Learn How Much You Can Save and Spend

When you have filled in all of the applicable boxes, click "Calculate Form" to figure out your discretionary income (money that’s not already set aside for necessities such as rent or food).

Be sure to include an amount for extra spending money within flexible expenses to cover any unplanned expenses (things that come up unexpectedly throughout the month, such as dinners out with friends, an unexpected trip home, etc.).

Remember, there’s a difference between fixed and flexible expenses:

  • Fixed expenses: phone bills, loan payments, rent, car insurance, tuition (a month’s portion)
  • Flexible expenses: groceries, clothes, entertainment

Add up all expenses to figure out your total monthly forecasted spending. At the end of the month, re-total what you’ve spent to reflect your "actual" expenses – including fixed, flexible, and unplanned - to figure exactly how much you’ve "actually" spent.

The first month’s budget will provide you with a lot of information about where your money really goes. Next month, adjust your budget appropriately (cut back on flexible expenses, better calculate unplanned expenses, etc.) for the remainder of the year, and stick with it!

Monthly Net Income
Job #1 $
Job #2 $
Scholarships $
Loans $
Parents $
$
$
$

Monthly Fixed Expenses
Rent $
Car Expenses $
Credit Card Payment $
Tuition $
Loan Payment $
$
$
$

Monthly Flexible Expenses
Planned Actual
Savings $ $
Phone/Utilities $ $
Groceries $ $
Eating Out $ $
Transportation $ $
Clothing $ $
Entertainment $ $
Books/Supplies $ $
Hobbies/Sports $ $
$ $
$ $
$ $

Calculate Form    Clear Form

This interactive calculator is intended as an educational tool, not investment advice. The information presented is not intended to advise you of strategies applicable to your specific situation but rather to highlight issues for your consideration. Therefore, you should always consult your financial or tax advisor. Your own goals and investment timeline will help you develop a specific investment strategy.