# data[].attributes.body
Summary: This video is designed for beginners and allows you to purchase a template for an easy-to-use paper tracker for only $1. Detailing 5 steps to make a budget quickly and effectively.

I chose this video because it was labelled for beginners. It highlights Five easy steps:

1. List Income and Total

2. List Expenses and Total

3. Subtract Total Expenses from Total Income

4. Track your spending

5. Repeat Monthly

This method is also known as the Zero-Based Budgeting method, as explained in the 2nd video. This video also had links to other videos which would be useful for someone starting in the budgeting world.

# data[].attributes.attachment_link.authors[].name
Personal Finance with Leila - Debt Over It

# data[].attributes.attachment_link.title
Budgeting for Beginners - How to Make a Budget from Scratch 2025 | Just Pen & Paper! ✍️📄

# data[].attributes.body
Summary: In this video Rachel touches on the 4 most popular budgeting strategies, 50/30/20, 60% solution, Reverse Budget and Zero Based Budget. She details them and lets you know which and why they are the best option for you and your needs.

This video stood out to me because it was only 6 mins long, others being 25+ mins. For most people time is a factor and the description outlined different options which I felt was great. I found her insights useful and I was already using her favorite method in my own budgeting! She outlines that the first 3 budgeting styles can leave room for error, confusion and may not work for every persons end goals. The fourth method Zero Based Budgeting allows you to be in the drivers seat and control all the factors. It lets you be intentional and she also suggests an easy to use app to help you further.

# data[].attributes.attachment_link.title
4 Budgeting Methods (and Which One Actually Works)

# data[].attributes.body
Summary: This clip highlights the essentials of why budgeting is important.

I believe it's a great short video that would be beneficial for any teen, student, or young adult transitioning into independent living after staying with parents.

This video is a good reminder of why we should budget. Knowing where your money goes instead of wondering where it all went after the fact.

I found this video on the Federal Student Aid page and I think it was a fabulous place to have it for students possibly taking on new debt.

# data[].attributes.body
Summary: This presentation helps outline 12 rules to live by to help become more frugal. It was a fun video with little clips and humour to help the video flow.

I enjoyed this video and it made me think about things I do in my own life. George points out tips that you can relate to, to help become a more frugal person. My favourite point was "more stuff doesn't make you more complete"! He highlighted how important it was for wealth to invest and create compound interest savings for yourself, recommending that 15% of your gross household income go to investments monthly.

# data[].attributes.body
This image highlights the importance of budgeting, showing how tracking income, expenses, and savings can lead to better financial decisions and stability. A simple tool for achieving financial goals.

# data[].attributes.body
This photo illustrates the process of pen-and-paper budgeting, emphasizing the importance of creating a new budget each month to stay on track with your financial goals and ensure better money management.

# data[].attributes.body
Summary: This is the government of Canada's website suggestion for making a budget. It outlines the how and the whys of budgeting and gives you tips as well.

I picked this website because it was Canadian and it had very detailed information for someone who may just be looking into budgeting for the first time. My favourite part was the tips to help you stick to your budget with the most important tip being to continue to update the budget as needed as it is a working document not set in stone.

# data[].attributes.attachment_link.readable_text
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

# data[].attributes.attachment_link.keywords[]
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

# data[].attributes.attachment_link.description
Tips on how to make and stick to a budget. Consider your needs, wants, spending habits and financial goals.

# data[].attributes.body
Summary: Ramsey EveryDollar is an intuitive app that provides a straightforward and detailed approach to budgeting every month.

I decided to highlight this app after experiencing it firsthand in a previous video. Its simplicity and user-friendly design truly impressed me. The app eliminates the hassle of budgeting by letting you easily input your numbers, and it automatically calculates everything for you, making the entire process quick and effortless.

# data[].attributes.attachment_link.title
EveryDollar | Make a Budget and Track Expenses

# data[].attributes.attachment_link.description
EveryDollar is the best way to budget with confidence, track transactions, and get insights into your spending and savings habits.

