In 2021 I took a Financial Literacy course with Professor Thomas Reilly. I created these calculators to help me prepare for the future.

income statement

An income statement examines your income and expenses over some period of time (ex: monthly). Budgeting and tracking your expenses ties into this. A budget is an ideal income statement that's compared against your actual income statement.

Collect a sum of all after-tax income and all expenses you've paid and plug them in here. It simply subtracts the two to tell you how much free income you can use for saving or investing. (I would recommend setting up a spreadsheet or other way to compute these sums more easily.)


Your after-tax income is: (to-be calculated)

Living Expenses

Income available for savings/investing: (to-be calculated)

balance sheet

A balance sheet examines your assets, liabilities, and net worth at a specific point in time. (Usually it's created and reviewed once a year.) It's like a snapshot of your financial situation. Your balance sheet is made from two main categories:

Your net worth is the difference between the two. Use this calculator to compute your balance sheet.


Your total asset value is: (to-be calculated)

Current Liabilities

Your total current debt is: (to-be calculated)

Long-Term Liabilities

Your total long-term debt is: (to-be calculated)

Net Worth

Your net worth is computed by subtracting your total value of assets from your total long-term debt.

Your net worth is: (to-be calculated)


There are five financial ratios used to assess your financial health.

Do I have enough liquidity for an emergency?

Your current ratio describes how well-prepared you are for an emergency (in terms of readily-accessible money). Aim to make this at least 1.0, but you should really go for 2.0 or higher. Too high isn't great, though, as this suggests most of your money is in assets, rather than investments or retirement accounts.

Your current ratio is: (to-be calculated)

How many months of living expenses can I cover?

Your month's living expenses covered ratio describes how many months you could cover of your current living expenses right now if you stopped gaining income (if you lost your job, for example). Aim for around 3-6 months.

Your month's living expenses covered ratio is: (to-be calculated)

Can I meet my debt obligations?

Your debt ratio measures your debts against your assets. For younger people (especially students with high student loans), this may start out high. However, you should aim to decrease this as you get older.

Your debt ratio is: (to-be calculated)

How does my long-term debt compare to my income?

Your long-term debt coverage ratio compares your gross income against your long-term debt payments. This ratio is supposedly important for taking out mortgages or large loans, as loaners will look at this ratio to determine if you qualify and/or what your interest rate will be. They'll want it to be under 40%. Aim for less than that so you have more flexibility.

Your long-term debt coverage ratio is: (to-be calculated)

Am I saving as much as I think I am?

Your savings ratio compares your left-over income from your income statement against your gross income. It tells you how much of your income you're able to save. Aim for around 10%, if not more.

Your savings ratio is: (to-be calculated)