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Calculate Your Monthly Living Expenses

Posted by Michael Gorzka on January 23rd, 2013

cut expensesAt the time of this writing, it’s a frosty 1 degree outside.

If you were suddenly to lose your job and/or other sources of income, how long could you keep a roof over your head?

In order to define clear savings goals, it’s important to know how much money you need for absolute essentials (most notably rent and food):

  • 1 month living expenses
  • 3 months living expenses
  • 6 months living expenses
  • 12 months living expenses

Here’s an easy-to-use online calculator to quickly calculate how much money you are spending each month and how much you have left over to save for a rainy day (or a very cold one):

Frugal Living Budget Calculator

You can see how much more you could save if you eliminate non-essential items such as a monthly cable TV bill and home internet.

NOTE: In addition to a large collection of DVDs, the library offers free wi-fi and public PCs.

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