Free Monthly Budget Calculator

It is essential to find the right budget tool to help you get your personal financial situation back on track. This free monthly budget calculator will give you a great head start to put your money habits down on paper so you can see where you need to cut back or adjust.

This will help you create a spending plan to identify areas to adjust to ensure you have a fully-funded emergency fund. After that, you can focus on your retirement account and tackle your debt repayment.

My free budget calculator will give you a budget breakdown that may open your eyes to frivolous spending habits. Learn more about budgeting below or scroll down to use the free budget calculator.

How Do You Calculate A Monthly Budget?

A budget is the first step in any successful money management plan. Knowing how much money is coming in each month and exactly where it goes is something everyone needs to do to ensure their money is going towards things that bring them value. This plan requires you to use a monthly strategy rather than an annual net income budget.

Monthly Net Income

The first step is to calculate your total monthly income. Your budget will always start with your total monthly income after taxes. The first section of this free budget calculator requires you to enter your after-tax monthly pay, as well as any extra income you expect to receive.

Extra income may include side hustles or off-duty jobs you currently do.

Use the “+” buttons to expand each category. Entering your amounts into this cost calculator will automatically total your amounts.

Household Budget – Total Monthly Expenses

To identify your monthly expenses, look over your financial statements from the previous month. Focus on separating what your living expenses include as well as your discretionary spending. During this process, it is crucial to uncover everywhere you spent money. After we fill out the monthly budget calculator, we can identify areas to cut back and start saving.

**For annual expenses, divide the total cost by 12 to factor it into a monthly plan.

Housing And Utilities

While housing and utilities are necessities, it doesn’t necessarily mean there are not areas in which we can save money and free up some funds. Be sure to look through previous monthly expenses to identify how much you spent on:

  • Rent, Mortgage Payment
  • Home Equity Loan or Second Mortgage Loans
  • Home Insurance (if paid separately)
  • Homeowner’s Association Fees
  • Home Repairs & Maintenance
  • Electric & Gas
  • Water, Sewer, and Trash
  • Phone Bill
  • Internet and/or Cable


Many of us spend more on our vehicles than we really need. These areas will help you genuinely identify how much you are spending on transportation and where.

  • Vehicle Payment
  • Second Vehicle Payment
  • Vehicle Insurance
  • Gas
  • Vehicle Maintenance
  • Misc. Vehicle Expenses


Full disclosure: I have always struggled with my grocery budget. It always seems we spend much more on food with a family of five than we really should. While we have cut back on restaurant dining, we are still scaling back the amount we spend on daily groceries.

  • Groceries
  • Household Goods
  • Eating At Restaurants

Personal Hygiene And Personal Care

These expenses often fluctuate from month to month. Look at your last month of expenses and fill in the information.

  • Medical (co-pays and other expenses not covered by health insurance)
  • Prescription Drugs
  • Term Life Insurance
  • Clothing
  • Misc. Expenses
  • Haircut and/or Style


I had no idea how expensive kids were – until we had them. Be sure to count all of your costs related to your children.

  • Child Care Expenses
  • Child Support Payments
  • School Tuition & Supplies

Outstanding Debt

Hopefully, you were able to pay more than the minimum payments on your debt last month. However much you could put towards your specific debts, be sure to include them in this budget calculator.

  • Credit Cards
  • Personal Loans
  • Medical Debt
  • Student Loans
  • Tax Debt
  • Misc. Debt Payments

Miscellaneous Expenses

Last but not least is the miscellaneous expense section. Again, because personal finance should be personal, this section is for all of those uncommon expenses that you and your family spend each month. 

  • Hobbies
  • Fun Money
  • Monthly Subscriptions
  • Vacations
  • Church Tithe & Charitable Donations
  • Animal Care
  • Holidays & Birthdays
  • Other Expenses

Calculate Your Results

Once you enter all of your financial information, it’s time to see how you are doing and where you could improve. Use the results button to calculate your current situation in my free budget calculator.