![]() Mortgage or Rent: Whether you own or rent, you’ll need to factor in your housing expenses. Others, like groceries and entertainment expenses, will be estimates. Some of these costs, like rent and car payments, will be specific numbers. Once you’ve figured out how much money you’re bringing in each month after taxes, you’ll need to figure out how much you need to spend on your monthly expenses. ![]() Step 2: How to determine and enter monthly expenses You can also use this section to add a second income if you’d like to create a joint budget. If you have additional income such as a side hustle, or you receive child support, alimony, or other supplemental income, add that monthly amount under Other Income. If the last 3 months were unusually high or low, add up all your deposits for the past year instead and divide by 12 to get a better average. Enter that amount in the budget calculator. If your income changes from month to month, add up your total monthly deposits for the last 3 months and divide that number by 3 to get a baseline monthly estimate.If you get paid every other week, multiply your take-home amount by 26 for the number of checks you get each year, and then divide by 12 to get your monthly take-home pay.If you get paid twice a month, add the take-home amount of your two checks together and enter that amount.If you get paid a regular check once a month, enter your net income after deductions each paycheck.To determine what to enter under Salary/Wages in the budget calculator, follow these steps: Remember, this is the amount you can spend every month, so be sure to use your net income - which is the money you’re left with after taxes and deductions for things like health insurance and your 401(k), not your gross income, which is your total pay before any deductions. Ready to get started? To use our monthly budget calculator, first you need to figure out your monthly income. It's unlikely you spend the same amount on groceries and other food every single week.Build your budget in 3 easy steps Step 1: How to figure out your monthly income For bills that change in cost, such as your quarterly energy bills, tally these up and work out the average cost over a year. Looking over a 12-month period will ensure you don't miss any, especially bills that are paid annually. Go back through your transaction history for the past 12 months and identify all your bills and payments. Identify all bills and repayments before you start.If you're currently renting (as opposed to paying off a mortgage) you can enter your rent amount as "other" under "Living Expenses". This is handy as you might get paid weekly, but have some expenses that come out monthly or even quarterly. This can help you enter your spending without having to work out your annual spend (the tool will do this for you!). ![]() You'll see there's a "frequency" option after each income source or expense. Pay attention to the payment frequency.If you share income and expenses with a partner and want to create a joint budget, remember to factor this in when you're entering your expenses. If you're putting together a budget just for you, simply leave the "net salary – partner" options empty. Decide on an individual vs joint budget. ![]() This is the income that lands in your bank account after tax has been taken out. ![]() When you enter your income in the first section, make sure to enter your post-tax income. They are neither a recommendation nor an eligibility test for any product and should not be construed as financial advice, investment advice or any other sort of advice. *Whilst every effort has been made to ensure the accuracy of this calculator, the results should only be used as an indication.
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