Budgeting

Starting your Budget

The first step in managing your money is knowing what’s coming in (and from where) and where it’s going out – and making sure the "in" exceeds the "out" so you have enough for your needs, and can save and invest for your future.

  • Income
  • Expenses
    • Fixed Expenses
    • Variable Expenses
  • Difference between the two: Surplus or Deficit
  • Savings
  • Registered Investments (RRSPs, TFSAs, or LIRAs) 
  • Salary, Part-time Earnings, Tips
  • GST/Income Tax Refunds
  • Stipends from Assistantships
  • Student Loan
  • Family Support
  • Scholarships/Awards
  • Housing
  • Car payments
  • Loan payments
  • Insurance (car, home, travel, etc.)
  • Utilities (electric, gas, water)
  • Telecommunications (cable, internet, telephone, cell phone, long distance, voice and data roaming charges)
  • Childcare
  • Education (post-secondary tuition, books, fees, etc.)
  • Groceries
  • Eating out
  • Household expenses (cleaning, maintenance, furniture)
  • Computer (hardware, software, accessories, supplies)
  • Pets
  • Transportation (transit, gas, car maintenance, etc.)
  • Health care (Medical Services Plan, dental, glasses/lenses, medication)
  • Clothing and footwear
  • Personal care (toiletries, hair care, make-up, laundry)
  • Recreation (movies, games, VD/videos, clubs, concerts, sports, etc.)
  • Travel
  • Gifts and charitable donations
  • Need: a necessity, something required, something essential for life
  • Want: a desire, something wished for, something non-essential
  • Priority: something that you have to do first because it is more important than other things
    • 1 = items that are essential for healthy living
    • 2 = items that are not essential but are important
    • 3 = items that are not essential and not important
  • Balance your needs and wants
  • Awareness of personal factors like emotions, habits and behaviours can help control your spending

Reference: Financial Basics and Your Financial Toolkit from FCAC

Download one of these budgeting worksheets to help start your budget:

Budgeting Worksheet by the Credit Counselling Society of Canada 
Budgeting Worksheet by the Ontario Securities Commission

Links for more budgeting tips and information:

Budget Calculator from the Financial Consumer Agency of Canada
Cost Estimator for First-Year Undergraduate Students 
Tip Sheet: Making a budget and sticking to it

Track your expenses with one of these banking apps:

Track Your Expenses with TD MySpend App 
Track your Expenses with RBC my Finance Tracker