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Although this video is an older, the logic is still sound in today's modern world and it is provided straight from the Government of Canada. In order to gain your financial success you need to have a plan for how you are going to reach your goals. Without financial goals you do not have direction of how to get where you want to be making it extremely difficult. There are going to be some things in life that you want that will require a substantial amount of money in order to achieve. Without a plan you risk not being able to recognize how to actively walk towards those aspirations. You should plan out these major things so that you know exactly how it will be executed successfully. As mentioned in this course previously you should be creating SMART goals for yourself. Working towards specific financial goals will be much easier than trying to work towards goals that are more general and vague. In order to implement this successfully you will require forethought and planning.

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Segment 1 - Why Is It Important to Set Goals?:

(Host)

If you want to travel to a place that you have never visited before, you need a good map. It's the same with your finances. To manage your money well, you need to know where you want to go. That means setting financial goals. Being without them is like being lost in the woods without a compass - we have no direction and can't find our way out.

There are certain things in life that are really important to us, but take a lot of money - for example ensuring your child has access to the education and training they need for the career they want. [cutaway to university shots], taking a vacation [travel agency] or having enough funds to enjoy your retirement.

For most people, expenses like this can't be paid on the spot, and setting aside a large sum of money takes some time. But it isn't enough simply to identify a general aim - knowing that you want to go on vacation is a start, but the goal doesn't tell you how much it will cost, how long you have to get the money, or how you will save for it. How will you know when you have reached the goal? If you don't know these details, you won't know if you're heading towards your goal, or if you have to change your strategy in order to reach it.
Segment 2 - Introduction to SMART:
SMART goals make it easier for you to plan how to save for the goal, how to measure your progress, how long you have to work towards it, and how to know when we have reached your goal.
Segment 3 - A SMART Example:
Instead of just "I want to save for a vacation," a SMART goal would be to say "I want to save $5,000 for a trip to New York, within ten months."

It's specific - because you know exactly what you're saving for - a trip to New York

It's measurable - because you know how much you will need - $5000

It's achievable- because you can break the total needed into smaller steps and you will know how much you need to put aside each week or at each pay-cheque.

It's realistic - because you can see if you need to adjust your budget or your goal to make it work.

And, finally, it's time-framed, because you've set a deadline - "I want to be standing in Times Square in 10 months' time!"

Segment 4 - Real World Application:
Let's look at how you might go about setting a SMART goal for your vacation to New York.

First [Step 1: Set monthly amount] divide the total amount you need, by the number of months you have. In this case, $5,000 over 10 months = $500 per month.

Then, [Step 2: Fit into your budget] add this amount to your monthly budget, taking into account your other necessary expenses, and your monthly income.

[Step 3: Adjust your budget - or your goals] See if you have enough income to meet your total monthly budget needs. If not, you'll have to either increase your income, reduce your other expenses, reduce your vacation budget, or give yourself more time to save for the vacation.

Segment 6 - Summary:
We all have ambitions and objectives that we work towards, and...

Setting realistic, achievable financial goals is one of the most important factors in reaching them.

Working towards very specific financial goals is easier than working towards vague or general ones.

Knowing how to set goals and budget for them requires a bit of forethought and planning, but this is easy to do and can lead to huge benefits later on.

Segment 7 - Actor's concluding statement.
Setting SMART goals can make it easier for you to reach your financial goals - this can mean the difference between success and failure. Take a moment to consider your objectives, and set SMART goals to help you to stay on track and make your dreams a reality.

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1.5.2 Video: Budgeting to reach your goals

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Segment 1 - Why Is It Important to Set Goals?: (Host) If you want to travel to a place that you have never visited before, you need a good map. It's the same with your finances. To manage your money well, you need to know where you want to go.

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A budget will be able to answer most of the questions that you have about your money, such as "How much money do I have, and where is it going?" There are many things to consider when making your budget. Did you know the average student that graduates will have approximately $25,000 of debt and can take up to 14 years to pay it all back? With  a budget you will be able to know what you can spend your money on and when you can spend it. The first thing you need to think about is where you want to end up. A budget will help you plan your month-to-month expenses and help you achieve your financial goals. The best way to start is to review your monthly spending and earning habits. If you are over budget you need to cut back on spending for things that you want and prioritize the things that you need. When you figure out a budget that works for you write it down and keep track of it monthly. Things may change month-to-month, so you will need to be able to adapt to the changes to stay ahead.

