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Budget Planner Calculator

Major overspending can lead to a debt spiral and severe problems. The reason for the Budget Planner Calculator is designed to give you a definitive assessment of your finances. This calculator provides you with a snapshot of your income versus your expenses and a summary of your financial position weekly, fortnightly, monthly and annually.

Indeed, once you know where you’re spending, you can start to alter and prioritise what you do with your money to enable you to stay within your means.

At Excellence Finance, we are happy to provide you with a strategy that enables you to save quicker or pay your finance sooner.

What is a Budget?

A budget is a plan around your income, expenses, and financial goals. It helps you spend your money wise and helps track your expenses from bills to purchases. It allows you to see how much you’ll spend before you actually spend it.

With a budget you can balance your incoming and outgoing money and make room for adjustments. A budget can cover a simple grocery trip to even a full month depending on your goal. There is no perfect way of budgeting and each person and household has different means of managing their finances. The budget that works for you is the budget you need.

Different Budgeting Strategies

Below are some of the common strategies people implement when they are planning their budget.

  • Proportional Budgeting

This type divides your spending into different categories and allot specific percentages per category. For example, a 50-30-20 budget means you spend 50% on your needs. 30% will be spent on wants. The remaining 20% will be for savings.

  • Zero-Based Budgeting

You predetermine the use of all your income ahead of time. You subtract each item against your expected income until you get Zero in the balance sheet.

This type of budgeting works best for people with fluctuating salaries or source of income.

  • Pay-yourself-first Budgeting

This can also be called the savings-first budget. You prioritize a big bulk of your budget to things like savings and retirement. Once these have been deducted from your budget, you work with what’s left of your income for other things like food, bills, transportation, and etc.

Have questions regarding our budget calculator?

Feel free to send us your questions at info@excellencefinance.com.au or call us (02) 9609 4655​. Our customer support will be happy to help with any queries you have.

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