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Budget Calculator
To use this calculator:
- Insert your gross monthly income and tab to review estimated expenses based on national averages.
- To change prepopulated figures, tab between fields or click on the appropriate field.
- Enter your monthly student loan payment amount.
- Tab to or click on the Balance field to see your monthly surplus or shortfall.
Note: This calculator is for informational and educational purposes only. The results are estimates only.
| Item |
Amount |
Description |
| Income |
|
$ |
Enter your monthly income before taxes or deductions. |
| Expenses |
|
$ |
At least 20% of your monthly income will go to state and federal taxes and other deductions. |
|
$ |
This covers a basic medical insurance plan for one person. |
|
$ |
If you aren't sure what to save for later, assume about 3% of your salary will go to a retirement plan. |
|
$ |
The national average for rent is nearly $700 per month. |
|
$ |
This amount includes all your meals for a month. Remember, buying gourmet coffee and drive-thru meals every day will add to this amount. |
|
$ |
Include monthly payments for a good used car plus gas, insurance, registration and maintenance. |
|
$ |
This amount assumes that at least some of your water, electricity or heat is included with your rent. |
|
$ |
This includes basic cable, high-speed Internet service and a basic cell phone plan, plus an occasional evening out. |
|
$ |
You'll need to buy clothes for work, personal care items, products to clean your home and other miscellaneous purchases. |
|
$ |
Add the monthly payment amount for all your student loans together. |
| Balance |
|
$ |
If you have a surplus, start adding to your savings or retirement plans; a negative number means you need to either increase income or reduce expenses. |
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