![]() You may be surprised to find out how quickly inconsequential expenses can add up. Study your credit card bills for any expenses you may have forgotten about, like subscriptions and services. Include even the smallest and spontaneous purchases-like takeout meals and movie tickets-in your budget. ![]() This is why it’s important to track monthly expenses when you start putting together a budget. If you’re like most Canadians, you might not know where your money goes after you pay for obvious living expenses, like your rent or mortgage, car payments, groceries and utilities. If you notice that your expenses are higher than your income, you’ll need to make some adjustments, such as focusing on which debt to pay or earn extra money (more on that in step 3). Along with your expenses, make sure to include any debt payments you will make. Then, allocate set amounts of your income to cover those expenses, including how much you pay for various bills and items each month. Using the Credit Canada planner or any other budgeting tool you prefer, create a list of your income and expenses. You can also include your budget and see how it compares to your actual spending. It provides a complete breakdown of what you spend your money on each month. With this tool, you plug in some basic information, including your expenses, and the planner does the rest. There are many online budgeting tools and financial apps that can help with this, including Credit Canada’s free Budget Planner + Expense Tracker. ![]() The first step to creating a monthly budget is understanding how you manage your money from day to day. Step 1: List your expenses and streams of income Compare the best savings accounts in Canada
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