Budgeting is about working out how much you can spend, and still be able to afford all of your expenses.
We designed this calculator to help you identify exactly how much you spend per week/month/year and still afford all of your expenses. If you can’t afford your existing debts this calculator will identify that you are “Insolvent”. This is a legal term identifying that your expenses are more than your income.
This includes your net salary or wage, your pension or government allowance, if you receive child support bonuses, if you have investment or rental commitments, if you receive childcare rebate and other income options. This will truly be the main determiner of how much you can budget with the budget calculator each month.
Everything that’s found its place in your home. From the sofa you argued with your husband over for 5 hours to the overused kettle – all of these things will be included in your household section. This also includes the bills that you pay each month, such as rent or mortgage repayments, utility bills, phone bills and Internet charges.
This might be the hardest to admit to yourself, should you be suffering from a serious case of materialism! To figure out where you’re spending the most money, whether it’s on too many clothes or expensive holidays, it’s often a good way to narrow down exactly what you need and what you don’t need – what can be often ditched as you’re working through the budget calculator.
This will be hugely factored into your budget plans. Whatever your debts are, from mortgage payments to car loans, you should give the most accurate sums you can in order to work out your budget plans.
From Health Insurance to the Insurance you have on your phone. Any way where your items are protected from financial loss you should list them here.
This will be involving your superannuation, regular savings for your future plans, potential investments and other savings you may have. This will factor into what you’d like to budget for and how much you can live on factoring in your current savings.
A very important part of this budget calculator is how much you’re spending on your medical bills each month. If you’re a regular at the doctors or at the dentist then these will factor into your monthly budget plans; should you be a frequent visitor for any reason then it’s important to factor these in, as well as what would coincide with your medical insurance.
If you have a car, motorbike, van, another vehicle or if you take public transport, these should all factor into what you spend each month. This also includes fines, repairs you may need for your vehicle, monthly fuel usage and parking costs.
Although it’s not often seen as a huge cost for younger people, mounting university fees, buying uniform, books, stationary and field trips can all add up and affect your budget plans.
If applicable, your children will most likely be the burning hole in your pocket. This might even be your biggest lump of outgoings each month, but you can also determine from here whether you’re spending too much.
Our budget calculator should only be seen as a guide, and not to be followed professionally. If you’re looking for a consultation involving budgeting, then talk to one of our experts today.