You’ll see a graphic that shows you how your budget compares to those of other Canadians in similar situations. Review your results graphics, they give you a clear visual of your overall budget. Everyone’s situation is different and while the guidelines can’t apply to everybody, they provide a good starting point. These alerts will help you determine where you should focus your attention or try to reduce costs. Stop sign: this amount is above the average range.Warning sign: this amount is slightly above the average range.Thumbs up: this amount is within the average range.Look at the different alerts you receive for each category: These guidelines tell you what Canadians usually spend or save for each budget category, for example, food, housing, clothing, insurance, etc. The results section provides you with average guidelines. When you’re done creating your budget, save it online so you can return to it anywhere, at any time. Consider those tips in order to balance your budget. These items should represent your current situation.Īs you’re entering data, the tool will give you tips to help you save more and/or spend less. When you're done, review the amounts to make sure you didn’t forget anything. if you can’t find a field for a specific item, you can always add and name your own items.enter the amount of income, savings and expenses into each category of the Budget Planner.take your recent pay stubs, bills, and account statements.Step 1: List your income, savings and expenses Take the following simple steps to make your budget. You also have the option to compare your budget with those of other Canadians like you. It also creates charts that show you where your money goes. It gives you tips and guidelines and helps you figure out your next steps with suggestions. The Budget Planner is a tool that allows you to create a personalized budget and save it online. In order to make a useful budget you need an effective tool that is easy to use. Once you’ve figured out your needs and wants, you’re ready to start your budget. However, a condo or a smaller home may be what you need when your children move out. For example, a large house may be a need while you're raising a family. Your needs and wants may also change over time. However, if you don't have access to public transit and can't cycle to work, you may need a car. For example, if you live near a bus route, a car may be a want rather than a need. One person's “want” may be another person's “need”. Needs and wants aren't the same for everyone. For example, meals at a restaurant, a trip, a gym membership, or designer shoes. For example, a roof over your head, clothing, food, or medication.Ī "want" is something that you'd like, but don't necessarily need. Knowing the difference between your needs and your wants is key to making a smart budget.Ī "need" is something that is necessary, required or essential. Small changes to spending habits can have a major impact on your budget and your ability to save.
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