Budget Strategy
Are You Spending More Than You Earn?
A budget is a useful tool for giving you a clear picture of how you spend your money
Many of us hold a budget in our head, but writing it down is important and you might be surprised by what you discover
Knowing how you spend your money today can help you decide how you want to spend it tomorrow
Clarity on what it costs to live your life is a first step on the path of financial security
Use the Budget Strategy tool to gain insight on how you spend your money
Budget Strategy Tool
Gain clarity on how you spend your money each month?
How much money do you receive each month?
Employment Income: How much do you make from paid work? You may have more than one job. Include the money you earn from all of them
Other Income: Do you receive investment income or rental income? Perhaps you receive child support or alimony?
What are your unavoidable expenses each month?
Food: How much money does it take to feed yourself on a regular basis?
Rent or Mortgage Payment: How much do you pay each month to house yourself?
Household Bills: What are your regular bills? Hydro, Internet, cable etc. How much do you need to cover your regular bills each month?
Transportation: Whether its a car, the TTC or Ubers, how much do you spend each month getting from here to there? Consider parking, insurance or other transportation fees you pay on a regular basis
Child Care: Do you have a little one in child care? How much does that cost?
Debt Repayment: Do you have outstanding loans on which you owe monthly interest, such as a line of credit or credit card?
Insurance: Most of us need some forms of insurnce including auto insurance, property insurance and disability insurance
Other:
How much money do you save & invest each month?
Emergency Fund: If the pandemic has shown us anything, it is that anything can happen. Planning for the unexpected makes sense
Retirement Savings: The luckiest among us have the priviledge of growing old, money lets you age gracefully and with a bit of fun!
Employee Benefits: If your employer offers financial benefits, including "match" programs - take advantage of them
Something Wonderful: Wonderful things happen, be prepared to enjoy them
Other:
Are you living within your means?
Monthly Income: This is the total amount of money that lands in your bank account each month
$0
Monthly Expenses: This is the amount of money you are spending each month
$0
The Difference: This is the difference between what you earn and what you spend each month
$0
What are your unavoidable expenses each month?
Drinks/Dinners Out: We all enjoy a delicious meal on a patio with friends, but know how much you are spending
Entertainment: Plays, the movies, the ball game, keep track of how much you are spending on entertainment
Travel: Travel is one of the universe's most wonderful gifts, and hopefully everyone enjoys some amazing adventures whereever they choose to go
Shopping: How much do you spend on average each month buying things?
Gifts: A great pleasure in life is gifting those we love. It's also a great feeling to give to a cause you care about
Other:
The Budget Strategy Tool is a web tool supporting Wealth Strategies for the Everyday Goddess and is intended for illustration purposes only