Our monthly expenses calculator helps determine how much you spend in total on mortgage payments and/or rent, utilities, food, clothing, education, child care, and more. An itemization of your living expenses can help you budget better, plan for future expenses, and look for ways to increase savings.
The results are hypothetical based on your input. Your results will vary. Any rates used are for illustrative purposes only and does not represent performance of any actual financial vehicle/strategies. Neither New York Life Insurance Company not its agents provide tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions.
Certain expenses may be difficult to plan for, because they may not be regularly occurring. Home maintenance is a good example: repairs for a new roof or boiler don’t happen every month, but you still need to budget for them. One good rule of thumb is to place 1-3% of your home’s value aside for repairs and maintenance each year.
Add some cushion to your budget.
Create a dedicated category in your expenses for cash savings each month. Setting some money aside to prepare for unexpected costs means you won’t have to sacrifice spending in other budgeted areas.
Don’t guess your expense budget—pull up the last three months of credit card or bank statements. The numbers don’t lie.
Hack your habits.
Some experts believe that paying for expenses with cash instead of a credit card prevents overspending, because cash feels more tangible.
More information and resources.
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