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Budgeting Tips

Why Budget?

Budgeting - You hear the term used often and you know you should be doing it but why? We're here to get you thinking about budgeting so that you can start to make smarter financial decisions. For starters, we answer the question, "Why budget?"

Prioritize Your Expenses

A budget lets you know what you can spend and when you can spend it. Preparing a budget forces you to consider your expenses in light of your income, and to make rational decisions about how best to spend what you have. It helps you distinguish between your "needs" and your "wants" and allows you to set short, medium, and long term goals. Having a budget and sticking to it will ensure your most important expenses, such as rent, groceries, medical/dental bills, laundry, textbooks, and tuition fees, get paid before those that are less important, like entertainment, the latest gadget, and eating out. In short, it will help you prioritize your expenses.

Stretch Your Resources

As a student, budgeting will also help you plan how you will stretch resources like financial aid funding (e.g. OSAP) over the entire academic year. Remember, income streams like government grants and student loans are paid out on a fixed schedule, usually once or twice a year. Without a plan, it is all too easy to run out of funding before your final exams are behind you. Sticking to your budget will ensure you live within your means and avoid taking on unnecessary debt. Monitoring your spending habits will deter you from making impulsive or expensive purchases of items you do not need, and cannot afford.

Reduce Stress

Prioritizing your expenses and choosing the best ways to stretch your resources are really both means to the ultimate end, and the single-most compelling reason to get into a lifelong habit of budgeting. The real answer to the question "Why should I budget?" is, "Because it will make your life way less stressful!" Preparing and sticking to a budget eliminates the stress that always accompanies poor financial management. And as a student, reducing your financial stress will allow you to put more time and energy into your studies; significantly more.

Building Your Budget

Sold? Good. Next let's talk about how to budget! There are lots of resources available online that will help you design and build a budget, and many that are geared specifically to students. Starting with the following 5-step process will get you on your way.

1 - Review your expenses

Keep track of how, why, and when you spend your money over one month. Tracking your expenses helps you to understand your spending habits.

Some tips:

Sign up for online banking so that you can keep an eye on where your money is going

When using cash, ask for receipts

Don't forget to count the little things like coffee runs, they add up!

Have a realistic idea of what your academic expenses are going to look like, check out our Calculating your Expenses page

2 - Prioritize your expenses

Take a look at your fixed expenses (e.g. tuition, rent) versus your variable expenses (e.g. clothing, groceries) to see where you might be able to adjust or cut costs if need be. Most likely, there is not much you can do about your fixed expenses, however, your variable expenses offer up some flexibility.

Assess your needs versus wants when trying to figure out where you can save money and/or avoid accumulating unnecessary debt.

Some tips for cutting back:

Use your student discount card

If you are an impulse buyer, avoid or limit trips to the mall and online buying sites

Leave your credit card at home and use cash when paying for items; cash is harder to part with than swiping a credit or debit card

Call up your service providers (i.e. cell phone, internet, cable) to see if there is a way you can trim your expenses

Bring your lunch from home

Use your campus gym access rather than paying for another membership elsewhere

Ask yourself:

If I buy this item now, will I have enough money for stuff I might need or want later this week, or later this month?

Will buying this item interfere with paying off debt?

Do I have the extra cash right now to buy this item or can I wait to buy it so that I can save for it?

Do I really need this item?

3 - Review your resources

Resources for funding your post-secondary experience do not rely solely on your income. There are various sources of funding to consider when planning to pay for your tuition, textbooks, and living costs. Consider:

Ontario Student Assistance Program (OSAP)

Bursaries, Grants (i.e. 30% off Ontario Tuition Grant), and Scholarships

Parental/Family Assistance

Summer Employment

Part-time Employment

Savings

Registered Education Savings Plan (RESP)

Co-operative Education Program

Student Lines of Credit

Remember, when borrowing, only borrow what you need! There is a difference between good debt and bad debt. Good debt is used to make things happen that have a higher value than the total debt, such as getting an education. Bad debt is when credit is used to buy things that have no benefit beyond immediate or near-term enjoyment - something to keep in mind! A government-backed student loan which charges you no interest while you are in school, and offers a flexible repayment schedule at relatively low interest rates, is an example of a good debt; carrying a balance on a high interest credit card while you are in school is a terrible form of debt.

