Student Loan Budget Calculator – Student Knowledge HQ

Budget Calculator

It’s all about awareness: to be financially healthy, you have to know where your money is going every month. We’re here to help. To get started, simply input your information into each category below as best you can. We will crunch the numbers for you, and then you can download a pdf copy as a handy reminder to keep tabs on your spending.

This is what you bring home each month on average (after taxes and all of that). If you are creating a spending plan for both you and your spouse, enter all income sources for the two of you. If you are creating an individual spending plan, list all sources of income including any support you receive from family, financial aid, money from savings and from your job.

Wages

Family Support

Financial Aid

Money from Savings

Total Monthly Income

This area is where you will list all of your current fixed monthly expenses. Your fixed expenses should be about 50% of your overall budget.

Housing

Rent or Mortgage

Home/Renter's Insurance

Property taxes or other fees

Other

Utilities

Cell Phone

Internet

Cable

Electricity

Water

Gas

Other

Debt Payments

Credit Card Payment

Student Loan Payment

Other

Transportation

Car Payment

Car Insurance

Bus or Subway

Other

Health

Health Insurance

Fitness Membership

Prescriptions and other monthly medical expenses

Other

Other Fixed Expenses

Tithing or Donations

Child Care

Subscriptions

Other

Total Fixed Expenses

This area is where you plan all of your savings activities. It is important to put aside money each month for future activities. Savings should account for about 20% of your overall budget.

Emergency Fund

Vacation Fund

Other Short-Term Savings Fund

Retirement (IRA or 401k)

Retirement (Roth IRA or Roth 401k)

Other Savings and Investments

Total Monthly Savings

This area is where you will estimate your monthly flexible spending. Based on your previous entries you have $0.00 remaining for discretionary spending. Your flexible spending should be roughly 30% of your overall budget.

Groceries

Eating Out

Clothes

Hobbies

Health and Beauty

Household Items

Pet Care

Electronics

Events (Entertainment)

Other

Total Flexible Spending

Summary

This is a handy snapshot of where your money is going and if you're on track to cover current expenses while planning for the future. If you're coming up short, look for ways to reduce expenses or increase income. If you've got cash to spare, think about ways you can put that money to work for you, including putting it towards your savings goals. Now that you've taken these initial steps to build your spending plan, you can continue to monitor and tweak it monthly to account for any changes to your money and stay focused on your financial goals.

Total Monthly Income

— Your Expenses

— Your Savings

— Flexible Spending

Amount Remaining

STUDENT LOAN KNOWLEDGE HQ

Budget Calculator

Your Income

Your Fixed Expenses

Housing

Utilities

Debt Payments

Transportation

Health

Other Fixed Expenses

Your Savings

Your Flexible Spending

Summary