Budget Tool
Free Online Budgeting Tool
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Start
Type in your name and savings and click to begin planning your finances.
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Input expenses
Type in all of your expenses each month, starting with rent.
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View report
Look over your expense report and calculated income.
Calculate your budget
Hi there! My name is and I want to calculate my budget and plan my financial future.
My goal is to save $ each month.
Hi there! My name is Budget Tool, and I can help you with your budget. First, tell me about your housing expenses.
Housing expenses
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Rent or mortgage
$ per month -
Renters' or home insurance
$ per month -
Utilities
$ per month -
Housekeeping and furnishings
$ per month -
Other costs (repairs, property taxes, fees)
$ per month
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Insurance?
Renters' or homeowners insurance provides coverage for various specific events, such as theft or fire.
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Property taxes?
If you own a house, you must pay property taxes each year; type in the monthly average of these taxes.
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Other expenses?
Other housing expenses might include fees to homeowners' associations, mandatory maintenance or cleaning payments, or moving costs.
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Averages?
If you haven't entered an expense yet, the average expense for adults under age 25 will be shown in gray. The data is from the BLS.
Thanks! Now tell me about your auto payments.
Auto expenses
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Auto payment or lease
$ per month -
Gasoline
$ per month -
Auto insurance
$ per month -
Auto repairs and other expenses
$ per month -
Public transportation or car rentals
$ per month
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Payment or lease?
If you bought a car and took out a loan to cover the costs, you make monthly loan payments; after you pay off the loan, you own the car outright. If you are leasing a car, you make monthly payments for a period in exchange for the right to use the car; after the lease period is over, you must return the car.
We're almost done. Now I need to know the average amount you spend each month on discretionary expenses.
Discretionary expenses
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Groceries
$ per month -
Dining out
$ per month -
Apparel (clothes, shoes, etc)
$ per month -
Personal care (hair, nails, beard)
$ per month -
Entertainment (books, music, movies, TV)
$ per month
Thanks. Now let me know any other expenses you may have; just one more step after this.
Miscellaneous expenses
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Vacation
$ per month -
Gifts and charitable contributions
$ per month -
Loan and credit card payments
$ per month -
Health and life insurance
$ per month -
Other expenses
$ per month
Finally, tell me your taxes. After this, I'll calculate your required income and bring up your expense report.
Taxes
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Medicare
$ per month -
FICA (social security)
$ per month -
SDI (disability insurance)
$ per month -
State and local income taxes
$ per month -
Federal income tax
$ per month
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Medicare? FICA? SDI?
These are payroll taxes, and are usually deducted automatically from your paycheck. The FICA tax is calculated as 6.2% of your total income up to an income of $106,800. SDI, or State Disability Insurance, is a California state program and applies to all California residents. The SDI tax is calculated as 1.1% of your total income up to an income of $93,316. Likewise, the Medicare tax is calculated as 1.45% of your total income, with no income limit.
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State income tax?
California, like most states, requires that an income tax be paid in addition to the federal tax. For a single individual, the rate is 9.3% for income over $44,814, and is as low as 1% for $6,622 in income.
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Federal income tax?
You must submit a tax return for the income you earned over the previous year, if your income was more than a certain amount or you meet other requirements. Most people will need to fill out Form 1040, for which a guide is available on the IRS website. The total tax you pay depends on many factors in addition to your income.
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Disclaimer:
Budget Tool is not your lawyer, and this application does not establish a lawyer-client relationship. This is not legal advice.
Summary
Budgeter,
The required monthly gross income for your budget is $0, or $0 annually.
At your savings rate of $0 per month, you will have saved $0 at 3% annual inflation-adjusted interest if you retire in 45 years, or $0 at 7% annual interest. After 15 years, you will have saved $0 and $0 at 3% and 7% respectively. After 30 years, you will have saved $0 and $0 at these rates.
Based on your total expenses, if your filing status is Single, your total federal income taxes are $0 monthly, or $0 annually, using a standard annual deduction of $9,350. Your FICA taxes are $0 monthly, your Medicare taxes are $0 monthly, and your SDI taxes are $0 monthly. Your California state income taxes are $0 monthly, or $0 annually, using a standard annual deduction of $3,670.
Budgeter's expense report
| Category | Spending |
|---|---|
| Housing expenses | |
| Rent or mortgage | 0.00 |
| Renters' or home insurance | 0.00 |
| Utilities | 0.00 |
| Housekeeping and furnishings | 0.00 |
| Other costs (repairs, property taxes, fees) | 0.00 |
| 0.00 | |
| Auto expenses | |
| Auto payment or lease | 0.00 |
| Gasoline | 0.00 |
| Auto insurance | 0.00 |
| Auto repairs and other expenses | 0.00 |
| Public transportation or car rentals | 0.00 |
| 0.00 | |
| Discretionary expenses | |
| Groceries | 0.00 |
| Dining out | 0.00 |
| Apparel (clothes, shoes, socks, etc) | 0.00 |
| Personal care (hair, nails, beard) | 0.00 |
| Entertainment (books, music, movies, TV) | 0.00 |
| 0.00 | |
| Miscellaneous expenses | |
| Vacation | 0.00 |
| Gifts and charitable contributions | 0.00 |
| Loan and credit card payments | 0.00 |
| Health and life insurance | 0.00 |
| Other expenses | 0.00 |
| 0.00 | |
| Taxes | |
| Medicare | 0.00 |
| FICA (unemployment) | 0.00 |
| SDI (social security) | 0.00 |
| State and local income taxes | 0.00 |
| Federal income tax | 0.00 |
| 0.00 | |
| Total expenses | |
| Spending | 0.00 |
| Savings | 0.00 |
| Taxes | 0.00 |
| 0.00 | |
Savings projection
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Savings
$ added monthly -
Interest rate (APR)
% annually -
Inflation rate
% annually -
Time to retirement
years
Savings at retirement
Tax estimates
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Income
$ annually -
Federal deduction
$ -
State deduction
$
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Federal income tax
$0 annually -
State income tax
$0 annually -
Medicare
$0 annually -
FICA (social security)
$0 annually -
SDI (disability insurance)
$0 annually