Take the budget challenge
It’s time to find balance in your budget
E
very good financial plan needs a budget. No matter how much you earn it’s important to know where you
are spending your money. Budgeting is about building a plan to help guide you to make good decisions
when it comes to saving, spending and investing. The challenge is to find balance. Balancing a budget means
figuring out how to spend less than you make and therefore breaking the debt cycle.
This worksheet will help you better understand your current situation, identify spending habits and reduce debt. l
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Solut!ons for financial planning
Personal budget worksheet
After-tax net income (Please enter monthly amount)
Wages, salary,
commissions & bonuses
Pension $______________
$______________
Other income $______________
Rental property Income
$______________
Total monthly income$______________
Investment income (RRIFs,
annuities, dividends, interest)
$______________
A Total annual income
(above x 12)$______________
Government benefits (CPP, OAS)
$______________
Expenses (Please enter monthly amount)
Housing
Financial obligations
Mortgage/rent payments $______________
Registered contributions
$______________
Utilities (gas/electric/water)
$______________
Non-registered contributions
$______________
Phone/cell/internet/cable$______________
Pension contributions
$______________
Homeowner’s/content Insurance $______________
Loans & lines of credit payment
$______________
Property taxes/condo Fees
$______________
Credit card payments (all cards)
$______________
Home repairs/maintenance
$______________
Health insurance
$______________
Transportation
Life Insurance (Life/LTC/Disability/CI) $______________
Gas$______________
Discretionary expenses
Car insurance $______________
Fitness$______________
Loan/lease payments $______________
Travel/vacation$______________
Public transit
$______________
Hobbies$______________
Maintenance/repairs$______________
Pets $______________
Parking$______________
Entertainment $______________
Daily living
Restaurants $______________
Groceries $______________
Gifts (birthdays/anniversary)
$______________
Childcare/support payments
$______________
Tuition, student loan payment
$______________
Subscriptions
(newspapers/magazines) $______________
Clothing/haircuts $______________
Charities $______________
Services (dry cleaning/
housekeeping/landscaping) $______________
Other
________________________ $______________
Health care
Total monthly expenses$______________
Medical (prescriptions/
dental/eye/chiro/massage)$______________
B Total annual expenses
(above x 12)$______________
Assisted living, nursing care
$______________
Total dollars available to invest or save
A Total annual income – B Total annual expenses = Total dollars available
$______________
Looking at your spending patterns, are you surprised? Pleased? Frightened?
If you don’t like what you see, work with your advisor to develop a budget and plan.
Assets
Primary residence Current value
$______________
GICs $______________
Pension (company/individual)
$______________
Vacation home,
commercial/rental property $______________
Other assets $______________
Black book value of automobiles $______________
A Total assets $______________
Trucks, boats, other transportation $______________
Chequing accounts $______________
Liabilities
Savings accounts
$______________
Balance on home mortgage $______________
TFSAs$______________
Tuition loans $______________
RESPs Credit card balances $______________
RRSPs/RRIFs$______________
Home equity loans $______________
Individual stocks $______________
Lines of credit $______________
Individual bonds $______________
Medical expenses $______________
Segregated funds $______________
Car loans $______________
Mutual funds $______________
Other long-term debt $______________
Money market accounts $______________
Miscellaneous money owed $______________
$______________
Current debt
B Total liabilities $______________
Total net worth
A Total assets – B Total liabilities = Total net worth $______________
Are you happy with your assets-to-liabilities ratio? If you think there’s room for improvement, talk with your advisor
about reducing debt or making your investments work harder for you.
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