If you live in Canada’s far north or in a city where homes are very expensive, you may have to cut back more than an average Canadian would in the “Food” or “Housing” categories in order to afford your higher living costs. Divide your financial goals into short-, medium-, and long-range categories to make sure you are planning for your present and your future.
Spending more in one category may mean that you’ll have to cut back in another category to make your budget balance. Set up a savings fund: If you have a surplus income after paying your priority expenses and then your debts, its a good idea to save some of your surplus. Life is all about choices, but you can’t choose the maximum amount in all spending categories. These guidelines are only recommended ranges. You may also notice that if you spend the maximum amount in every category, you’ll exceed 100% of your income. It’s important to know there is nothing wrong with exceeding this limit as long as your budget balances (your expenses don’t exceed your income). For instance, if you’re buying a gift for a co-worker’s retirement, twenty people kicking in 10 can buy an excellent gift. Group gifts are an ideal way of buying better gifts with less money. However, if you happen to have young children in daycare, have high education costs, take nice vacations, tithe, or have hobbies or recreational interests that aren’t cheap, you’ll quickly exceed the suggested maximum for this category. Seriously, this kind of preparation makes budgeting for gifts significantly easier throughout the year. Get a tear-off pad of the worksheet and supplement it with other related topics from. See more ideas about monthly budget, monthly budget template, budgeting. This one-page budget worksheet helps you plan and track your spending. You need to know where your money is going, so start by listing out your monthly expenses, including due dates. Getting paid once a month, twice a month, every week doesn’t matter. The guidelines suggest you spend 5 – 10% of your income in this category. Explore Harita Parsons board 'Monthly Budget Templates', followed by 15,863 people on Pinterest. Step 1: Create Your Monthly Budget Categories.
The category in these guidelines that people will most commonly exceed is the “Personal & Discretionary” expense category. Don’t rely on credit for these unexpected expenses. Budgeting helps you keep to your financial goals Entertainment Restaurants Upscale-clothing Gadgets Furniture and home dcor Kids toys and activities.
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How to View These Budgeting Guidelines to Get a Hold of Your Spending Habits
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