Financial Calculators

Cost Of Living Calculator To Understand Your Monthly Budget!

Figure out if you will save or owe money each month with our monthly budget calculator


Tax rate
Pension / social security
Other monthly income
Tax return
Other annual income


Emergency fund

Monthly expenses

Loans and liabilities
Home maintenance
Child care

Annual expenses

Car insurance
Home insurance
Travel and vacation


Monthly expenses
Annual expenses
Monthly budget balance
Annual budget balance
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Table of contents

Budgeting is the process of creating a plan for how you will spend your money. It involves looking at your income and expenses, and then making decisions about how much money you will allocate to different categories such as housing, transportation, food, entertainment, and savings. Here are some reasons why budgeting is important:
  • Helps you reach your financial goals: When you have a budget, you have a clear idea of how much money you can spend each month. This makes it easier to save for important financial goals such as buying a house, paying off debt, or saving for retirement.
  • Prevents overspending: When you have a budget, you are less likely to overspend and get into debt. You can set limits for each category of spending and make sure you are staying within those limits.
  • Provides a sense of control: Budgeting gives you a sense of control over your finances. You know exactly where your money is going and can make adjustments if you need to.
  • Helps you prioritize your spending: When you have a budget, you can prioritize your spending based on what is most important to you. For example, if you value travel, you can allocate more money to that category and cut back on other areas.
  • Now, let's talk about how to create a budget. The first step is to determine your income. This includes any money you receive from your job, investments, or other sources. Next, you will want to track your expenses. This means keeping track of everything you spend money on, from rent and groceries to entertainment and transportation. You can use a tool like the monthly budget calculator you mentioned to help you categorize your expenses.
    Once you have a clear idea of your income and expenses, you can start creating your budget. Start by allocating money to your necessary expenses such as rent, utilities, and food. Then, decide how much money you want to save each month and allocate that to a savings category. Finally, allocate money to your discretionary spending categories such as entertainment and travel.
    Remember, your budget is a plan and it can be adjusted as needed. If you find that you are overspending in a certain category, you can cut back in another category to make up for it. The important thing is to have a plan and stick to it as best you can.


    Q: Can you give me an example of a monthly budget?
    A: Here’s an example of a monthly budget
  • Salary: $3,000
  • Freelance work: $500
  • Expenses:
  • Rent/mortgage: $1,200
  • Utilities (electricity, water, gas): $150
  • Internet/cable: $100
  • Phone bill: $50
  • Groceries: $400
  • Eating out: $200
  • Transportation (gas, car payment, insurance): $400
  • Entertainment (movies, concerts, hobbies): $150
  • Gym membership: $50
  • Savings (emergency fund, retirement): $500
  • Total income: $3,500 Total expenses: $3,200
    In this example, the person's monthly income is $3,500, and their total monthly expenses are $3,200. This leaves them with a surplus of $300 each month, which they can either save or use for other expenses. By creating and sticking to a monthly budget like this, the person can ensure they are not overspending and can meet their financial goals.
    Q: How much should I spend on food each month? A: The United States Department of Agriculture (USDA) provides a monthly food plan for individuals and families based on their age, gender, and activity level. According to the USDA's most recent report, a moderate-cost food plan for a single adult male aged 19-50 is about $250-$300 per month, while a moderate-cost plan for a single adult female in the same age range is about $200-$250 per month. These estimates can vary based on where you live and your personal food preferences.
    Q: How much should I spend on rent each month? A: Financial experts typically recommend spending no more than 30% of your gross monthly income on rent. For example, if your gross monthly income is $4,000, you should aim to spend no more than $1,200 on rent each month. However, this percentage can vary depending on your location and personal financial situation.
    Q: What percentage of income do Americans spend on rent each month? A: According to the U.S. Bureau of Labor Statistics, the average American household spends about 33% of their income on housing, which includes rent or mortgage payments, property taxes, and utilities.
    Q: What is a typical percentage of income to spend on rent? A: As mentioned earlier, financial experts typically recommend spending no more than 30% of your gross monthly income on rent. However, this percentage can vary depending on your location and personal financial situation.
    Q: How can I save money in my budget? A: There are several ways to save money in your budget, such as:
    John Cruz
    Article author
    John Cruz
    John is a PhD student with a passion to mathematics and education. In his freetime John likes to go hiking and bicycling.
    Cost Of Living Calculator To Understand Your Monthly Budget! English
    Published: Sat Apr 01 2023
    In category Financial calculators
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