Monthly Budget Calculator

Here at MFF, we take budgeting very seriously. The best way to grow your wealth is to be in the know of your expenses.

Take control of your finances with our user-friendly budget calculator. Simply input your income and expenses, and let our calculator do the rest. Gain valuable insights into where your money is going and optimize your budget for financial success.

After calculating your monthly budget, check below to see what steps we suggest for upping your budget game. While you’re here, consider checking out one of our free courses to help you on the path to financial success.

Student Budget Calculator

Monthly Income

1. Earned income (take-home, after taxes)

Include total monthly wages, salaries, tips and any other employee take-home compensation (also includes self-employment earnings)

2. Retirement income

Include monthly amount from pension(s), social security

3. Other income

This could include monthly income payments from real estate, alimony, child support, investment dividends, bank/savings interest, etc.

Monthly Expenses and Savings

4. HOUSING: Rent or homeowner MTI (mortgage, taxes, home insurance)

If a homeowner, this includes monthly mortgage, real estate taxes, home insurance, PMI (if applicable), HELOC (if applicable), etc.

5. HOUSING: Utilities

This includes monthly bills for electric, heat, water, sewer, cable, etc.

6. HOUSING: Other monthly housing-related expenses

This may include plowing, trash, lawn care, etc.

7. TRANSPORTATION: Vehicle payment(s)

This includes any monthly vehicle loans or other payments

8. TRANSPORTATION: Vehicle fuel and tolls

9. TRANSPORTATION: Vehicle maintenance

Include monthly allowance for routine expenses like oil change, tire rotation as well as any amount you wish to set aside for other maintenance expenses

10. TRANSPORTATION: Vehicle replacement

Enter any monthly amount you wish to set aside for the purchase of new vehicle(s) in the future

11. FOOD: Groceries

Enter monthly amount you spent on groceries

12. FOOD: Restaurants

Enter monthly amount spent going out to eat

13. OTHER: Cell phones

Enter monthly cell phone bill

14. OTHER: Debt

Enter any monthly debt payments (health care, student loan, credit card, personal debt, etc.)

15. OTHER: Insurance

Enter any monthly amounts for car insurance, life insurance, disability insurance, etc.

16. OTHER: Miscellaneous expenses

Enter any other monthly expenses (charitable givings, etc.)

17. SAVINGS: Saving amount

Enter any monthly amount you wish to set aside for savings (vacation, retirement, etc.)

Money Leftover

If you are human, leave this field blank.

Next Steps To Improve your Budgeting:

1

Start

Without sitting down and inputting your numbers – you’ll never know where you’re at. Just getting started is a major victory and a big first step towards taking control of your money.

2

Stick with It.

Like any new habit, it takes a little work to keep with it. Starting with once a month is a good goal. Find an accountability partner or spouse to budget with and have some financial conversations.

3

Put your extra money to work.

The ultimate goal of your budget is to improve your cash flow situation and ultimately yield excess funds that you can use to pay down debt, save, and invest.