Establish a Realistic Budget
Establishing a realistic budget requires a careful observation of your spending habits, and the ability to break things down into essentials, non-essentials, and occasional expenses. To gain a better understanding of your expenses and spending habits, the first step is to keep a record of your expenses. The amount you can save is determined by how much you make and how much you spend. Since you have more control over how much you spend, it is smart to take a critical look at your expenses. Write down everything you spend your money on for a couple weeks or a month. Be as detailed as possible, and try not to leave out small purchases. Place each purchase into a category such as: Rent, Car insurance, Car payments, Utilities, Gas, Food, Entertainment, etc.
Keep a small notebook with you at all times. Get in the habit of recording every expense and saving the receipts. Sit down once a week with your small notebook and receipts. Record your expenses in a larger notebook.
After a month or two has passed, go through your notebook to see how much money you spend in each category. You will be surprised when you look back at your record of expenses: $200 on fast food, $100 on ice cream? You will probably notice some obvious cuts you can make. Think about your priorities, and make cuts you can live with. Calculate how much those cuts will save you per year, and you will be more motivated to save.
Sometimes you need some help managing your expenses and keeping your spending under control. One of the most important aspects of controlling your budget is to determine where your money is going. This calculator helps you do just that. By entering your income and monthly expenditures, you can see how much you have left to save and where your money is being spent.
Home Budget Analysis Calculator
Managing your monthly budget can be difficult and frustrating. One of the most important aspects of controlling your budget is to determine where your money is going. This calculator helps you do just that. By entering your income and monthly expenditures, you can see how much you have left to save and where your money is being spent. In addition, you can click the 'View Report' to see your entries results in detail, which can help identify areas for improvement.