Budget Calculator

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Budget Breakdown

Monthly Income

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Monthly Housing Expenses

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Monthly Transportation Expenses

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Monthly Educational Expenses

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Monthly Personal Expenses

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Monthly Debt Payments

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You still have $ remaining in your wallet. You can now use this extra money (or a portion of it) to quickly pay off your debts with the debt snowball method!

Try Debt Snowball Calculator For Free

Your expenses are too high right now! In order to use the debt snowball method and get out of debt faster you'll need to reduce some of your expenses (e.g. lower electric, grocery bills & entertainment). Go Back to Budget & Reduce Expenses Now!

Looking for the Best Budget App to Help With Your Financial Situation? Try our free budget calculator now!

Are you looking for a free online financial calculator?

Try Our Free Budget Calculator to Get Out Of Debt Faster

What is the Best Budget App?

Have you heard of the debt snowball method, by Dave Ramsey? Budget apps are needed to use this method of paying off credit card debt because being able to increase your monthly available cash-flow is the basis of the snowball method. And by creating a budget analysis, you can easily improve your monthly cash-flow by eliminating expenses. So Golden Financial’s free budget app above is designed to help you quickly create a budget so that you can then use Dave Ramsey’s snowball method. But our budget app above, goes beyond just that single “snowball calculator” functionality; you’ll be presented with multiple debt relief options depending on how your budget looks, including ways to consolidate and consumer credit counseling.

Are you looking specifically for a free budget app for your phone? You can use the budget app above without having to sign up or download an app. Simply go to GoldenFs.org/Budget-Calculator/, and use it directly from your phone. If you want to download an app and use it for the long-term, the following two apps are our personal favorites at Golden Financial Services.

Mint is one of the best budgeting apps on the planet, and it’s free. Mint earns money by monetizing its website by showing advertisements and through referral partnerships. It is important to note that the owner of Mint is Intuit, the same company that makes Quickbooks and TurboTax. So, you can’t get much more reputable than that, when it comes to saving money resources.

The YNAB app in our opinion, is the second-best budget app for individuals or married couples working together on their budget. You can use their desktop or mobile version of the app, and easily sync your bank accounts or enter expenses manually. This budget app includes both debt payoff and goal tracking features.

Again, if you don’t want to invest your time in signing up and downloading a budget app on your phone, our Golden Financial Services online budget calculator above is the best way to go! Plus, if your goal is to pay off debt, the budget app above is designed for precisely that. After you complete your budget analysis above, depending on how your cash flow appears, the app will then help you personalize your debt payoff strategy. Just give it a try. No signup or fees involved, it’s free! And, you won’t have to fuss around with annoying ads all over the place because we don’t have advertisements on our website!

Debt Snowball by Dave Ramsey – Budget Calculator

Have you heard of the debt snowball method by Dave Ramsey? Budget calculators make it easy to use this method to pay off debt fast.

With the debt snowball method, you focus on paying off the smallest debt first while continuing to pay minimum payments on all the rest, no matter what the interest rates are.

Your available cash-flow continues to grow in size after each debt gets paid in full, and your credit score simultaneously will increase. As your cash-flow grows in size (like a snowball grows), you will continue to gain momentum and get closer and closer to the finish line.

A budget calculator allows you to figure out ways to increase your monthly cash flow, putting more money towards paying off your debt.

Does the debt snowball method work?

The debt snowball method has been proven to be the most effective way to pay off debt.

Summary of how the snowball calculator works

  1. Put all of your extra cash towards paying off the smallest debt first, while continuing to pay your minimum payments on the other accounts.
  2. After the smallest debt gets cleared away, take what you were paying toward that debt, plus the minimum payment and extra money included, and pay this entire amount toward the next smallest debt in line.
  3. Keep going in this fashion until all your debts get paid in full. The calculator will do 95% of the work; it’s a magical tool!

I can’t afford to pay any more than the minimum payment even on my smallest account

As you use the calculator above, try to lower some of your other expenses (e.g., the electric bill, grocery bill, cut out monthly subscriptions). By doing so, your available cash-flow increases, and you’ll be able to pay more than the minimum payment towards your smallest debt.

Even after cutting expenses I’m still in the negative & cannot afford more than the minimum payment

You could use a debt relief program to lower the amount that you owe on each account. These plans can reduce a person’s credit score. However, if you have maxed out credit cards and can’t afford to pay more than minimum payments, this situation is also negatively affecting your credit score. Therefore, something has to change. Here is a complete breakdown of each debt relief program, including (pros vs. cons):

Try this debt relief program calculator to compare each plan side by side.

Have high credit card balances? Here are the ten best ways to clear high credit card debt in 2019.