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)Â
- 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
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Download one of these budgeting worksheets to help start your budget:
Budgeting Worksheet by the Credit Counselling Society of CanadaÂ
Budgeting Worksheet by the Ontario Securities Commission
Links for more budgeting tips and information:
Cost Estimator for First-Year Undergraduate StudentsÂ
Track your expenses with one of these banking apps: