Calculator (Personal Finance)

updated: January 21, 2010

By using this calculator you can work out whether your personal finances are currently producing a surplus or a deficit.

If a field does not apply to you, leave the zero in it. Enter simple numbers only. Do not enter symbols, commas or letters (ie do not enter: £10,000.99 but do enter: 10000.99).

If your personal finances are running at a surplus. Well done. You can put that aside for the future. Please note that at least 15% of your income should be set aside each year to support you in later life once you stop work. You will also want to set aside other monies for short and medium term savings. Do, however, repay and debts or mortgages before you use any surplus to save over the short or medium term.

If your personal finances are running at a deficit. Don't panic. It is good that you have taken the trouble to realise that and knowledge is power. Now you need to do something about it. In the short term it is important to reduce or remove some of those outgoings which are not essential at present. Do so until the figures show a surplus. In the longer term think about whether you might be able to increase your income etc.