Thomas Frank's Budget Modeler Template!
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Monthly Business PerformanceIncome SourcesBusiness ExpensesInvesting and SavingsPersonal Expenses
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Gross Income$7,000.00SourceTypeAmountExpenseTypeAmountInvestmentTypeAmountExpenseAmount
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Non-Labor Expenses$78.00JobEmployment$6,000.00Adobe SuiteNon-Labor$56.00Corporate IRATraditional IRA$400.00Housing$1,683.11
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Labor Expenses$250.00Side HustleSelf$1,000.00Web HostingNon-Labor$10.00Vanguard 500 IndexRoth IRA$100.00Car Payment$350.00
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Total Expenses$328.00DomainsNon-Labor$2.00Vanguard Total StockTaxable$450.00Car Insurance$100.00
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QuickbooksNon-Labor$10.00FundriseTaxable$50.00Gas$150.00
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Monthly Net Income$6,672.00Graphic DesignerLabor$250.00RobinhoodTaxable$50.00Groceries$300.00
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Yearly Net Income$80,064.00Cash SavingsSavings$200.00Eating Out$150.00
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Holiday GiftsSavings$30.00Coffee$50.00
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Taxes and IRA (Yearly)Home Repair SavingsSavings$295.00Phone$80.00
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Pre-Tax IRA Contribution$4,800.00Instructions:

Click File - Make a Copy to get your own editable version of this tool.

Delete the contents of this cell, then click the Merge/Unmerge button to unmerge this group and get the original cells back.

Add income, expenses, investments, etc. I try to add my average monthly amounts to get a rough picture of what my yearly income will be. The formulas built into this tool will calculate rough taxes, take-home pay, etc.

Particularly for taxes, this will be a ROUGH estimate. At present, the tool slightly overestimates tax liability for the taxes it considers (it doesn't consider capital gains and other less-common taxes) if you have both employment and self-employment income.

This tool is provided for free and as-is; I cannot provide support on it. All the formulas assume a single taxpayer living in the United States, and the State Tax and Housing formulas are currently tuned for a person living in Denver, Colorado.

I make frequent updates to this tool; you can check the Issues sheet to see what I've added and fixed, and on what dates. Fixes often involve formula changes across the entire sheet that I can't easily document, so if you want the latest version, either make a new copy when you see changes or study the sheet and figure out what I did!

There are several sheets: This one (Modeler) shows all the important numbers, while Tools handles a lot of back-end data used for calculations. You'll likely need to change some things in Tools, such as your state's tax rate, housing data, etc. For states with a tiered tax system, the federal one can be used as an example for how to build one. Building this sheet was how I learned most of what I know about Excel, so customizing it should help you improve your skills too!

There's also a House Comparison sheet, which will allow you to compare multiple houses alongside your current rental (if you have one).

Resources contains helpful links I've been collecting, while Issues and To Do/Ideas track things I need to fix and features I'd like to add. If you have an idea for a feature, there's a form link in To Do/Ideas you can click.

Lastly, cells with a small triangle in the top-right corner have notes that can help explain things.
Gym$45.00
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Other Deductions$0.00Internet$70.00
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Adjusted Gross Income$74,647.10Haircuts$45.00
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Salary$80,064.00Renter's Insurance$16.00
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Income Tax$9,572.14Spotify$10.00
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FICA/Self-Employment Tax$6,741.79
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Colorado State Tax$3,456.16
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Total Tax Liability$19,770.10
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% of Income Paid in Tax24.69%
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Monthly Personal Performance
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Take-Home Pay (Yearly)$55,493.90Fun Projections
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Take-Home Pay (Monthly)$4,624.00
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ExpenseAmount
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Total Investments$1,050.00Guitar fund$50.00
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Total Investments (Yearly)$12,600.00Vacation fund$120.00
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% of Income Invested15.74%
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Total IRA Contribution$6,000.00
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Roth Contribution$1,200.00
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Total Savings$525.00
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Total Savings (Yearly)$6,300.00
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% of Income Saved7.87%
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Total Personal Expenses$3,219.11
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Total Personal Expenses (Yearly)
$38,629.28
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% of Income Spent on Housing
25.23%
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% of Income Spent on Car8.99%
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Total Leftover$229.89
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IRA Contribution %'s
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Total IRA Cont. %100.00%
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Roth Cont. %20.00%
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