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Cost of Living Calculator

Estimate your monthly and annual cost of living based on housing, utilities, food, transport and other everyday expenses.

Your Details

Overview

A cost of living calculator helps you estimate how much it costs to maintain your lifestyle each month and year. Enter your typical housing, utilities, food, transport, healthcare and other recurring expenses to build a simple living cost estimate and income target.

How it works

The calculator adds together your key monthly expenses to estimate your total monthly cost of living. It then multiplies that figure by 12 to estimate annual costs. To show an income target, it divides your monthly living cost by the share of income left after your chosen savings rate. For example, if you want to save 20% of income, the calculator estimates the income needed to cover your costs with 80% of income and save the remaining 20%.

How to use this calculator

  1. 1Enter your monthly housing cost.
  2. 2Add your typical monthly utility bills.
  3. 3Include your food, transport and healthcare expenses.
  4. 4Enter any other recurring monthly expenses.
  5. 5Set your target savings rate.
  6. 6Review your estimated monthly and annual living costs and the suggested income target.

Example Calculation

Monthly housing cost

$1,800

Monthly utilities

$300

Monthly food cost

$600

Monthly transport cost

$350

Monthly healthcare cost

$200

Other monthly expenses

$450

Target savings rate

15%

Estimated monthly cost of living

$3,700

With monthly costs of $3,700 and a 15% savings target, the estimated income needed is about $4,353 per month, or around $52,235 per year.

Frequently asked questions

What does this cost of living calculator estimate?

It estimates your total monthly and annual living expenses based on the regular costs you enter, and it can also show an income target based on your savings goal.

What should I include in other monthly expenses?

You can include recurring costs such as childcare, debt payments, subscriptions, clothing, entertainment, pet care or other regular spending.

Does this calculator include taxes?

No. The income target is based on your expense total and savings rate only, so you may need a higher gross income depending on taxes and deductions.

Can I use this calculator to compare two cities?

Yes. Enter one set of costs for each location and compare the results to see how your monthly and annual living costs differ.

Why is the recommended income higher than my living costs?

Because the calculator includes your target savings rate. If you want to save part of your income, you need more than just the amount required to cover expenses.

Explore Related Calculators

Monthly Living Cost CalculatorEstimate your total monthly living costs by adding common household, transport, food and personal spending categories.Calculate →Annual Cost of Living CalculatorEstimate your total yearly living costs based on housing, utilities, food, transport and other regular monthly expenses.Calculate →Household Cost of Living CalculatorEstimate your monthly household living costs and see how much of your income is left after essential expenses.Calculate →Family Cost of Living CalculatorEstimate your household's monthly and annual living costs based on family size, housing, food, transport, childcare and other regular expenses.Calculate →

Assumptions and warnings

Assumptions

  • All entered costs are monthly recurring expenses.
  • The calculator assumes your spending is relatively consistent from month to month.
  • The recommended income estimate is based on your chosen savings rate and does not account for taxes.
  • Results are general budgeting estimates and may differ from your actual spending.

Warnings

  • This calculator provides an estimate only and is not financial advice.
  • Actual living costs can vary due to price changes, irregular bills and personal circumstances.