Develop your budget with the money you have available after government deductions from your pay cheque, but before voluntary deductions (e.g. RRSPs, pensions or other savings).

If you have expenses such as high debt payments, childcare, school expenses or giving, you will need to reduce your spending in other areas to accommodate these higher expenses.

This guideline is only a starting point. Based on your income and family circumstances, your allocations may be very different.

• 35% HOUSING
  mortgage / taxes / strata / rent/ insurance / hydro
• 5% UTILITIES
  phone / cell phone / gas / cable / internet
• 10 – 20% FOOD
  groceries / personal care / baby needs
• 15 – 20% TRANSPORTATION
  bus / taxi / fuel / insurance / maintenance / parking
• 3 – 5% CLOTHING
  for all members of the family
• 3% MEDICAL
  health care premiums / specialists / over-the-counter
• 5 – 10% PERSONAL & DISCRETIONARY
  entertainment / recreation / tobacco/alcohol / eating out / gaming / hair cuts / hobbies
• 5 – 10% SAVINGS
  Plan to save money for expenses that don’t occur every month, as well as for your future. Then you’ll have a little extra available when you need it.
• 5 – 15% DEBT PAYMENTS
  Many people find that their budget is quite tight because their monthly debt payments are closer to 25% of their net income.

* This entire document and it's related topics are available as a PDF download for printing and offline reading.