My Budget 06/17/2020

Budget Calculator Spreadsheet

What is your name? Bhushan Do you have a spouse or Yes

partner?
What is your partner's name? Priyanka

My finances are okay right now, but I want to make sure they stay on
What kind of a budget would you like to create?
track.

How many people will be supported by this budget? 3 << Make sure this number is correct. Include all
children and adults who live in the home and
Budgeting guidelines and tips ( On / Off ): On depend on this budget. Here's what the expense portion of your budget looks like:

INCOME (After Tax)

Enter your take-home, after tax income. Click on any type of income
below to choose more options from a drop down list.
Amount Select Notes Your Monthly Expenses by Budgeting Category
Take Home Income 67000 monthly
Pension monthly
Second Income 0 monthly
Commission monthly
Child Tax Benefits monthly
Support Payments monthly
Other Income 39500 monthly
monthly
Food Expenses
Lump Sum Income? No Amount Needs to last Withdrawal Frequency Other Utilities 9%
Lump Sum $0 0 months monthly 1% Transportation
TOTAL MONTHLY INCOME $106,500 22%
Housing Expenses
TOTAL ANNUAL TAKE HOME INCOME $1,278,000 8%
Clothing
1%
Personal Expenses Medical
5% 1%
Debt Payments
HOUSING EXPENSES 27%

The expenses required to run your household shouldn’t exceed 35% of

your budget. Based on your income, you should try not to spend more Amount Select Notes Savings
than $37275 per month. 26%
Society 2000 monthly
Carporation Tax 0 annually
Rent monthly
Property Taxes 12000 annually
Milk 2000 monthly
Bai monthly
Electricity 800 monthly
Gas (for Home) 800 monthly
Alternate Heating Source every 2 months
Water / Sewer / Garbage monthly Save monthly for when needed
Bai 1600 monthly
Saving for Repairs / Maintenance 300 monthly Important Budgeting Tip
Household Items (e.g. Décor, Gardening Supplies) 1000 annually Bhushan, you can turn a decent budget into a great one – that really works well – by tracking your
Other monthly expenses. After you’ve tracked your expenses, you can replace the numbers you've entered today
monthly with more accurate figures.
HOUSING EXPENSES TOTAL $8,583 To learn how to track your expenses and get a copy of our free Excel tracking spreadsheet, click
here.

OTHER UTILITIES

Try not to let these utility expenses exceed 5% of your budget. Based
on your income, $5325 per month would be your limit if you choose to Amount Select Notes
How Your Budget Compares to Suggested Guidelines
follow this guideline. 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Phone 300 monthly 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
0.0% 5.0%
Cell Phone monthly
Cell Phone 2 monthly
Housing Expenses 8.1%
Other Cell Phone monthly Housing Expenses Housing Expenses
Cable monthly
Internet 600 monthly
Amazon Prime 125 monthly 0%0% 5%5% 10% 15% 20% 25% 30%
0.0% 5.0%
Netflix / Streaming Services monthly 10% 15% 20% 25% 30%
monthly 1.0%
UTILITIES TOTAL $1,025 OtherOther
Utilities
Utili... Other Utilities

9.2%
Food Expenses
Food Expe... Food Expenses
FOOD & GROCERY STORE EXPENSES

Normally, your food expenses should make up 10% - 20% of your income. However, the average Canadian household your size spends 22.4%
$750 per month. You should probably use $750 as your target. Transportation
Transporta... Transportation

Learn how to save on groceries Amount Select Notes

1.0%
Groceries monthly Clothing
Clot... Clothing
Specialty Store 5000 monthly
Fruits/ Veggies 500 weekly
0.6%
Personal Care (e.g. Grooming, Cosmetics) 500 weekly
Baby / Infant Needs (e.g. Diapers, Formula) 500 monthly Medical
Med
Medical
monthly
FOOD TOTAL $9,833 5.0%
Personal
Personal Expe...
Expenses
Personal Expenses
26.3%