# data[].attributes.body
Summary: This website provides a budget calculator that is free and only a 3-step process.

I ran a sample run with my expenses and income and was surprised at how detailed this was. After completing the 3-steps it gave me a detailed bar graph showing me my summary. The tool also gives you the option to adjust your figures and outlines the next steps for setting goals and savings. This was a great free way to get started for a beginner.

# data[].attributes.attachment_link.readable_text
Where does your money go? Use this monthly budget calculator to help you manage your spending and understand if you're falling short, breaking even or coming out ahead.

Get results in just a few clicks.

# data[].attributes.attachment_link.description
Do you budget your money? Creating a budget can be a great way to keep track of your finances and make sure you have enough money to meet your needs and goals. Try Sun Life's budget calculator to help take control of your spending and start saving more.

# data[].attributes.body
Summary: After exploring this website, I found it provides a concise overview of budgeting, giving you a complete picture from beginning to end. It covers all the essential steps to help you understand and manage your finances effectively.

I chose this website because it gives a clear and simple breakdown of budgeting. It helps you understand the whole process, from start to finish, making it a great option for beginners or anyone wanting to get better with their money.

# data[].attributes.attachment_link.readable_text
Are you someone who struggles to save money? Or perhaps you're constantly wondering where all your cash went? If this sounds like you, then it might be time to create a budget. In this guide, you'll learn everything you need to know about how to budget, including a step-by-step process and tools to make budgeting easier.

What is a budget?

Simply put, a budget is an estimate of your expenses versus your revenue during a specific time period. It's essentially a spending plan that allows you to better strategize your spending and saving habits for both short- and long-term goals.

How does a budget work?

Typically, people will create monthly budgets based on their cash flow that compare their income to the total cost of their expenses, including rent, utility bills, debt payments, transit passes, groceries, entertainment and more. A budget is a tool that helps you figure out where your money is going, how much you can afford to spend, where you can cut costs and how to work towards your financial goals, like achieving financial independence.

Why do I need a budget?

Creating a budget has multiple benefits. It can help you keep your spending in check to help you make progress towards goals like getting out of debt or buying a house. It can also give you an idea of what you can afford to spend on things like rent, a mortgage or car payments to ensure you don't take on too much debt or cause yourself financial stress. Even if you don't have any specific savings goals right now, it's a good idea to have a budget so you know exactly where your money is going.

Will a budget help me save money?

Absolutely. Creating a budget is a key aspect of learning how to save more money. By breaking down your expenses and really digging into where your hard-earned cash is going, you can better prioritize your spending. A budget makes it easier to compare your expenses and cut back if needed. It also helps you plan to meet financial goals like creating an emergency fund, paying off debt, buying a home or a car, or even paying for a wedding or a dream vacation.

How to make a budget in six steps

Ready to make your first budget? Here's a step-by-step breakdown of what to do.

1. Figure out your net income. This is the amount of money you actually bring home every month after taxes and costs like EI and CPP are deducted.

2. List your fixed expenses. These are your regular living expenses that recur with the same amount every month, like rent, utility bills, and car loan or mortgage payments.

3. List your variable expenses. These are expenses that fluctuate more, like groceries, takeout and gas. If you use your debit or credit card to pay these costs, look at your statements to get an idea of the numbers. However, if you tend to use cash, start tracking your spending using the notes app on your phone or a budgeting app (more on these later).

4. Figure out your goals. Think about both short-term and long-term goals, from paying off a credit card to buying a house.

5. Add up your fixed and variable expenses, and compare the total to your net income. Which amount is higher? If the expenses are higher, you'll need to adjust your spending habits ASAP to avoid digging yourself into debt. If your income is higher, that's a good start. But is the money you have leftover after paying your expenses enough to help you reach your goals? Think carefully about your spending habits and how you could change them to help you meet your goals sooner. You might also consider ways to increase your income or net worth.

6. Review your budget regularly. Things change over time: you might get a raise, stop paying for a streaming service or commit to buying less takeout. Take the time every few months to check in on your budget and make sure that you're still on track to reach your goals.

