Best budgeting calculators- Are you having issues with controlling your spending and saving? Do you find it difficult to live within your means? Then you should make use of your budget calculator. Budget calculators are tools that use your after-tax income to determine how much you should spend on different categories.
They break down your income into needs, wants, and savings. With this, you’ll be able to estimate the amount you are supposed to spend on different categories and save for your future goals. In this article, you will find some of the best budget calculators that you can use to create a spending plan.
Best Budgeting Calculator
Modern technology has paved the way for different budgeting software and applications. This means that you can easily find one online to take control of your spending. Below, you will find a list of some of the best budget calculators
50/30/20 Budget Calculator- NerdWallet
Are you looking for a good calculator to handle your spending? This 50/30/20 budgeting calculator for NerdWallet could be just appropriate for you. It is a popular budgeting method that splits your monthly after-tax ratio among three major categories; needs, wants, and savings.
After your tax has been subtracted from your monthly income, this calculator divides the remaining amount into 50% for needs such as housing, food, and transportation. Meanwhile, the other 50% will be split into 30% for wants and 20% for savings and debt repayment. With this, you would be able to control your expenses and start saving.
To create a budgeting plan with NerdWallet, visit the website at https://www.nerdwallet.com/article/finance/nerdwallet-budget-calculator?trk=nw_gn_5.0.
Smart Asset Budget Calculator
With this budget calculator, you get advice on how to streamline, fix, and stick to your income. It splits your monthly income into major categories like childcare, medical, housing, food, transportation, taxes, savings, and other expenses.
Furthermore, with this budget calculator, you can also see how people in your zip code are budgeting. It breaks down your income into specific areas and lets you see how much you are expected to spend on each income while letting you have savings.
Visit the website at https://smartasset.com/mortgage/budget-calculator to create a budgeting plan.
Quicken’s Budget Calculator
Are you new to budgeting? Quicken’s free budget calculator can help you get started with budgeting. This calculator is designed to walk its users through the key budgeting categories step by step. With it, you can monitor where your money is going and even create a plan to repay debt, grow your savings, and meet long-term financial goals.
To create a budget plan with Quicken, visit the website at https://www.quicken.com/resources/calculators/budget-calculator. Enter your “Monthly income” and “other income” to get started.
Budget Calculator – Mapping Your Future
Mapping your future is a non-profit organization designed to help students, families, and schools through their career selection, college planning, and financial aid counselling resources. With their unique budget calculator, you could be able to control your expenses and save for unforeseen future needs.
If you are ready to start budgeting then you can use this calculator to create your personalized spending plan. Visit the website at http://mappingyourfuture.org/money/budgetcalculator.cfm\ to create a budget plan.
Budget Calculator (50/30/20) – Forbes
With this calculator, you can simplify the amount you want to allocate to needs, wants, and savings. It brings down your income to these three categories and lets you see how much you should be spending on each category based on your residence.
Visit them at https://www.forbes.com/advisor/banking/budget-calculator/ to make use of this free online calculator.
Budget Calculator – Voya.com
This monthly budget calculator is an interactive online experience that allows you to create a monthly budget. It analyzes based on the information provided. Also, it works well with the 50/30/20 rule to ensure that you are conservative with your spending on needs, and wants. It also calculates how much you should be saving each time you receive your daily, monthly, or weekly income.
To start a budget plan with this calculator, visit the website https://www.voya.com/tool/budget-calculator.
This budget calculator is also one of the best ones that you can use to take control of your expenses and savings. It applies the 70-20-10 rule. This rule divides your monthly take-home pay into 70% for needs, 20% for savings, and 10% for wants.
To create a budget plan, visit the website at www.youcandealwithit.com/borrowers/calculators-and-resources/calculators/budget-calculator.shtml to get started.
MoneyHelper Budget Planner
With this budget calculator, you can know where your money is being spent. It also breaks down your finances into different categories and gives you personalized tips on how you can save. This is a great step to get out of debt and start preparing for retirement.
To get started with budgeting, visit the website at www.moneyhelper.org.uk/en/everyday-money/budgeting/use-our-budget-planner.html.
Budget Calculator- Personal Capital
This is also one of the best budget calculators that create a monthly spending plan and reach your financial goal. It enables you to explore monthly fixed and variable expenses and also identify areas for additional saving.
Visit the website at www.personalcapital.com to create a monthly budget plan.
Best Budgeting Calculator Apps
Asides from the budgeting calculator software stated above, you can also make use of budget apps. These apps are free to use and enable you to create a monthly spending and saving plan. Below is a list of some of the best budget calculator apps
- Money Manager Expenses & Budget
- Every Dollar
- Spending Tracker
Stated above are some of the best budget calculator apps. They work well with the information you provide to give you the best results on how you can save to achieve your financial goals.
Why is Budgeting Important?
Budgeting lets you see how much you are spending relative to your earnings. Through budgeting, you’d be able to know how much you are spending in different categories. It enables you to ensure that you are not living above your monthly income Furthermore, budgeting also helps you live within your income and keeps you better prepared for changes in the future.
What is the Popular 50/30/20 Budget Rule?
The 50/30/20 rule is very common and one of the best budget rules employed. This rule divides your after-tax income into three categories; needs, wants, and savings. With this, you’d be able to control your spending and have savings at the end of every month.
What are the Types of Budgeting?
The main types of budgeting are stated below
- Incremental budgeting
- Value proposition budgeting
- Zero-based budgeting
- Imposed budgeting
- Activity-based budgeting
- Negotiated budgeting
- Participated budgeting
What are the 4 Types of Expenses?
The four types of expenses are
- Variable expenses- These expenses vary from month to month. They include electricity gas, groceries, and clothing.
- Fixed expenses- These are expenses that do not change monthly. They include rent, cable bills, car payments, and so on.
- Intermittent expenses- These expenses occur occasionally in a month.
- Discretionary expenses.
How Can I Save More Money?
The first step to saving money is to pay off your high-interest debt. Once, you’ve achieved that you need to create a budget plan. With that, you’d be able to keep traction in the cash you are spending on categories like food, clothing, grocery items, housing, and more and know where you can cut back on spending.
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