TRANSPORTATION SavingsSav
Savings
Transportation expenses will usually take up 15% to 20% of your
budget. This means you could be looking at allocating from $15975 to Amount Select Notes 27.7%
$21300 per month.
Debt Paym...
Debt Payments
Lease Payment monthly Debt Payments
Vehicle Loan Payment 16500 monthly
Savings for New Vehicle monthly The light green coloured areas above are the suggested ranges for each budgeting category. The
Fuel 2200 monthly dark green bars indicate where your budget falls in each category. This lets you see if you're within
Insurance 35000 annually the recommended range or outside of it.
Parking monthly
Vehicle Maintenance 10000 annually Please Note: Because these ranges can vary across the country and with different financial
Roadside Assistance monthly circumstances, we've given you the ability to change these suggested guidelines further down the
Shubhra Bus Fees 1400 monthly page.
Taxi Fare monthly
monthly
Your TRANSPORTATION TOTAL of $23,850 is greater than 20% of your income

Your spending on this category is a little high. Most people usually don't need to spend more than 20% of their income on transportation.
You've allocated 22.4% of your income.

CLOTHING

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My Budget 06/17/2020

Clothing expenses should normally be 3% to 5% of your budget. That

Amount Select Notes
would be $3195 to $5325 per month for your budget.
Clothing for Adult 1 3000 annually
Clothing for Adult 2 3000 annually
Shoes for Adult 1 2000 annually
Shoes for Adult 2 2000 annually
Special / Professional Clothing monthly
Clothing for Kids 2000 annually
Shoes for Kids 1000 annually
monthly
CLOTHING TOTAL $1,083

Your spending on clothing is unusually low. We usually suggest allocating at least 3% of your budget for this category.

MEDICAL Important Note

Please keep in mind that the suggestions we are offering you in this tool are limited to the
In Canada, it's normal to expect medical expenses to be around 3% of information you have provided here and are intended only as general guidance, not specific advice.
Amount Select Notes
your income. For your budget, that would be around $3195 per month. Only you can decide what is best for you and your family.
Health Expenses
Provincial Medical Premiums monthly If you have medical expenses that you need to pay for out of your own pocket, these budgeting
Specialists (e.g. Massage, Chiropractor, Physiotherapy) monthly expense guidelines may not apply to you. Make sure you follow your health care provider's advice.
Eye Care 5000 annually Your health and well being should be your highest priority in putting together your budget, and if that
Prescriptions monthly Save monthly for when needed means disregarding or changing these budgeting guidelines, then that's what you need to do.
Dental / Orthodontist monthly Save monthly for when needed
Over-the-Counter monthly Save monthly for when needed
Deductibles / Out-of-pocket monthly Save monthly for when needed
Other 3000 annually
Insurance
Life Insurance 0 annually
Disability monthly
Extended Health monthly
Other (e.g. Critical Illness, Payment Protection) monthly
Vet Bills / Pet Insurance monthly Save monthly for when needed
monthly
MEDICAL TOTAL $667

Note: Your spending on medical expenses is low. In Canada it's usually a good idea to allocate around 3% of your budget for this category.

PERSONAL EXPENSES

We usually suggest allocating 5% to 10% of a budget for personal expenses. However, based on your situation it looks like allocating up to
20% may be appropriate. Just make sure your budget balances and you are putting some money into savings each month.

WORK EXPENSES Amount Select Notes

Daycare monthly
Work Lunches / Breaks (Person 1) monthly
Work Lunches / Breaks (Person 2) monthly
Work License Fees / Professional Dues monthly Save monthly for when needed
Work Supplies (e.g. Tools, Classroom Supplies) monthly Save monthly for when needed
monthly
LIVING EXPENSES Amount Select Notes
Eating Out 2000 every 6 months
Buying Coffee / Snacks / Drinks monthly
Tobacco / Vaping / Cannabis monthly
Alcohol monthly
Entertainment (e.g. Movies, Event Tickets, Social Activities) 1000 every 4 months
iTunes / Music / Online Services monthly
Babysitting 3000 monthly
Recreation (e.g. Sports Equipment & Fees, Activities) monthly
Travel / Vacations 5000 every 6 months
Hobbies monthly Save monthly for when needed
Lottery / Gaming monthly
Hair Cuts & Services monthly Save monthly for when needed
Salon Services (e.g. Tanning, Aesthetics) 100 monthly
Fitness Memberships monthly
Magazines / Newspapers / Books monthly
Education (Tuition & Supplies) monthly Save monthly for when needed
Gifts / Special Occasions 100 every 2 months
Donations / Charitable / Planned Giving monthly Save monthly for when needed Select
Annual Memberships (Store, Online, Family, etc.) monthly Save monthly for when needed
Bank Fees / Safety Deposit Box monthly 10%
Storage Locker monthly
Laundry / Dry Cleaning monthly
Pet Food monthly
monthly
CHILDREN Amount Select Notes
Allowance monthly
Lessons / Activities monthly
School Supplies / Fees 1500 every 3 months
Gifts 3000 annually
Other 50 monthly
monthly
PERSONAL EXPENSES TOTAL $5,367

