Makayla Maudsley October 4, 2020 Budget
However, even if a budget calculator reveals that you have surplus funds each month, you should not necessarily assume a loan or investment venture is right for you. For instance, if you are left with surplus money each month, but you do not have a savings, you might want to consider putting your money towards a savings rather than an investment. It is usually a good idea to put some money aside, just in case you suddenly need it. After all, you never know when a financial situation can take you by surprise.
For example, I love donuts. There are several times that T have bought one or two donuts from the mini-mart when I stopped to get gas. I may only spend one dollar at each stop, but if I do this several times each week, it can add $10 or more to my food budget. Coffee might add another $10 or $20. If I did not figure this into my food budget, I would have problems. Since all of our money is supposed to be accounted for in our budget, there is no "extra" money. That means that if I do not take it from my food category, I am taking that $20 or $30 from another category. This would throw the entire budget off course.
While we may know how much money we have coming in, studies show that most of us do not know what is going out. Not knowing how much money we spend each month may put us in a position where we need money that we do not have. We may end up using credit cards or getting a payday loan to cover the shortfall.
Many mortgage calculators allow you to "try out" different kinds of mortgage amounts. Collect necessary mortgage rate data before selecting the mortgage calculator that you are going to choose. Do not just do the financial calculation for one type of mortgage rate. Experiment with different variables offered by different mortgage lenders so you can see how different types of refinancing will offer you different repayment rates over varying periods of time.
Budget Calculator - Getting Started: It is probably a good idea to collect your last twelve months bank statements to make sure you do not forget to include all your quarterly and annual bills. Collect the records of all your income, including investment income and interest on savings. Your expenses fall into several categories - some are unavoidable, some are discretionary and some are unexpected. Your unavoidable expenses include things like mortgage or rent, electric and gas and of course food. Discretionary expenses are things like eating out or a day at the spa. Unexpected expenses include things such as repair of an essential household appliance or a new boiler.
However, determining whether you are in a financial position to take out a loan or invest does not require a trip to a lender`s or investor`s office - nor does it require a lengthy process of any kind. There are now a range of tools designed to help you determine this information on your own, both quickly and easily.