1.4.2 My monthly budget

You can use this template to prepare a simple personal or household budget. If you have already completed the income and expenses worksheets in previous sections, enter that information here. If you haven't, take the time to calculate your total monthly income and your total monthly expenses.

Definitions

Tip

  • To determine your income accurately, you may want to collect recent pay stubs and income tax statements.
  • To determine your expenses, start with an estimate. Revise it after you have been saving receipts and bills or recording your expenses for a few months.

My monthly budget

Enter your total monthly income and total monthly expenses. Then subtract your expenses from your income to see if you have a surplus or a deficit. You can also use the Budget Calculator from the Financial Consumer Agency of Canada, a useful and complete interactive tool to create your household budget.

Income Amount per month ($)
Employment income (after deductions)
$
Bonuses
$
Tips or commissions
$
Government payments such as Canada child benefit, Employment Insurance (EI), Canada Pension Plan (CPP) or Quebec Pension Plan (QPP)
$
Self-employment
$
Gifts
$
Grants or scholarships
$
Royalties
$
$
Total income $0.00
Fixed expenses Cost per month ($)
Rent or mortgage payment
$
Property taxes and/or condo fees
$
Home insurance
$
Utilities (electricity, water, heat)
$
Communications (telephone, Internet, cable)
$
Transit
$
Car loan payment
$
Other loan payments
$
Child care
$
Other insurance (life, disability, etc.)
$
Banking and credit card service fees
$
Savings
$
$
Total fixed expenses $0.00
Variable expenses Cost per month ($)
Groceries
$
Eating out
$
Household expenses (cleaning, maintenance, repairs, furniture)
$
Car repairs, gas, etc.
$
Computer equipment and office supplies
$
Pets
$
Health care (dental, medication, glasses/lenses)
$
Clothing and footwear
$
Personal care (toiletries, hair care, makeup, laundry)
$
Recreation (movies, games, videos, clubs, concerts, sports, etc.)
$
Travel
$
Gifts and charitable donations
$
Education (tuition, books, fees, etc.)
$
$
Total variable expenses $0.00
Total monthly income $0.00
Total monthly expenses $0.00
Difference between total monthly income and total monthly expenses $0.00
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