Simple Monthly Budget Template

The most common budgeting mistake: people track expenses after spending instead of allocating before. A zero-based budget — where every dollar is assigned a job before the month begins — eliminates this and typically saves people 15-20% in the first month just by making spending visible.

📋 The Template (copy this structure)

Use the 50/30/20 rule as your starting baseline:

• 50% Needs — housing, groceries, utilities, insurance, transit
• 30% Wants — dining out, subscriptions, hobbies, clothing
• 20% Financial goals — emergency fund, debt payoff, savings, investing

💰 Income Section

• Paycheque 1: $______
• Paycheque 2: $______
• Side income / freelance: $______
• Total Monthly Income: $______

🏠 Fixed Expenses (same every month)

• Rent / Mortgage: $______
• Car payment: $______
• Insurance (car, tenant/home): $______
• Phone bill: $______
• Internet: $______
• Subscriptions (Netflix, Spotify, etc.): $______
• Fixed Total: $______

🛒 Variable Needs (fluctuates monthly)

• Groceries: $______
• Gas / transit: $______
• Utilities (hydro, water, heat): $______
• Medications / health: $______
• Variable Needs Total: $______

🎉 Wants / Discretionary

• Dining out / takeout: $______
• Entertainment / events: $______
• Clothing / shopping: $______
• Personal care: $______
• Hobbies: $______
• Wants Total: $______

🏦 Financial Goals

• Emergency fund (target: 3-6 months of expenses): $______
• RRSP / TFSA contribution: $______
• Debt extra payments (credit card, student loan): $______
• Short-term savings (vacation, car, etc.): $______
• Goals Total: $______

✅ The Final Check

Total Income − (Fixed + Variable Needs + Wants + Goals) = $0
If positive: put the surplus into savings. If negative: cut from Wants first, then revisit subscriptions.

🇨🇦 Canadian-Specific Tips

• Max your TFSA first ($7,000/year limit in 2025 — confirm 2026 limit via CRA) — growth is 100% tax-free, beats RRSP for most under $60K income.
• Budget for HST/GST on services — often forgotten in variable expenses.
• Set a separate line for seasonal costs: winter tires, heating spikes, holiday spending.

Pro tip: Run your first budget backwards — pull 3 months of bank/credit card statements and categorize what you actually spent. That real number is your true baseline. Most people underestimate their dining and subscriptions by 40%. Start there, then set targets.