4 - Balance your budget

There are only two ways to balance a budget: you can make more money, or you can spend less of it. As a student, it is far easier and more advisable to reduce your spending where possible than it is to increase your income beyond a certain point. Not only is cutting your costs (especially discretionary costs-your "wants") easier than taking on a job to earn more money, it doesn't rob you of valuable hours better spent focusing on your studies.

Some tips to cut discretionary expenses (your "wants") or increase resources:

Make your coffee, hot chocolate, or tea at home

Watch a movie at home rather than at the theatres

Consider having one or more roommates to help cut the cost of rent

Sell any unused items such as old textbooks on Kijiji

Seek out a part-time job that only requires a few hours a week but remember to make school your first priority!

5 - Commit!

The most important step to ensure that you meet your budgeting goals is to commit! This will mean re-evaluating your budget every few months to ensure that you are on track. As you make your way to your goals, remember to celebrate your achievements, large and small! Giving yourself credit for achievements will help keep you motivated to stick to the plan.

Some tips:

Make a plan with your eyes wide open, consider as many possibilities or potential disruptions to your plan, have a plan as to how you will overcome potential obstacles

Set goal dates and re-evaluate half-way through to see if you are on track; if you are not, adjust accordingly

Welcome your mistakes and learn from them, do not get discouraged and give up!

Seek advice from other "budgeters". Ask your parents for advice, your peers; or make an appointment with a financial aid administrator at the Awards Office.

Attend our Budgeting 101 seminar, offered through the Centre for Student Academic Support.

Helpful tip for the future: Debt isn't always a bad thing. When you take out a loan or use a credit card and make your payments in full and on time, you are establishing a good credit rating. This is a valuable thing to have when it comes to buying a car, qualifying for a mortgage, or taking a loan out for your post-graduation business idea. This tells your potential creditors that you can be trusted to repay what they lend.

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Costs and Budgeting - Awards and Financial Aid

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Budgeting - You hear the term used often and you know you should be doing it but why? We're here to get you thinking about budgeting so that you can start to make smarter financial decisions. For starters, we answer the question, "Why budget?"

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It is important to ask the question “What are the holidays for for you?” This question has a different answer for everyone and that answer can change as you age. It is very possible to get stuck in the habits of the holidays and not develop the traditions that you want. Instead of needing X gift for Y person, think more about what makes the holidays special for you. Try to renegotiate who you will be giving gifts to if you are expected to buy of a lot of the family and it is a stress on you financially. Especially if it is people who you do not really spend time with or know. For most quality time with the family and a good meal will be more important than getting a ton of gifts. You should be preparing a holiday budget as soon as possible so you are prepared for it. Try to come up with a realistic number for what everything should cost you and try to stay within those means. When you figure out what that number is for you figure out how you can pay for it. Make trade offs where possible and try to shop with a list.

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Financial expert Bruce Sellery shares budgeting tips!

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Just in time for holiday season, MoneySense expert Bruce Sellery explains how you can avoid breaking the bank while shopping!

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Budgeting Tips of College and University Students

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Budgeting Tips of College and University Students

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1. Make a Budget - this will include all the money coming in as revenue and all the money going out as expenses. When you have completed the budget, show it to someone else that has experience with budgeting (probably someone older than you).

2. Address the Gap - there will probably be a gap between what you are making and what you are spending. Now you need to go back and see if there is any way to bring in more revenue or to eliminate some of your expenses. Get acquainted with your financial aid office at your school, they can give you advice on your money and information on other ways to get money (scholarships, grants, etc.).

3. Be Wary of the Marketers - On campus there will be a lot of temptations to buy into certain things that you probably do not need.

4. Your Money, Your Life - in school you will be meeting people from all sorts of different backgrounds so it is important that you do not try to keep up with people that live outside of your means.

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Budget tips for college and university students - MoneySense

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Do this before heading off to college or university

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This article is very similar to the one provided by the Credit Counselling Society but provides much more depth to each of the steps. This guide also includes some of the emotional side of things that can come with budgeting, both positive and negative. An extra bit of information that is provided here is how to prepare for seasonal expenses. At the bottom they enclose a handy online spreadsheet to help you manage your expenses and they offer a link to their online budgeting workshop which allows a professional help you along the way.

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7 Steps to Build a Household Budget | Money Management Strategies | My Money Coach

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Before you read any further, take a quick look at your current money management skill level. Answer the following questions truthfully, based on what you do today. Ask yourself how much effort do you put in managing your own money? Do you keep track of what you spent in a day, week, or month?

