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Monthly Budget Worksheet
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Month
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Item AmountPeriod TotalNotes
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net income (after tax)June June
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Enter your take-home, after tax income. Click on any type of income below to choose more options from a drop down list.
your monthly expense by category
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Take Home Income - Bethesda#REF!
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#REF!
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CPP or EI benefits $ 1,400 monthly 1,400 27th of the month
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Pension - Govt of Albertamonthlyadd when start date is known
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total income
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savings and investment#REF!
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It is wise to save 5-10% of your income for expenses that don't occur every month, as well as your future. Then you will have a little extra available when you need it.
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Tax Free Savings Account (TFSA)#REF!
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Registered Retirement Savings Plan (RRSP)#REF!
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Emergency Savings#REF!5 - 10% of income when able
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Other Savings - Annual birthdays #REF!calculate and average for budget
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Other Savings - Medical #REF!see medical expenses section; anticipate annual dental, medical and average per month for budget
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Other Savings - Vehicle maintenance#REF!estimate tire and oil changes, fluids and other maintenance for year
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savings and investment total#REF!
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#REF!
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housing expenses
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The expenses required to run your household should not exceed 35% of your budget.
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Rent $ 1,200 monthly 1,200 Arlene
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Internet $ 75 monthly 75
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Cell Phone $ 35 monthly 35 Provider? can you get cheaper plan?
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Home Insurance $ 35 monthly 35 Name of provider?
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#REF!
your budget, compared to suggested guidelines
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#REF!
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housing expenses total#REF!
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#REF!
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car/transportation expense#REF!
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Transportation expenses will usually take up 15% to 20% of your budget.
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Gas $ 100 #REF!
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Car Insurance $ 35 #REF!
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Parking/Tolls#REF!
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Car Maintenance#REF!
use savings above or add in estimated annual cost here
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Public Transit#REF!
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Other#REF!
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car/transportation expenses total#REF!
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#REF!
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food & grocery expense #REF!
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Normally, your food expenses should make up roughly 10%-20% of your income.
#REF!
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Groceries $ 500 #REF!
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Household supplies $ 50 #REF!
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Cat food and litter $ 50 #REF!
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Other#REF!
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food & grocery expense total#REF!
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#REF!
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medical expense#REF!
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In Canada, it's normal to expect medical expenses to be around 3% of your income.
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Health Expense#REF!
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Provincial Medical Premiums#REF!NA
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Specialists (e.g. Massage, Chiropractor, Physiotherapy)#REF!Put in annual savings - medical
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Eye Care#REF!Put in annual savings - medical
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Prescriptions ?#REF!Figure out approx. monthly cost; you can apply for Pharmacare and get coverage
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Dental / Orthodontist#REF!Put in annual savings - medical
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Over-the-Counter#REF!
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Deductibles / Out-of-pocket#REF!
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Other - Cat vet, medications if any#REF!put in annual savings - medical
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#REF!
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Insurance Expense#REF!NA
budgeting guidelines
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Life Insurance#REF!As the ranges can vary across each household, you have the ability to change the suggested budget guidelines below.
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Disability#REF!
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Extended Health#REF!expense categoryguideline minguideline maxyour budget
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Other (e.g. Critical Illness)#REF!housing expenses0%35%
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Vet Bills/ Pet Insurance#REF!car/transportation15%20%
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#REF!food & grocery10%20%
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medical expense total#REF!medical expense0%3%
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#REF!personal expenses5%10%
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personal expenses#REF!debt payments5%15%
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It is usually a good idea to allocate 5-10% of your budget for personal expenses. If your debt payment is low or if your spending is light in other areas, you can spend more. Just make sure you are putting something into savings each month.monthly savings5%10%
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Work Expense#REF!
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Work Lunch/Coffee#REF!
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Work License Fees / Professional Dues#REF!
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Work Supplies#REF!
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#REF!
Important Note:
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Living Expense#REF!Please keep in mind that the suggestions being offered in this tool are limited to the information you have provided here and are intended only as a general guidance, not specific advice. Only you can decide what is best for you and your household.
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Annual Memberships (Store, Online, Family, etc.)#REF!
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Bank Fees / Safety Deposit Box#REF!
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Buying Coffee / Snacks / Drinks#REF!If you have medical expenses that you need to pay for out of your own pocket, these budgeting expense guidelines may not apply to you. Make sure you follow your health care provider's advice. Your health and well being should be your highes priority in putting together your budget, and if that means disregarding or changing these budgeting guidelines, then that's what you will need to do.
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Donations / Charity / Planned Giving#REF!NA
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Cell phone $ 35 #REF!
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Clothing#REF!
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Eating Out#REF!
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Entertainment (e.g. Movies, Social Activties)#REF!
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Gifts / Special Occasions#REF!put in annual savings
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Hair Cuts & Services#REF!
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Hobbies#REF!Felting, art supplies, etc.
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Storage Locker $ 300 one-time#REF!
April 2025 last month? anticipate for a few more months just in case
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Travel / Vacationsone-time#REF!Trip to Edmonton - anticipated costs
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Other #REF!
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Other #REF!
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#REF!
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