Budget Calculator
Track your income and expenses to better manage your finances. Calculate your monthly budget, savings, and debt-to-income ratio.
Results
Summary
| Annual | Monthly | |
|---|---|---|
| Total Before Tax Income | $83,000.00 | $6,916.67 |
| Total After Tax Income | $59,760.00 | $4,980.00 |
| Total Expenses | $59,840.00 | $4,986.67 |
| Net (Deficit) | $-80.00 | $-6.67 |
Debt-to-Income (DTI) Ratio
| DTI Ratio | 27.71% | Your DTI ratio is good. |
| Front-End DTI Ratio | 20.48% | housing costs by gross income |
Expenses Breakdown
Housing & Utilities
| Annual | $20,000.00 | 33.47% of income |
| Monthly | $1,666.67 |
Transportation
| Annual | $5,740.00 | 9.61% of income |
| Monthly | $478.33 |
Living Expenses
| Annual | $12,000.00 | 20.08% of income |
| Monthly | $1,000.00 |
Food & Meals Out: $7,200.00 annual ($600.00 monthly, 12.05% of income)
Debt & Loan Payments
| Annual | $6,000.00 | 10.04% of income |
| Monthly | $500.00 |
Mortgage and auto loan included
Healthcare
| Annual | $2,400.00 | 4.02% of income |
| Monthly | $200.00 |
Children & Education
| Annual | $1,200.00 | 2.01% of income |
| Monthly | $100.00 |
Savings & Investments
| Annual | $7,200.00 | 12.05% of income |
| Monthly | $600.00 |
401k, IRA, and college saving tax adjusted
recommend 15% or higher
Miscellaneous Expenses
| Annual | $8,300.00 | 13.89% of income |
| Monthly | $691.67 |
About Budget Calculator
The Budget Calculator helps you track your income and expenses to better manage your finances. By calculating your monthly budget, savings, and debt-to-income ratio, you can make informed decisions about your spending and saving habits.
How to Use This Calculator
To use this calculator:
- Enter all sources of income in the "Incomes (Before Tax)" section
- Enter your income tax rate (federal + state + local)
- Enter all your expenses in the various categories
- Click "Calculate" to see your budget summary
Understanding the Results
The calculator provides several key metrics:
- Total Before Tax Income: Your gross income from all sources
- Total After Tax Income: Your net income after taxes
- Total Expenses: The sum of all your expenses
- Net (Deficit): The difference between your after-tax income and expenses
- Debt-to-Income (DTI) Ratio: Your monthly debt payments divided by your gross monthly income
- Expenses Breakdown: A detailed view of where your money is going
Why Budgeting Matters
Budgeting gives you control over your finances. It helps you:
- Understand where your money is going
- Identify areas where you can save
- Plan for future expenses and financial goals
- Avoid overspending and accumulating debt
- Build savings and investments for financial security