This calculator helps you estimate your average daily spending money for the month, based on your total monthly income and essential fixed expenses.
Your Estimated Daily Spending Money:
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Understanding the Monthly Check Calculator
The Monthly Check Calculator is a simple yet powerful tool designed to provide a clear picture of how much discretionary income you have available for daily or non-fixed expenses each month. By inputting your total monthly income and subtracting your essential fixed expenses, you can determine the amount remaining. Dividing this remainder by the number of days in the month gives you an average daily amount you can comfortably spend without impacting your ability to cover your essential bills.
How the Calculation Works
The logic behind this calculator is straightforward:
Calculate Disposable Income: First, we determine your disposable income for the month by subtracting your total fixed monthly expenses from your total monthly income.
Disposable Income = Total Monthly Income - Total Fixed Monthly Expenses
Calculate Daily Disposable Income: Next, we divide your disposable income by the number of days in the specific month you are considering to find out how much you can spend on average each day.
Daily Disposable Income = Disposable Income / Number of Days in Month
Inputs Explained:
Total Monthly Income: This is the total amount of money you expect to receive from all sources in a given month after taxes.
Total Fixed Monthly Expenses: These are your non-negotiable costs that occur every month. Examples include rent/mortgage payments, loan repayments (car, student), insurance premiums, essential utility bills (if they are fixed amounts), and subscription services that are hard to cancel.
Number of Days in Month: The total number of calendar days in the month you are calculating for (e.g., 30 for April, 31 for May, 28 or 29 for February).
Why Use a Monthly Check Calculator?
This calculator is useful for:
Budgeting: It helps you set realistic daily spending targets, preventing overspending on non-essentials.
Financial Planning: Understanding your daily spending capacity is crucial for saving, investing, or allocating funds towards other financial goals.
Controlling Impulse Spending: Knowing your daily limit can act as a deterrent against spontaneous, non-essential purchases.
Awareness: It provides a clear metric to understand where your money is going after essential bills are paid.
Example Scenario:
Let's say you have a Total Monthly Income of $3,500. Your Total Fixed Monthly Expenses (rent, car payment, insurance, etc.) add up to $1,800. You are calculating for a month with 30 days.
Calculation:
Disposable Income = $3,500 – $1,800 = $1,700
Daily Disposable Income = $1,700 / 30 days = $56.67 per day
This means you have approximately $56.67 available each day for groceries (if not included in fixed expenses), dining out, entertainment, personal care, and other variable spending.
function calculateMonthlyCheck() {
var monthlyIncome = parseFloat(document.getElementById("monthlyIncome").value);
var fixedExpenses = parseFloat(document.getElementById("fixedExpenses").value);
var monthlyDays = parseInt(document.getElementById("monthlyDays").value);
var resultValueElement = document.getElementById("result-value");
// Clear previous results
resultValueElement.textContent = "–";
// Input validation
if (isNaN(monthlyIncome) || isNaN(fixedExpenses) || isNaN(monthlyDays)) {
alert("Please enter valid numbers for all fields.");
return;
}
if (monthlyIncome < 0 || fixedExpenses < 0 || monthlyDays monthlyIncome) {
alert("Your fixed expenses cannot be greater than your monthly income.");
return;
}
var disposableIncome = monthlyIncome – fixedExpenses;
var dailyDisposableIncome = disposableIncome / monthlyDays;
// Format the result to two decimal places
resultValueElement.textContent = "$" + dailyDisposableIncome.toFixed(2);
}