SAVINGS (Money for Spending Later)

It's wise to save 5% to 10% of your income 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. Consider allocating $5325 to $10650 from your budget every month for savings.

Payroll
Where to find money to save each month Amount Select Notes
Deduction
Tax Free Savings Account (TFSA) 240000 annually
Bhushan's Registered Retirement Savings Plan (RRSP) 3800 monthly
Bhushan's Registered Retirement Savings Plan (RRSP) 50000 annually
Emergency Savings monthly
Other Savings monthly
Your Monthly Expenses by Budgeting Category
Income Tax (Additional) monthly
monthly
Way to Go! Your SAVINGS TOTAL of $27,967 is greater than 20% of your income

Wow! You're saving more than 20% of your income. Good for you!
Food Expenses
DEBT PAYMENTS Other Utilities 9%
1% Transportation
A manageable level of debt payments can take up 5% to 15% of your Housing Expenses 22%
Amount Select Notes
budget. In your case, that would be $5325 to $15975 per month. 8%
Clothing
Line of Credit monthly 1%
Overdraft monthly Personal Expenses Medical
Personal Loan monthly 5% 1%
Student Loan monthly Debt Payments
27%

file:///conversion/tmp/scratch/480467472.xlsx Savings Page 2 of 4

26%
 8%
Clothing
1%
Personal Expenses Medical
5% 1%
My Budget Debt Payments 06/17/2020
27%
Credit Card 1 monthly
Credit Card 2 monthly
Credit Card 3 monthly Savings
Credit Card 4 monthly 26%
Credit Card 5 monthly
Money Owed to Family or Friends monthly
Child / Spousal Support monthly
Other Debt Payment 26500 monthly
Income Tax Deductions 36000 annually
Other Loan monthly
monthly
Your DEBT PAYMENTS TOTAL of $29,500 is greater than 15% of your income Helpful Budgeting Tip

Your budget probably feels a little tight because your monthly debt payments are high. We don't recommend letting debt payments exceed Bhushan, if you're finding it a real challenge to make ends meet or if you want to create a plan to get
15% of your budget, and you're at 25%. Look for ways to reduce spending or increase income and use the extra money to pay down your out of debt and get your finances back on track, consider sitting down with a Credit & Debt
debt. Counsellor to go over you financial situation. They'll be able to help you figure out how to get back
on track as fast as possible so that you can get on with your life. Find a non-profit credit counselling
TOTAL MONTHLY EXPENSES $107,875 Your budget does not balance agency near you by clicking on the link below:

Find a local, non-profit budgeting and debt help expert

Have you finished your budget, or do you need some help balancing your budget? If you
Yes
think you're done, or if you'd like some help, select 'Yes':

Would you like us to see if we can offer any suggestions to improve your budget or help
Yes
you further reduce your expenses?

Below are some suggestions that may be able to help you with your budget and possibly save you a lot of money. Please keep in Food for Thought
mind that the suggestions offered to you are limited to the information you have provided here and are intended only as general
guidance, not specific advice. Only you can decide what is best for you and your family.
- To balance your budget (bring expenses down so that they don't exceed your income), you may want to reconsider what you're spending in
the Transportation, Savings and Debt Payments categories and see if there is any way to reduce these expenses. $6,000
$5,333
- Try to pay down what you owe as quickly as possible. Start with your debt that has the highest interest rate. Doing this will eventually give
your budget some breathing room so that you can make other choices with your money. $5,000

