Savings Rate Calculator
Are you a freelancer or small business owner who does not receive a paycheck? When you receive payment from customers, do you know how to take that payment and use it to pay bills that are unrelated to the business?
What about the bigger picture goals? If your company has no retirement savings plan, how are you preparing for the future other than dreaming of the “one day when someone will buy the business”?
This free application was built to solve these pains. With this app, you can know exactly how to get money from your Business Checking account into your Personal Expense account, and do it while targeting a specific Net Savings Rate.
Just fill in any 2 of the fields and it will fill in the rest.
TARGET SAVINGS RATE – This is the percentage of your net pay that ends up in your savings account.
GROSS INCOME – This is the full amount you wish you withdraw from the Business Checking account
EXPENSE ACCOUNT – This is the amount you will deposit into your Personal Expense account. You’ll use this account to pay all of your bills.
SAVINGS ACCOUNT – This is the amount you will deposit into your Personal Savings account. This is post-tax money. You may invest as you wish.
TAX ACCOUNT – This is the amount you need to transfer to your tax account to cover 100% of your tax liabilities. (This version is hard-coded at 40%, which is a little higher than you need. Future versions will allow you to configure your tax rate.)