Budget & Expenses | Example File | Created by Winnie Mui (www.winniemui.com)
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HOW TO USE / STEPS
edit the PURPLE cells only
2018 budget & expenses
yearJanFebMarAprMayJunJulAugSepOctNovDec
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INSTRUCTIONSincome before taxmonthssalary
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enter your salary here

did you know that in NYC a $85K salary is the amount needed to feel comfortable living on your own, being able to save and invest, AND travel? that's why I used this amount
w210.085,000.0070,833.337,083.337,083.337,083.337,083.337,083.337,083.337,083.337,083.337,083.337,083.33
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are you anticipating a job change? you might need this line (and copy the formula from Dec)
w2 - potential new job/raise
2.0100,000.0016,666.678,333.338,333.33
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this is for any freelance work. using Jan as example with some income1099-misc100.00100.000.000.000.000.000.000.000.000.000.000.000.00
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enter your balance as of Dec 31 and the yearly interest rate. this is auto-calculated WITH the amount of savings per month (row 63). these are ESTIMATED monthly interest. FYI Ally has 1.2% savings interest rate which is 100x the Chase %interest on savingsstarting balanceinterest %
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12,000.001%10.3310.6711.0011.3311.6712.0012.3312.6713.0013.3313.6714.00
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dividends0.00
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net before tax87,600.00
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expenses that are pre-tax
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enter your monthly goals for the retirement plan with your employer
employer 401k or 403b - max $18,500 for 2018
(18,500.00)(1,500.00)(1,500.00)(1,500.00)(1,500.00)(1,500.00)(1,500.00)(1,500.00)(1,500.00)(1,500.00)(1,500.00)(1,500.00)(1,500.00)
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health insurance
(1,920.00)(160.00)(160.00)(160.00)(160.00)(160.00)(160.00)(160.00)(160.00)(160.00)(160.00)(160.00)(160.00)
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dental insurance
(216.00)(18.00)(18.00)(18.00)(18.00)(18.00)(18.00)(18.00)(18.00)(18.00)(18.00)(18.00)(18.00)
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vision insurance
(120.00)(10.00)(10.00)(10.00)(10.00)(10.00)(10.00)(10.00)(10.00)(10.00)(10.00)(10.00)(10.00)
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additional life insurance
0.00
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lawyer group(144.00)(12.00)(12.00)(12.00)(12.00)(12.00)(12.00)(12.00)(12.00)(12.00)(12.00)(12.00)(12.00)
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commuter benefits pre-taxtransit(1,428.00)(119.00)(119.00)(119.00)(119.00)(119.00)(119.00)(119.00)(119.00)(119.00)(119.00)(119.00)(119.00)
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pre-tax expenses
(22,328.00)
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total income65,272.00total income5,374.675,275.005,275.335,275.675,276.005,276.335,276.675,277.005,277.335,277.676,528.006,528.33
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if you contribute to an education planadjustments to reduce taxable income
education adjustments
0.00
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Roth contribution (not all are eligible)
63,000.0073,000.000.00
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if you contribute to a health savings account (for high deductible plans only)HSA(3,300.00)(275.00)(275.00)(275.00)(275.00)(275.00)(275.00)(275.00)(275.00)(275.00)(275.00)(275.00)(275.00)
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adjustments(3,300.00)
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agi (adjusted gross income)
61,972.00
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you can only take one or the othertax deductions (standard)
deduction - single (married is 24k)
(12,000.00)(12,000.00)
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ITEMIZED (see item tab)
(10,000.00)
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taxable income
49,972.00
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do not editremaining taxable incomeminhow much of your incometax %federal tax
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49,972.000.009,525.0010.00%(952.50)
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40,447.009,526.0029,174.0012.00%(3,500.88)
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11,273.0038,701.0011,273.0022.00%(2,480.06)
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0.0082,501.000.0024.00%0.00
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0.00157,501.000.0032.00%0.00
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0.00200,001.000.0035.00%0.00
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0.00500,001.000.0037.00%0.00
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federal tax(6,933.44)
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NYS adjustmentsnys 5290.00
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nys standard single
(8,000.00)
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nys taxable income
41,972.00
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NYS income tax minhow much of your incometax %
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0.008,450.004.00%(338.00)
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8,450.003,200.004.50%(144.00)
