Keep Track of Your Expenses. Organize Your Finances.
Do you spend money on frivolous items? If so, you may need to cut down on your spending. That’s where the expense calculator comes in handy. In order to precisely know how much money you are spending each month, use HelpSaveMyDollars.com’s Expense Calculator. Simply enter in your take-home income each month (income after taxes are paid), followed by all of your monthly expenses, which are categorized on the spreadsheet. The spreadsheet will then subtract all of your expenses from your take-home pay (which is equal to your savings). Once the spreadsheet has completed its calculations, scroll down for more information on understanding your results and how you can reduce or eliminate your deficit.
Understanding Your Results:
If the calculator reveals that you’re in a deficit, don’t panic! HelpSaveMyDollars.com is here to help you get rid of that deficit. Carefully examine each of your expenses that you plugged into to the calculator. Determine which of your expenses are “needs” and which ones are “wants”. Say to yourself, “Do I really need to spend $25 a month on a gym membership? Can I walk to work instead of paying for the bus or subway?” Once you figure out which expenses are “wants”, delete all of the “wants” from the calculator, re-calculate the spreadsheet and you will see that deficit either significantly decrease, or hopefully turn into a surplus! After that, the most important way to reduce or eliminate your deficit is to not spend money on those “wants”. It’s one thing to say you’re not going to spend money on fancy clothes or a more expensive cell phone (examples of “wants”) but it’s another thing to actually follow through with your promise. Also, always refer to HelpSaveMyDollars.com’s The 20 Laws of Saving Money to help make your deficit disappear. This will take time, but if you’re serious about saving money, it can be done!