![]() Since this value is negative, the project went over budget. However, the actual amount of money spent is $50,000.00. In this next example, the planned budget will end up being the same as above, at $40,000.00. Percentages of your budget: The pie chart shows the percentage of your budget each expense eats up. Your goal is to make sure your expenses are less than your income so that you’re not relying on savings or debt to get by. Since this value is positive, this project was under budget. Total monthly expenses: This is the total amount of money you’re spending each month. In this case, the actual budget spent ended up being $35,000.00.įinally, calculate the percent over or under budget using the formula above: Next, determine the actual outcome of the budget, or the actual amount spent. For this first example, the planned budget of the project is found to be $40,000.00. 3828/mo 33 of gross income 10 40 DISCLAIMER: The calculated output is just a suggestion. Its a simple rule of thumb that suggests you put up to 50 of your after-tax. Monthly Savings Monthly Expenses You can afford 3828/mo Based on your income, a rental at this price should fit comfortably within your budget. How to calculate budget percent?įirst, determine the planned budget amount. The 50/30/20 approach can be a helpful way to get started with budgeting. Budget Percent DefinitionĪ budget percent, or percentage, is defined as a measure of how much over or under budget a certain project was, relative to the planned budget. ![]() If it is negative it is displaying the percentage over budget. your spending, so you wont forget anything a breakdown of your finances by. The 50-20-30 Rule helps to build a budget by following three spending categories: Needs, Debt/Savings, and Wants. If the value of this formula turns out to be positive, then it is displaying the percentage under budget. Discover our free online MoneyHelper Budget Planner calculator to gain a. To calculate a budget percentage, subtract the actual budget from the planned budget, then divide by the planned budget amount and multipy by 100. If you like to eat out a lot, you might include those expenses here. ![]() Where B is the budget percentage over or under the planned budget Food: 10-20 Groceries, personal care products, and things for baby needs are expenses you’d include here. ![]()
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