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11,650.002,200.005.25%(115.50)
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13,850.007,450.005.90%(439.55)
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21,300.0020,672.006.45%(1,333.34)
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80,150.000.006.65%0.00
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nys tax(2,370.39)
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NYC income taxminhow much of your incometax %
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0.0012,000.002.907%(348.84)
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12,000.0013,000.003.534%(459.42)
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25,000.0016,972.003.591%(609.46)
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50,000.000.003.648%0.00
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nyc tax(1,417.72)
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total taxes
Fed tax (see blue above)
(6,933.44)
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medicare 1.45%(724.59)
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FICA / social security 6.2%
(3,098.26)
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2017 tax brackets
NYS (see blue above)
(2,370.39)
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NYS OASDI(8.00)
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2017 tax brackets
NYC (see blue above)
(1,417.72)
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all taxestax rate-16.61%(14,552.42)tax(892.86)(876.30)(876.36)(876.41)(876.47)(876.52)(876.58)(876.63)(876.69)(876.74)(1,084.45)(1,084.51)
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SE tax - pay the Employer portion of the social security & Medicare
self employment tax
(7.65)
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net after tax50,711.93income net taxes4,206.814,123.704,123.984,124.254,124.534,124.814,125.094,125.374,125.644,125.925,168.555,168.82
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other income (not taxed)
tax refund from 2017
500.00500.00
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whatever else money you haveetc0.00
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such as birthday moneyetc0.00
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etcetc0.00
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money available to use
51,211.93total $ in4,206.814,123.704,123.984,124.254,624.534,124.814,125.094,125.374,125.644,125.925,168.555,168.82
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enter your starting checking account balance - the money you have available to spendchecking account balance500.00911.811,340.511,769.482,198.74128.27258.08388.17518.54(2,050.82)(1,619.90)(146.35)
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available funds4,706.815,035.515,464.485,893.746,823.274,253.084,383.174,513.544,644.182,075.103,548.655,022.47
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enter how much you plan to save each monthsavings & investmentssavings(4,800.00)(400.00)(400.00)(400.00)(400.00)(400.00)(400.00)(400.00)(400.00)(400.00)(400.00)(400.00)(400.00)
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enter how much you plan to contribute to a Roth IRA. you must make under $118K to be able to contribute
Roth IRA - max $5,500 for 2018
(5,500.00)(450.00)(450.00)(450.00)(450.00)(450.00)(450.00)(450.00)(450.00)(450.00)(450.00)(450.00)(550.00)
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enter how much money you will set aside to trade
brokerage for trading
(600.00)(50.00)(50.00)(50.00)(50.00)(50.00)(50.00)(50.00)(50.00)(50.00)(50.00)(50.00)(50.00)
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enter if you pay for life insurancelife insurance0.00
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auto insurance0.00
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student loan payment
0.000.000.000.000.000.000.000.000.000.000.000.000.00
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whatever other investments you have - if you have more than these listed, than this budget sheet may not work very well for your 2017 finance estimatesetc0.00
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total savings & investments
(10,900.00)total savings(900.00)(900.00)(900.00)(900.00)(900.00)(900.00)(900.00)(900.00)(900.00)(900.00)(900.00)(1,000.00)
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net after savings & investments
16,431.93after inv3,806.814,135.514,564.484,993.745,923.273,353.083,483.173,613.543,744.181,175.102,648.654,022.47
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enter your monthly amountliving expensesRent(21,600.00)(1,800.00)(1,800.00)(1,800.00)(1,800.00)(1,800.00)(1,800.00)(1,800.00)(1,800.00)(1,800.00)(1,800.00)(1,800.00)(1,800.00)
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enter your monthly amountPhone bill(960.00)(80.00)(80.00)(80.00)(80.00)(80.00)(80.00)(80.00)(80.00)(80.00)(80.00)(80.00)(80.00)
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enter your monthly amountInternet/Cable(540.00)(45.00)(45.00)(45.00)(45.00)(45.00)(45.00)(45.00)(45.00)(45.00)(45.00)(45.00)(45.00)
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enter your monthly amountUtil - electricity(480.00)(40.00)(40.00)(40.00)(40.00)(40.00)(40.00)(40.00)(40.00)(40.00)(40.00)(40.00)(40.00)
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enter your monthly amount
Util - cooking gas
(300.00)(25.00)(25.00)(25.00)(25.00)(25.00)(25.00)(25.00)(25.00)(25.00)(25.00)(25.00)(25.00)
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enter your monthly amountUtil - heat
covered by rent - if not, update purple!
