 Converting Income for Budgeting Calculations - dummies

# Converting Income for Budgeting Calculations

When drawing up a budget while you’re a student, ensure your figures all correspond to the same period of time. Your budgeting would be misleading if you end up comparing monthly expenditure figures with your weekly income. In order to get consistent, and accurate figures when creating your budget plan, use the following calculations to convert amounts so that they are comparable in real terms.

• Converting a weekly amount to a monthly amount

Weekly amount x 52 = Annual amount

Annual amount x 12 = Monthly amount

• Converting a monthly amount to a weekly amount

Monthly amount x 12 = Annual amount

Annual amount / 52 = Weekly amount

• Converting a quarterly amount to a monthly amount

Quarterly amount x 4 = Annual amount

Annual amount / 12 = Monthly amount

• Converting a quarterly amount to a weekly amount

Quarterly amount x 4 = Annual amount

Annual amount / 52 = Weekly amount

• Converting an annual amount to a monthly amount

Annual amount / by 12 = Monthly amount

• Converting an annual amount to a weekly amount

Annual amount / 52 = Weekly amount