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This guide from the Credit Counselling Society lays out step-by-step the actions necessary to create a solid personal financial budget. They touch on subjects such as setting realistic financial goals, needs vs wants, designing your budget and putting it into action, and even talk about planning for future expenses and irregular income. Throughout the article they have included useful links to help you along the way. They close with a call to action allowing any Canadian to reach out for their non-profit services that would be very beneficial for someone that feels overwhelmed or doesn’t know how to start.

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By Debra Pangestu

When it comes to knowing how to budget your money, it's all about creating a realistic spending plan with budgeting tips to help you save and manage money better.

Charles Dickens was right when he said "Annual income twenty pounds, annual expenditure nineteen pounds - result happiness. Annual income twenty pounds, annual expenditure twenty-one pounds - result misery." Spending money can be fun, but if you end up spending more than you earn, it can be misery making.

The good news is that life doesn't have to be this way. Like driving a car or playing a musical instrument, managing money is a learned skill, and it's never too late to start! With the help of a budget calculator spreadsheet and some money management tips, you'll be well on your way to learning how to budget your money and save.

Budgeting Tips to Help You Learn How to Budget Better

The foundation of sound money management is the budget, which is essentially a plan for your money based on the choices you make and the priorities you identify. Once complete, your budget is the foundation with which you can manage your current income and plan for future possibilities. And it all starts with taking these seven steps:

Step 1: Set Realistic Financial Goals

Having a goal for your money will help you make smart spending choices. So before you start creating a budget, take a moment to ask yourself what your financial goals are, and what you want your finances to look like in one year. Once you decide what's important to you, you're ready to start.

Step 2: Identify Your Income and Expenses - Track Your Spending

You likely know how much you earn each month, but do you also know where you spend your paycheque? The easiest way to find out is to track your spending. Spend as you normally would, and for a few weeks or even a month make a record of everything you spend with a spending tracker.

Step 3: Separate Your Needs and Wants - Determine Your Priorities

Each time you spend, ask yourself: Do I want this, or do I need it? Can I live without it, or is this necessary for my day-to-day-living? If you set clear priorities for yourself, the decision becomes easier to make.

Step 4: Design Your Budget - Write it Out or Use a Spreadsheet to Balance What You Earn with What You Spend

Make it a point to spend less than what you earn. Decide ahead of time what you'll use each paycheque for, and try to balance your budget to accommodate all your needs and necessities. Using a paycheque planner can make learning how to live on a budget a breeze.

Step 5: Put Your Budget Into Action - Plan Your Spending Around Your Paycheques

Match your spending to your payday cycle. Determine ahead of time what you'll use each paycheque for, making sure you allocate enough money for necessities like housing and food, as well as savings and paying debts. It's also important to squirrel away some money for emergencies and "fun." This will protect you from going into debt further, because you won't turn to credit in order to pay for your living expenses.

Step 6: Plan for Irregular, Seasonal and Emergency Expenses

When we budget, we often forget to plan for expenses that come up only once a year, such as back-to-school, Christmas, birthdays and anniversaries. Remember to set aside money to pay for irregular, seasonal and emergency expenses, so that when the time comes, you'll be able to afford them without going into debt.

Related: How to Use a Budget to Prepare for Unexpected Expenses

Step 7: Look Ahead - Learn How to Live with a Budget & Ask for Help if You Need It

Getting into the swing of things can take a month or two, so go easy on yourself. You've lived all this time without a spending plan, so it can take time to adjust to this new lifestyle.

If things aren't falling into place as quickly as you'd like, don't get discouraged. We'd be happy to help you learn how to budget your money. Contact us by phone, email or anonymous online chat to ask us some questions or to make a free appointment to speak with one of our professional Credit Counsellors.

Budget Forecasting Can Help You Save Money

Once you've created your budget, map out your spending for six months to one year down the road. By doing some budget forecasting, you can see ahead of time which months your finances may be tight and which months may offer some leeway. You can then look for ways to even out the highs and lows in your finances to make your budget more manageable.

Extending your budget into the future can also help you forecast how much money you can save for important things like your vacation, home renovations, your retirement, or an emergency savings account.

Related: Tips for How to Save Money Each Month

Using your budget to forecast your spending can really help with your long term financial planning. You'll be armed with enough information to make realistic assumptions about your annual income and plan for long term financial goals like buying a home, starting your own business, buying an investment or recreational property or retiring.

