Budget calculator

This calculator is a record of what comes in and what you spend. A personal or household budget contains the total of expenses and income in a given period of time. Setting up a budget allows you to understand how you use your money, if your income covers your expenses and how much you could save to achieve your life goals.

Write down all the incoming amounts and all the outgoing ones, for example commitments you already have, like mortgage payments, utility bills, current expenses and unexpected expenses. When you start, it's also important to include what you often spend on small luxuries; they tend to be underestimated on a day-to-day basis but they can weigh on your budget over the course of a year. If a certain type of spending has a big impact on the total, it may help to break it down into smaller categories so that you can see if you can reduce some of these expenses even slightly.

If you do this regularly, you'll be able to work out your priorities, plan your spending and understand how much you can save. Be aware of how often each item is paid (weekly, monthly, every two months, quarterly, every six months or yearly) and make sure you put it in the calculator correctly.