The Delaware Treasurer’s Office is introducing a new tool to help people manage their money.
State Treasurer Colleen Davis has developed an income calculator that aims to give Delawareans a sense of their available income.
Users start by entering their annual income, pre-tax deductions, marital status and federal withholding. Then they can get an average of what things like housing, healthcare and groceries could cost them every two weeks.
Davis said it gives users the percentages people should expect to spend on items, which could be different from what they’re actually spending on them.
“It’s really trying to help you to hone in on maybe where those excess expenditures are and whether or not you have the ability to make some adjustments there,” she said.Davis said the tool helps users evaluate their entire budgets and identify specific places where they could adjust their spending.
“And they may say ‘You know what, maybe I shouldn’t be spending quite so much or maybe I’m not spending so much and that could potentially be a really good thing. What am I going to do with that excess money,’” she said.
Davis said she hopes the calculator can relieve some stress people feel about their finances. Her office is looking for public feedback.
Davis adds it’s possible insight gleaned from this new tool could be helpful in informing future public policy decisions.
The Treasurer’s office is planning future versions of the calculator, which may include additional features.
