Budget Calculator

Throwing back the curtains on where your money actually goes can be an eye-opening experience. This calculator can help you get a handle on the numbers by tracking your expenses. Keep a log and jot down whatever you spend. In this way, you will be able to take control of your money and your current financial situation.

	MONTHLY INCOME
	Income 1 If you get paid once a week, multiply the amount of your paycheque by 52 and divide by 12. This will give you your monthly income. If you get paid every two weeks, multiply by 26 and divide by 12.	$
	Income 2 List any secondary sources of household income here, including a spouse’s income or income from a second job.	$
	Interest Enter the monthly interest you earn on investments here. But only include interest income that can be used to pay for monthly expenses -- not interest earned on retirement accounts or other long-term investments.	$
	Pension If you receive money from a pension account, enter it here.	$
	Other List any other regular sources of money (income) that you can consider part of your monthly financial outlook.	$
	MONTHLY EXPENSES
	Rent/Mortgage Your rent/mortgage allowance should include your total monthly spending on shelter. In addition to principal and interest payments, this number should include mortgage insurance, house insurance, property taxes, etc.	$
	Car Payment Enter your monthly car loan or lease payment here. If your car is already paid off, enter zero.	$
	Car Insurance This amount is separate from your car payment because it can vary according to your driving record and other factors.	$
	Credit Cards If you don’t pay your entire credit-card balance off every month, enter the amount you do pay. If you do clear your balance each month, enter zero.	$
	Education Add up all your education-related expenses, including tuition, books and fees. Enter the total here.	$
	Entertainment Enter the total amount you spend each month on having a good time. This should include movies, concerts, plays, book and magazine purchases, and so on. Include money you spend eating at restaurants -- or ordering food in -- in this category, not in food expenses.	$
	Food Include all food-related expenses (minus your entertainment-accounted-for indulgences), including cooking supplies.	$
	Medical Account for any medical expenses here. Include procedures not covered by your provincial health plan. If you pay a premium on your health insurance, add it in. Also take account of your average monthly expenditures for prescriptions and other medically related payments.	$
	Transportation This category should include any costs associated with getting you from here to there -- outside of your car payment and insurance. Include automobile maintenance bills, fuel costs, public transportation, taxi rides, parking, etc.	$
	Utilities Add up your average monthly expenditures for gas, telephone, cable, electricity and water.	$
	Child Care Add up not only day-care expenses here, but also what you spend on diapers, wipes, formula and other baby-related purchases.	$
	Miscellaneous Every month there will be quite a few expenses that don’t fit into any of the other categories. It’s important to plan for these expenses, too.	$