Beyond Budgeting: Learn How to Budget Better with a Non-Profit Credit Counselling Agency

Learning how to live on a budget is more than just creating a money plan. It's about creating a plan of action that anticipates the best and prepares for the worst.

If you're having some difficulty balancing your budget and living within your means, don't be afraid to make a confidential appointment with one of our non-judgemental credit counsellors. It's our job to teach you how to save money and how to budget and pay off debt, all for free.

You can also get more budget planning tips by attending a Money Management or Budgeting workshop, either in person or online.

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How to Budget Your Money: Budgeting Tips to Help You Save

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When it comes to knowing how to budget your money, it's all about creating a realistic spending plan that will help you manage your money better. Spending money can be fun, but if you end up spending more than you earn, it can be misery making.

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If you are a Canadian citizen, where better to find information about budgeting, then straight from the government itself? This site goes into detail not only on tips about budgeting, but also touches on why one should consider making a budget, and things to consider before you start. It describes the difference between a want and a need, and tell you you should to know where your money is going. Overall this is a fantastic resource for anyone in the country wanting to get a handle on their personal finances. At the bottom of the page it even has links to other helpful sources related to the topic.

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Why make a budget

A budget is a plan that helps you manage your money. It helps you figure out how much money you get, spend and save. Making a budget can help you balance your income with your savings and expenses. It guides your spending to help you reach your financial goals.

A budget is especially important if you:

don't know where your money is going

don't save regularly

have problems paying off your debts

feel overwhelmed by your finances

feel like you're not in control of your finances

want to make the most of your money

are planning for a major purchase or a life event

Making a budget can help you:

set spending limits

find ways to pay down your debts

reduce costs and save more

live within your means

reduce financial stress

have more money for things that are important to you

feel in control of your finances

What to consider before you make a budget

Take these simple steps before you make your budget.

Think about your financial goals

Identify your short-term and long-term goals. Make saving for those goals part of your budget.

For example, goals may be:

Short-term goals:

paying off your credit card

reducing your weekly expenses

starting to build an emergency fund

Long-term goals:

paying off all of your debts

saving to buy a home or a car

saving to have children, to go to school or to retire

To deal with unexpected situations, create an emergency fund. Your emergency fund should provide you with enough money to cover your living expenses for 3 to 6 months. These amounts can sometimes seem out of reach. That is why you should start by saving a small amount on a regular basis.

Having an emergency fund will help you reduce financial stress and avoid getting trapped in a debt cycle.
Learn how to set up an emergency fund.
Know where your money is going

Tracking your money will help you figure out what comes in and what goes out of your pocket. Every dollar you spend affects your overall budget.

For example, if you spend $3 a day on coffee, it will cost you more than $1,000 a year.

To keep track of where your money is going, take note of what you spend.

Try this exercise for 1 or 2 months:

keep track of everything you buy, from groceries to a daily cup of coffee

keep track of bills you pay during this period, for example your telephone or internet bill

try dividing your expenses into 2 categories: "needs" and "wants"

Small changes to spending habits can have a major impact on your budget and your ability to save.
Find ways to save money before shopping.
Evaluate your needs and wants

Knowing the difference between your needs and your wants is key to making a smart budget.

A "need" is something that is necessary, required or essential. For example, a roof over your head, clothing, food, or medication.

A "want" is something that you'd like, but don't necessarily need. For example, meals at a restaurant, a trip, a gym membership, or designer shoes.

Needs and wants aren't the same for everyone. One person's "want" may be another person's "need". For example, if you live near a bus route, a car may be a want rather than a need. However, if you don't have access to public transit and can't move around otherwise, you may need a car.

Your needs and wants may also change over time. For example, a large house may be a need while you're raising a family. However, a condo or a smaller home may be what you need when your children move out.

Once you've figured out your needs and wants, you're ready to make your budget.

How to make a budget

In order to make a useful budget you need an effective tool that is easy to use.

The Budget Planner is a tool that allows you to create a personalized budget and save it online. It gives you tips and guidelines and helps you figure out your next steps with suggestions. It also creates charts that show you where your money is going. You also have the option to compare your budget with those of other Canadians like you.
Use the Budget Planner to make a budget.
Steps to make a budget

Take the following simple steps to make your budget.

Step 1: List your income, savings and expenses

take your recent pay stubs, bills, and account statements

enter the amount of income, savings and expenses into each category of the Budget Planner

if you can't find a field for a specific item, you can always add and name your own items

When you're done, review the amounts to make sure you didn't forget anything. These items should represent your current situation.

