“Basic family budgets,” individualized for communities nationwide and for type of family (e.g., one parent/one child, two parents/two children) offer a realistic measure of the income required to have a safe and decent though basic standard of living. Yet most researchers now agree that a “poverty line” income is not sufficient to support most working families. The federal poverty line has traditionally been used to measure whether families have incomes high enough to enable them to meet basic needs. Return to the Basic Family Budget Calculator Use the results button to calculate your current situation in my free budget calculator.Basic Family Budget Calculator - Introduction, methodology, and data download Once you enter all of your financial information, it’s time to see how you are doing and where you could improve. Again, because personal finance should be personal, this section is for all of those uncommon expenses that you and your family spend each month. Last but not least is the miscellaneous expense section. However much you could put towards your specific debts, be sure to include them in this budget calculator. Hopefully, you were able to pay more than the minimum payments on your debt last month. Be sure to count all of your costs related to your children. I had no idea how expensive kids were – until we had them. Medical (co-pays and other expenses not covered by health insurance).Look at your last month of expenses and fill in the information. These expenses often fluctuate from month to month. While we have cut back on restaurant dining, we are still scaling back the amount we spend on daily groceries. It always seems we spend much more on food with a family of five than we really should. These areas will help you genuinely identify how much you are spending on transportation and where.įull disclosure: I have always struggled with my grocery budget. Many of us spend more on our vehicles than we really need.
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