Types of budgets

The basics of creating a budget, as listed above, are pretty simple. However, you might find it easier to stick to a specific budgeting strategy based on your spending habits, lifestyle and relationship with money. Pick the plan that sounds like it's the best match for you.

50-30-20 budget

The 50-30-20 approach is a very popular budgeting strategy. This method is based on the idea that you can separate your monthly income into three categories:

Needs: Essential living expenses and minimum debt payments that account for 50% of your budget

Wants: Nonessential but nice costs, like entertainment, dining out and personal purchases, that make up 30% of your budget

Savings: 20% of your budget goes straight towards savings goals, like an emergency fund or retirement

These specific percentages may not work for you. For example, you may be able to save more, in which case you absolutely should. Or your "needs" might be a little higher, and maybe you can only save 10%. That's still better than nothing. The key is to start saving part of your monthly income regularly and build up as you can.

Zero-based budgeting

With this strategy, you'll create several spending categories and allot a certain percentage of your income to each one. The end goal is to assign every dollar of income to a specific category so that your income minus your monthly spending equals $0. Some people call this "giving every dollar a job."

The spending categories can stay consistent from month to month, or you can change them as needed, such as adding a category for holiday gifts. Zero-based budgeting can be more time-consuming than some other budget strategies, but it's great for staying aware of exactly where your money is going. That means it can be a good option for people with multiple savings goals.

Savings-first approach

If savings are your biggest priority, this could be a good budgeting method for you. You can combine this option with the 50-30-20 method, but the idea here is that you pay yourself first. Obviously, you still need to cover your basic living expenses, but then you prioritize your savings over nonessential costs such as entertainment or dining out. You don't need to allocate every dollar to savings, but ideally, you'll save the majority of the money that's left after paying your fixed expenses.

Depending on your spending habits, using this type of budget may mean missing out on some opportunities. But the savings-first budget is based on the idea that your savings goals are more important to you than, for example, Friday night cocktails at a bar or a new outfit. However, it requires less work than some other budgets since you're simply prioritizing your living expenses and savings rather than creating multiple spending categories.

Spending-first approach

This type of budget really only works if you already know that you live below your means and make more money than you spend. Essentially, you'll spend what you need to throughout the month. At the end of the month, you'll take whatever money is left and put it into savings. However, this strategy can make it harder to see whether you're going to be able to meet the goal of saving 20% of your income each month.

Budgeting tools

You can make a budget using a spreadsheet in Excel or Google Sheets, or even on paper. However, if that sounds like too much work, budgeting apps can create your budget and track your expenses a lot easier. Some of Canada's most popular budgeting apps include Mint, YNAB (You Need a Budget), KOHO and PocketGuard.

DIVE EVEN DEEPER

# data[].attributes.attachment_link.title
How to Budget Your Money: Budgeting 101 - NerdWallet Canada

# data[].attributes.attachment_link.description
Figuring out how to budget can seem intimidating, but it's not as hard as you might think. Here's a simple guide to setting up a budget - and sticking to it.

# data[].attributes.body
Welcome to my wall! On this wall, you will see lots of information on Budgeting covering the different types, where to start, and how to become more frugal. I highlight an easy-to-use app along with a free calculator on the web. Please take a look and feel free to leave me any feedback, cheers.

# data[].attributes.body
1. What did you learn about your topic that surprised you the most?

What surprised me the most about budgeting was how easy it actually is. It can seem overwhelming when you're unsure of the steps, but after doing some research, I found there's so much helpful information out there. I’d recommend anyone who feels intimidated by it to just give it a try as it can be really rewarding once you get the hang of it.

2. Provide a real-life example of how this topic is relevant or interesting for you.

Having a family and managing our day-to-day life, budgeting is a must. It’s something we rely on to keep everything running smoothly. I was excited to find that the budgeting method we use at home is actually the most recommended strategy. It feels good knowing we're on the right track!

3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

If a friend asked me about budgeting, I’d tell them how much it has helped my family gain financial freedom. It’s been a game changer for us, and I’d definitely recommend it to anyone looking to get better with their money.