Creating a personal budget is the best way to accomplish your financial goals. It's also a great way to see how you’re faring in terms of your individual finances and make adjustments if necessary. Want to track your finances more closely? Learn more about monthly budgeting. Managing your entire family's budget and would like our advice? Please take advantage of our tips for a balanced family budget.
Whether it's for a meaningful personal trip, paying off a loan or investing in a loved one's RESP, you need to be specific. Estimate how much you want to save and how long it will take you to get there.
Calculate your average monthly income as well as your fixed expenses. Take the time to make a complete list of your expenses and cash inflows.
Take the total amount of your monthly income, then subtract the total amount of your expenses. This will give you the amount of money you have left over each month. Multiply this amount by the number of months you've given yourself to reach your target. This calculation will allow you to see if your goal is realistic or if you need to find a way to reduce your expenses.
(MONTHLY INCOME – MONTHLY EXPENSES) x NUMBER OF MONTHS = YOUR SAVINGS TARGET
Looking for the quickest and easiest way to do your personal budget? Download our budget calculator and get an overview of your situation.
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