Student Budget Calculator Formula

Understand the math behind the student budget calculator. Each variable explained with a worked example.

Use the Student Budget Calculator

Formulas Used

Monthly Surplus/Deficit

surplus = monthly_income - total_expenses

Total Monthly Expenses

expenses = total_expenses

Annual Surplus/Deficit (9 months)

annual_surplus = (monthly_income - total_expenses) * 9

Variables

VariableDescriptionDefault
monthly_incomeMonthly Income (work, aid, family) ($)1500
rentMonthly Rent ($)600
foodMonthly Food ($)300
transportMonthly Transport ($)100
otherMonthly Other Expenses ($)200
total_expensesDerived value= rent + food + transport + othercalculated

How It Works

How to Create a Student Budget

A budget compares income to expenses to ensure you are living within your means.

Formula

Monthly Surplus = Income - Total Expenses

A positive number means you have money left over. A negative number means you are overspending and need to cut costs or increase income.

Worked Example

A student earning $1,500/month with $1,200 in total expenses.

monthly_income = 1500rent = 600food = 300transport = 100other = 200
  1. 01Total expenses = $600 + $300 + $100 + $200 = $1,200
  2. 02Monthly surplus = $1,500 - $1,200 = $300
  3. 03Annual surplus (9 months) = $300 x 9 = $2,700

Ready to run the numbers?

Open Student Budget Calculator