How much do I need to make?
Comprehensive Personal Expense Calculator for Solopreneurs
When you start or run a business, your goal is to at least sell enough of your services to support yourself.
It can feel overwhelming to figure out that out so I've created a comprehensive calculator to help break it down. This calculator is best used on a larger screen.
Click here if you want a simplified version of this calculator.
Step 1: Calculate Your Recurring Monthly Income
This calculation is to figure out what money you have coming in that won't change and you don't want to replace with income from your business.
Examples:
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Alimony, child support, investments
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A partner who has income that you're not trying to replace.
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Existing services that bring income from this one or more other businesses.
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Income from clients who are paying a set price for your service already that you don't want to raise the price for.
Your total monthly recurring income is:
Step 2: Calculate Your Recurring Monthly Expenses
Now that you know how much money you have already coming in, now you need to take a look to see what your monthly personal expenses are.
I've tried to create as many prompts as I could think of to help you get an accurate idea about your total expenses. Skip the ones that don't apply to you and if I missed a category, add the amount to the "Other" categories.
Feel free to email me if you think it's a common category and should be added to the calculator.
Monthly Housing Expenses
Monthly Transportation Expenses
Monthly Family & Child Care Expenses
Other Monthly Insurance Expenses
Below you'll find several types of insurances you may be paying for.
What you'll see missing is home insurance and mortgage insurance (PMI). Both of those are typically included in your total mortgage payment. If not, you can add both of those to the "other" box below.
Monthly Healthcare Expenses
Monthly Food Expenses
Monthly Technology & Communication Expenses
Monthly Entertainment & Hobby Expenses
Monthly Pet Expenses
Monthly Investments & Savings
Monthly Debt Payments
Monthly Personal Care Expenses
Other Monthly Expenses
Click "Add It Up!" Button in Step 1 to enable this button.
Your total monthly recurring expenses are:
Step 3: Compare The Numbers
Now that you know how much money you have incoming and how much money you have outgoing, let's see how much money you need to make in order to cover the remainder.
Click "Add It Up!" buttons in step 1 and 2 to enable this button.
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Monthly Expenses
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$0
Monthly Income
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You Need This Much
Your final result was positive and the amount you need to make from your business in order to cover your personal expenses.
If the number seems small, that means you have more of a safety net in your other sources of income. You don't need to rely on your business in order to cover your personal expenses.
Want to create a goal? Try one or both of the below ideas.
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Go back to Investments & Savings and start adding more to your savings and investments.
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Go back to the Monthly Recurring Income section and look to see if you would like to replace some of the income listed there. Click here for examples.
Your final result was negative, which means your other sources of income cover your personal expenses.
That's awesome!
You don't need to rely on your business in order to cover your personal expenses. You have more breathing room to play instead of worrying about paying your personal expenses.
Want to create a goal? Try one or both of the below ideas.
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Go back to Investments & Savings and start adding more to your savings and investments.
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Go back to the Monthly Recurring Income section and look to see if you would like to replace some of the income listed there. Click here for examples.
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