Saving Your Way to Wealth Calculator

The first step to saving is finding out where your money goes - then you can set about making realistic cuts.

Most people know how much money is coming into their household, but not many know where it goes. They only know it often runs out and then they use the credit card.
Alas, this is the path to poverty rather than wealth.

The key to controlling your money rather than it controlling you is to spend less than you earn.

How to fill in the planner:

Step 1. Expenses
Work out what you spend on each item on a monthly basis. If you are not sure about some, such as entertainment and clothes, make an estimate but keep a note of every expenditure so you can test whether your estimate is accurate.

Enter numerical and positive values only.

Home Expenses $/month Mortgage repayments Rent Investment Property Council Rates Water Rates Electricity Gas Telephone bills Maintenance Furniture Appliances Rentals Other	Family Expenses $/month School Fees Child Care Pets Sports Memberships Transport Papers/Magazines Clothing Personal grooming Entertainment Holidays Gifts Other
Food Expenses $/month Groceries Alcohol/Cigarettes Takeaway Restaurants Other	Health Expenses $/month Medical Bills Dental Bills Pharmacy Other
Insurance Expenses $/month House Home contents Health Income Protection Death Cover Car Other	General Expenses $/month Personal loans Credit cards Store cards Professional services Donations/Charity Other

Step 2. Income
Remember this should be your after-tax income plus income from any other sources, such as interest.

Step 3. Click on "Calculate Savings!" button to see your monthly savings.
If your savings is negative, it is important to act quickly to make cuts in your spending.

Ideally, you should have a surplus of at least 10% of your income, which you can then use for other investment purposes to increase your income.

Income $/month Your after-tax income Partner's after-tax income Rental from investment property Interest from saving accounts Dividend received Other Total Income Less your total expenses YOUR MONTHLY SAVINGS Percentage of income (%)

Let me know how you go or have any comments to share.

See also: Yahoo!7 Finance Budget Planner