Budget Calculators
Filing bankruptcy is only the first step in obtaining your “fresh start.” It is critical to your financial health to do everything possible to avoid a repeat of whatever it was that caused the bankruptcy in the first place. For many people, that means learning about budgeting, and making use of a budget calculator.
Everyone can benefit from using a budget calculator. Using a budget calculator will reduce the stress in your life. It is always fun to spend money, but not as much fun to pay the bill when it arrives. Below are 4 steps to creating a budget:
- Create a list of all your monthly income. If you have some income that is received yearly, divide that number by 12.
- Create a list of all of your monthly expenses. If you have some expenses that occur only once a year, divide that number by 12. You may want to track your expenses for a month to help you create this list. Keep all your receipts and write down everything you spend.
- If your income is greater than your expenses, then you are ready to begin setting up your budget. If your expenses are greater than your income, then you need to go back and reduce some expenses before setting up your budget. A budget calculator can simplify this process.
- Now that you have money left over each month, add new categories of expenses like retirement savings or emergency savings. Everyone should have an emergency savings.
Below are some links to various calculators to help you set up a good working budget:
Mortgage Calculator
Powered by Mortgage Calculator Mortgage Calculator
General Budget Calculators
Automobile Calculator