0.00N/A coveredN/A coveredN/A coveredN/A coveredN/A coveredN/A coveredN/A coveredN/A coveredN/A coveredN/A coveredN/A coveredN/A covered
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enter your monthly amountUtil - water
covered by rent - if not, update purple!
0.00N/A coveredN/A coveredN/A coveredN/A coveredN/A coveredN/A coveredN/A coveredN/A coveredN/A coveredN/A coveredN/A coveredN/A covered
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living expenses
(23,880.00)living expenses(1,990.00)(1,990.00)(1,990.00)(1,990.00)(1,990.00)(1,990.00)(1,990.00)(1,990.00)(1,990.00)(1,990.00)(1,990.00)(1,990.00)
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net after living expenses
27,331.93after living1,816.812,145.512,574.483,003.743,933.271,363.081,493.171,623.541,754.18(814.90)658.652,032.47
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i pulled these categories from Mintflex spending
Auto & Transport (ex: Uber, cabs. anything not MTA)
(360.00)(30.00)(30.00)(30.00)(30.00)(30.00)(30.00)(30.00)(30.00)(30.00)(30.00)(30.00)(30.00)
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Entertainment (museums, movies, music festivals, etc)
(600.00)(50.00)(50.00)(50.00)(50.00)(50.00)(50.00)(50.00)(50.00)(50.00)(50.00)(50.00)(50.00)
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update your own and adjust the
Food & Dining (groceries, going out to eat, parties, drinks)
(6,100.00)(600.00)(500.00)(500.00)(500.00)(500.00)(500.00)(500.00)(500.00)(500.00)(500.00)(500.00)(500.00)
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monthly balances according toother category0.00
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how much you think you spend
Health & Fitness (gym, doctor co-pays, medicine)
(720.00)(60.00)(60.00)(60.00)(60.00)(60.00)(60.00)(60.00)(60.00)(60.00)(60.00)(60.00)(60.00)
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or how much you will BUDGET
other category. ex: birthdays and holidays
(1,200.00)(100.00)(100.00)(100.00)(100.00)(100.00)(100.00)(100.00)(100.00)(100.00)(100.00)(100.00)(100.00)
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yourself
Personal Care (monthly haircut, products, etc)
(300.00)(25.00)(25.00)(25.00)(25.00)(25.00)(25.00)(25.00)(25.00)(25.00)(25.00)(25.00)(25.00)
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Shopping (480.00)(40.00)(40.00)(40.00)(40.00)(40.00)(40.00)(40.00)(40.00)(40.00)(40.00)(40.00)(40.00)
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personally, my flex is fluid and not tied to a certain amount each month
Travel (i plugged in 2 trips + 3 summer weekends)
(6,900.00)(3,000.00)(300.00)(300.00)(300.00)(3,000.00)
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budgeted expenses
(16,660.00)flex speding(905.00)(805.00)(805.00)(805.00)(3,805.00)(1,105.00)(1,105.00)(1,105.00)(3,805.00)(805.00)(805.00)(805.00)
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net after budget
(228.07)after flex911.811,340.511,769.482,198.74128.27258.08388.17518.54(2,050.82)(1,619.90)(146.35)1,227.47
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get this as close to zero, means you've allocated ALL your money :D ^
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total expenses for the month
(2,895.00)(2,795.00)(2,795.00)(2,795.00)(5,795.00)(3,095.00)(3,095.00)(3,095.00)(5,795.00)(2,795.00)(2,795.00)(2,795.00)
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