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 two 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!

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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