Got Budget Bleeding Blues?

By on May 27, 2011

Free Online Budget Calculators Can Help You Visualize Expenses

Stop Budget Leaks!

Since I keep hearing that the biggest worry with older workers centers around saving money for retirement, I figured I should present as much useful information as possible to help  readers maximize their resources.

Let me present this Free Budget Calculator as one useful tool. I like it because it presents a visual representation of fixed and non-fixed expenses, and can be a helpful way to pinpoint the exact types of expenses that we can attack.

I don’t think I need to sell this idea that much, because it is totally free to use and does not require any registration. You can enter as much, or as little, data as you choose. It adds up the figures in several categories, and then gives a grand total.

If your estimates of what you really spend every month, according to your bank statements or credit card balances, are usually a lot more than what you think you should be spending, this can be a very useful resource. When you really sit down and add up all your payments for food, clothes, medical insurance, and utilities, you may be surprised.

Why Are Budget Leaks Important?

I have seen this topic addressed in lots of articles, but I thought I’d pound on it a little more. Sometimes small daily or weekly expenses, that we tend to pay without thinking, really add up to a large amount of money over the course of a month or a year.

  • That $5.00 daily cup of fancy coffee, plus a $1 tip, adds up to over $160 a month. Could you take almost $2,000 a year and use it to increase your retirement savings, plus maybe get a tax deduction? When you think about the expense that way, it is kind of shocking.  I am the last person who would ever ask anybody to give up their morning coffee, but there are much more affordable ways to get it!
  • On that same note, I found myself spending a lot of money at the corner store because I had done a poor shopping job on routine drips to the discount grocery store. Maybe it is time to start supersizing those rolls of toilet paper and other essentials so you can just grab from your stash instaed of running out and paying double for these things a few times a week.
  • Bigger expenses can be tackled too. The online calculator includes an insurance category, for example. A lot of people get very surprised when they realize how much of their monthly budget goes towards paying for policies. This is a very competitive business, and there are lots of opportunities to save money there.
  • If you do add up all of your expenses and find them reasonable, but still need to cut your budget, it may be time to face some tougher choices. Do you really need your 6 bedroom house after your kids have left home? Downsizing a home saves you money on your mortgage, insurance, utilities, and upkeep. If you could cut all that in half, how much money would you save?

Anyway, the first step towards fixing most problems is figuring out what they are!

Hop on over to learn morea about how to save money with a budget calculator! Good luck!

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