the categories above. Be sure to plan for these expenses, too.
$