Family Budget Calculator
- Details
- Last Updated: Sunday, 18 November 2018
Calculator Definitions
The variables used in our online calculator are defined in detail below, including how to interpret the results.Average Annual or Monthly Income ($)
Family Expenses (Annual or Monthly)
This next section allows you to input either your monthly or annual family expenses in each of fourteen different categories. These categories of costs include: food, alcoholic beverages, housing, clothing, transportation, healthcare, entertainment, personal care, reading, education, smoking or tobacco, other expenses, contributions, insurance and pensions. Where necessary, explanations are given below.Food ($)
Your family food expenses should include both dining away from home, and money spent on groceries eaten at home.Housing ($)
Housing expenses should include mortgage payments and property taxes, home repairs, furnishings, and utilities.Transportation ($)
Your family transportation budget or expense should include car leases, car loans, gasoline and maintenance. It should also include any budgeted money for public transportation.Personal Insurance and Pensions ($)
Personal insurance and pension should include all family expenses including homeowners insurance, life insurance, and payments made to retirement plans such as pension plans and 401k plans.Family Budget / Expenses
This next section of the calculator displays the results of your family budget / expenses compared to the national average for each category of expense. Keep in mind this calculator provides budget information as a guide. The real value of this calculator is that it allows you evaluate each expense type and then decide if you need to make an adjustment to your family budget.Total Family Expenses ($)
This is the total of all the family expenses you've entered earlier. This value is used by the calculator to figure out your total savings.Total Savings ($)
This is the total family savings each month or year. This value is calculated by taking your after-tax income and subtracting your total family's budgeted or actual expenses.Family Budget Calculator
Disclaimer: These online calculators are made available and meant to be used as a screening tool for the investor. The accuracy of these calculations is not guaranteed nor is its applicability to your individual circumstances. You should always obtain personal advice from qualified professionals.