Once you’ve figured out how much money you’re bringing in each month after taxes, you’ll need to figure out how much you need to spend on your monthly expenses. Step 2: How to determine and enter monthly expenses You can also use this section to add a second income if you’d like to create a joint budget.
If you have additional income such as a side hustle, or you receive child support, alimony, or other supplemental income, add that monthly amount under Other Income. If the last 3 months were unusually high or low, add up all your deposits for the past year instead and divide by 12 to get a better average. Enter that amount in the budget calculator. If your income changes from month to month, add up your total monthly deposits for the last 3 months and divide that number by 3 to get a baseline monthly estimate.If you get paid every other week, multiply your take-home amount by 26 for the number of checks you get each year, and then divide by 12 to get your monthly take-home pay.If you get paid twice a month, add the take-home amount of your two checks together and enter that amount.If you get paid a regular check once a month, enter your net income after deductions each paycheck.To determine what to enter under Salary/Wages in the budget calculator, follow these steps: Remember, this is the amount you can spend every month, so be sure to use your net income - which is the money you’re left with after taxes and deductions for things like health insurance and your 401(k), not your gross income, which is your total pay before any deductions. Ready to get started? To use our monthly budget calculator, first you need to figure out your monthly income.
After that, you will see the calculated amounts on the dashboard.Build your budget in 3 easy steps Step 1: How to figure out your monthly income The bi weekly spending tracker will calculate the totals. Then, you can enter what you spend every two weeks. Here, you can also write subcategories below those expense titles. In this sheet, there are spaces for every category. Moreover, you can see where you spend your money, visually with the charts on the dashboard sheet.Īfter your fill in the categories, you should click the expenses button to go to the expense tracking sheet in the bi weekly budget template. Secondly, you can track weekly savings according to the information of your expenses and income. For example, if you earn $2000 from work and you also get $1000 from your rental house, you can determine your income as below: The bi-weekly budget template is advantageous for budgeting two paychecks in a month. Then, you can also specify your income and where it is coming from. These categories, which you will write in this box, will appear on the Expenses sheet as a title. Firstly, you can define the categories of expenses that you will track every two weeks.
The dashboard sheet in the bi weekly budget calculator has two main purposes. This Excel template has two sheets you will use. Therefore, our Bi-weekly Budget Template may assist in making an ideal money planner for you. Otherwise, you might get confused about forecasting your savings. But, if you get bi-weekly paychecks, creating a personal bi weekly budget would be the ideal option for you. There are many weekly and monthly budget templates out there.