Self-Improvement Spending Calculator

BearMoney Team

BearMoney Team

BearMoney is the balanced finance blog for new and old Canadians alike. We are a team of people living international that research, write, and share

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Putting your savings to work

Once you have some excess savings sitting in your bank account it can be difficult to figure out what to do with them. Using the money for self-improvement is probably the best strategy. Unless we’re wealthy there are always more things we’d like to do than money available so prioritizing is key. Check out our article of sane spending and saving to get some tips.

Bearmoney is a big believer in taking a wholesale approach to growth. While investing excess savings can be a great way to gain money, it eventually has to be put to some use. Investing in your education, skills, and health do have real world financial benefits.

In the interest of balanced self-Improvement then, the best strategy is to consistently invest at least some of your excess savings into the following areas;

  • Financial Growth – Investing, Trading etc
  • Personal Growth – Learning new interpersonal and professional skills
  • Health/Wellness – Future-proofing your body and mind
  • Social Growth – Growing your social life in a positive and productive way

What is the Self-Improvement Calculator?

The Self-Improvement Calculator is a tool to help you divide your spending in a way that matches your own personal beliefs and circumstances. It is a method to compartmentalize your spending and get a solid overview of where your priories lie in ‘money terms’.

In essence, the tool will help you come up with a spending formula that works for you. and can adjusted over time to suit your circumstances.

How the Self-Improvement Calculator Works

The Self-Improvement Calculator uses some simple minimum standards of spending and then adjusts them based on your weighted priorities. It will also show you if your priorities don’t match your savings by throwing you a negative number if you commit too much money.

To use this budgeting tool you must do the following;

  • Calculate your Net Monthly Income
  • Select the importance of each spend area
  • Tinker until your Saving Space reaches zero.

After those three straightforward steps you will will find out what you should be spending per month on each self-improvement category. You can then take this away and work it into your long term planning (e.g. an annual gym membership).

Hopefully you find this tool useful, if you have any other tools to recommend please feel free to comment below!

Note:This tool is constantly developing and may show odd results. Please double check calculations if you are unsure on the result.


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