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The idea is to record your money entries and exits for a year. Depending on your situation, an individual or family budget can be established.
To better understand your ability to save, please use the following table:
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My annual budget
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Annual net income (after tax)
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Individual
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Family
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Salaries / Commissions
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Alimony
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Family Allowance
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Child Tax Credit
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Interest
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Other (rent, premium)
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Total Revenue:
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Fixed expenses
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Individual
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Family
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Rent / Mortgage and taxes
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Electricity / Heating
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Phone / Cell
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Cable
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Life Insurance
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Car Insurance
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Home Insurance
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Licensing & Registration
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Daycare
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Alimony
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Loans (car loan/others)
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Credit cards
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Savings Plan (RRSP)
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Variable Expenses
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Food
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Restaurants / School dinners
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Transit
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Gasoline / Car maintenance
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Care / Drug
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Education Children
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Clothing
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Home Maintenance
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Music / Books / Newspapers
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Office Supplies
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Smoke / Alcohol
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Entertainment (movies, sports, courses)
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Travel
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Child Tax Credit
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Charitable
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Furniture / Decoration
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Other (gifts, book, pet, etc..)
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Total expenditure:
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Income:
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Less Expenses:
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Grand total :
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If the grand total is negative, it means that your expenses exceed your income. In this case, you must revise your priorities in your life.
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