As you're entering data, the tool will give you tips to help you save more and/or spend less. Consider those tips to balance your budget.

When you're done creating your budget, save it online so you can return to it anywhere, at any time.

Step 2: Review your results

The results section provides you with average guidelines. These guidelines tell you what Canadians usually spend or save for each budget category, for example, food, housing, clothing, insurance.

Look at the different alerts you receive for each category:

green thumbs up: this amount is within the average range

yellow warning sign: this amount is slightly above the average range

red hand sign: this amount is above the average range

These alerts will help you determine where you should focus your attention or try to reduce costs. Everyone's situation is different and while the guidelines can't apply to everybody, they provide a good starting point.

Review your results graphics, they give you a clear visual of your overall budget. You'll see a graphic that shows you how your budget compares to those of other Canadians in similar situations. It's valuable to compare your financial habits with people with similar age, income, housing and family situation.

Step 3: Review your next steps

In the next steps section, the tool gives you personalized suggestions. These suggestions are based on your situation and what you have entered in your budget. They help you figure out your next steps whether you have money left or are overspending.

Read them carefully and follow the links to useful educational tools and content to improve your budget.

Tips to help you stick to your budget

Now that you have a budget, try to stick to it and improve it as you go.

To help you with this task, try the following:

keep all your receipts and bills

limit your spending as much as possible to what's in your budget

update your budget with any changes, for example, a pay raise or a bill increase

compare your budget to what you actually spend at the end of each month

Evaluate your budget from time to time. If your actual spending often varies from your budget, adjust your figures to make it more realistic.

When comparing your budget to your actual spending, ask yourself the following questions:

are there large differences between your actual spending and your budget

which categories have the largest differences

are differences due to an unusual situation or is this likely to happen each month

can you save enough money to reach your financial goals or pay off your debts

Continue with this exercise each month. You can set a reminder or book time in your calendar to review your budget regularly. If you make it a habit, you are more likely to stay on track.

Related links

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budget; managing your money; financial goals; tracking my money; my financial needs; my financial wants; tracking your money; your financial needs and your wants; budget planner; personal budget; budget maker

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Tips on how to make and stick to a budget. Consider your needs, wants, spending habits and financial goals.

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This chart quickly lays out an example of how to balance your budget. Although it may not be as all inclusive as other charts included in this project I like to have a quick reference guide that can you can pick up, look at and understand in minimal time in this site.

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I love this simple image of what you need to do to balance the budget. You have a big rock on one side that represents your income, on the other side you have various smaller rocks to represent your expenses. Budgeting is very much a balancing act. Too much pressure form expenses can topple the whole equilibrium.

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I found this to be an interesting way to display the different aspects of budgeting. You can see from the main highlighted word how all the branching elements are associated with it.

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Here is a different way of looking at all the items that are relevant to budgeting. Everything is displayed graphically in a way that the core concepts of what would be needed to successfully carry out a budget are labeled in the center of the diagram with other elements that would be included surrounding the main features. It makes me think how everyone's budget will look different since people spend their money in different ways. It also makes me want to think of what other elements would be included in my own personal budget.

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Here is a great example of written monthly expense list. You can clearly see all the aspects on the list, and the total can be simply gathered at the bottom to give you a complete insight into the month’s expenses.

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Shown below is an app that tracks your monthly spending. You can input amounts that you allow in various categories and it will show you by changing the bar from green to red if you have gone over budget for the month

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Here is another example of a budget broken down into a pie chart by the Canadian Credit Counselling Society. This one goes in depth about all aspects of how you should be portioning out your finances in terms of cost of living.

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Here is an example of the 50/30/20 Budgeting Rule represented in a pie chart with examples. This is one of many examples for an effective budgeting style. This one breaks up what is included in each section of the chart.

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Here is Gail Vaz-Oxlade's budgeting template. Gail is a Canadian debt counselor and can be seen on shows such as 'Til Debt Do Us Part. She has a website that can be used to gain a wealth of knowledge on the subject of financial planning and budgeting. She also has a few books published on the subject. I personally find this dynamic spreadsheet very handy. It has room for you and your partner's income and expenses. The spreadsheet will update itself as you complete it and will show you how you are doing with your monthly expenses. The information is very comprehensive and includes pretty much anything that could be related to your budget.

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