![]() Just saying.) Either way, it’s totally okay to start by writing out everything on a sheet of paper. (We know a great tool called EveryDollar. No matter how you feel about budgeting right now, no matter what money goals you have, and no matter your income-you can make (and keep!) a budget in just five steps.įirst, decide if you’re making a budget on paper, with a spreadsheet or in an app. Keep reading to see how to make it happen so you can make a budget that works for you. When you learn how to make a budget-and do it every month-you’re giving your money purpose. It’s a plan for what’s coming in and what’s going out. It’s not a restriction on spending-it’s a plan for what you’ll do with your money. Real quick though, let’s define the word budget. Make a New Budget Before the Month Begins.Here’s how to make a budget in five steps. So, here we go-bite by bite, step by step. (You go one bite at a time.) And no one leaps into budgeting like a pro. Because no one eats an elephant by swallowing it whole. ![]() Savings: emergency fund, RRSPs, RESPs, TFSAs, seasonal expenses (e.g.Making a budget might seem overwhelming at first, but hear this: You can do it. Personal: tobacco, alcohol, books, music, clothing and shoes, donations, subscriptionsĮating Out: meals, snacks, take-out, beverages (coffee, tea, juice, soft drinks)Įntertainment: recreation, sports equipment and fees, movies, concerts, hobbies, gamingĬhild: daycare, lessons and activities, allowance, school supplies and fees, babysitting, programs, tutorsĭebt Payments: credit cards, loans, leases, support payments, government debts, personal debt Health Care: medical premiums, life insurance, medication, eye care, dental, supplements, wellness costs Transportation: fuel, auto insurance, transit, parking, taxi, rentals, car sharing, tolls Living: personal care, bank fees, salon and spa services, dry cleaning, pet costs, memberships (fitness, clubs, associations) Groceries: food, baby needs, household supplies, toiletries Household: furnace, water tank, roof and gutters, decor, upgrades, storage locker, gardening, cleaning services, outdoor equipment and maintenance Utilities: phone/cell, cable/internet, gas, hydro, security Housing: mortgage, rent, strata fees, house insurance, property taxes View a sample of a completed tracker (from the previous version of our Monthly Expenses Tracker).Įxpense Categories – Know Where Your Money is Going This becomes the cash balance for the next week. If there’s a surplus, you should have money in your wallet or bank account.
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