How to Calculate Your Monthly Expenses

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Calculating your monthly expenses is and important part of determining your monthly budget. If you don't know how much you actually spend you can't determine where all your money is going and take steps to get your spending under control.

Things You'll Need

  • Credit card statements for at least 3 months
  • Small notebook
  • monthly bank statements for at least 3 months
  • Copies of utility bills for the past 3 months

Carry a small notebook with you and record every time you make a purchase. Whether it is $1 or $1000 dollars you need to write a brief description of where the purchase was made, how you paid (cash, credit, check), and the amount. Do this for a month.

After this month is complete total your expenditures. This will give you a snapshot of the most recent month and help you see where your money is going.

Gather the last three months worth of credit card statements and bank statements and calculate your average expenditures from these accounts.

Average the cost of each utility bill for the past three months.

Add all these averages together to see how much your monthly expenses are.

Tips & Warnings

  • This is not an exact representation, but it will give you an average to go by when writing out your budget.

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