- It looks like a Debt Management Program may be an option for you. With the approval and cooperation of your creditors, it consolidates all
$4,000
your debt payments into one affordable monthly payment and substantially reduces or eliminates your interest rates. You can speak with a
Credit Counsellor to learn more and see if it would be appropriate for your situation. Click on the link below to find a non-profit credit
counselling organization near you. $3,000

- The average Canadian household spends about $250 per person per month on food. Review your grocery store receipts to see if you are
only buying groceries or if you're also buying other items that are increasing how much you spend at the grocery store. $2,000

$750
- Review all of your housing and housing related costs to see if you can save money on your rent or mortgage, as well as on any of your $1,000
housing related utilities and expenses.

- Explore ways to save money on your transportation costs: can you drive a less expensive vehicle; is taking transit, carpooling or ride- $0
sharing a possibility in your area?

- Are you able to trim your clothing expenses a bit by buying new clothes less often or wait for sales?

- If your budget is a bit tight, finding less expensive forms of entertainment might be a possibility.

- Check your electricity company's website for ideas about how you can be more energy conscious. Ideas could include: turning off the light
According to Statistics Canada, the average Canadian adult spends around $250 per month on food
when you leave the room, washing clothes in colder water, not setting your thermostat above 19 degrees Celsius.
(plus paper and cleaning products). Your budget shows you are spending $1778 each month for
every person in your household. So for a household your size, we'd expect you to spend $750 per
- Shop around to see if you can get a cheaper internet package. Keep in mind that you pay more for higher speeds, but if your computer
month on food (assuming everyone in your household is an adult). However, it looks like your
and/or devices can only handle a lower speed, you are potentially wasting a lot of money.
monthly spending is $5333 on the following budgeting line items: Specialty Store, Eating Out.
For more suggestions on how to reduce your budget expenses, click the tab at the bottom of this spreadsheet titled 'More'.
- 'Personal Care' can be a tough category to budget for accurately. Think about ways to reduce your personal care spending, and how much
You may want to review what you're spending on food and see if you can find places to reduce what
you really do need to spend if your budget is a
Find tight.
non-profit credit counselling organization near you you're spending.
- Check out the cost of monthly transit passes and compare them to what you are spending.

- Could you reduce how much you spend on eating out by setting specific dates to eat out? For a month or two, try reducing how much you
spend to see if you can save. For more budgeting help, visit MyMoneyCoach.ca

- For salon services, consider do-it-yourself salon services to reduce your spending in this area. What could you reduce it to?
Budgeting
- Spending onGuidelines
gifts is a big one for a lot of people. Write a list of all occasions, who you need to buy for and how much you want to spend.
The
Add Credit
in some Counselling
money for Society developed
gift wrapping the budgeting
and cards, and try toguidelines
find waysused in thisthe
to reduce spreadsheet based
amount you're on information
spending on gifts.from thousands of
budgeting sessions with Canadian consumers. However, these guidelines are only meant as a starting point to help people get started in the
budgeting
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is important, youlong
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it. Re-evaluate youror RRSP
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or TFSAgoals and priorities,
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in light of may
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andguideline percentages.
budget situation. It might make sense to suspend contributions temporarily if you have high expenses elsewhere right now.

Adjust the guidelines to suit your particular situation. For this early release of the tool, you can only modify four categories at this time. Any
percentages you modify here will change the alerts that appear in your budget above.

Below we've provided you with the ability to move the some of the goal posts and adjust the guidelines to suit your particular situation (for
this early release of this tool, you can only modify three categories). Any numbers you modify here will change when warnings appear in your
budget above. Guideline Guideline
Expense Category Your Budget
Minimum Maximum
HOUSING EXPENSES Not Applicable 35% 8.1%
OTHER UTILITIES Not Applicable 5% 1.0%
FOOD & GROCERY STORE EXPENSES 10% 20% 9.2%
TRANSPORTATION 15% 20% 22.4%
CLOTHING 3% 5% 1.0%
MEDICAL Not Applicable 3% 0.6%
PERSONAL EXPENSES 5% 20% 5.0%
SAVINGS 5% 10% 26.3%
DEBT PAYMENTS 5% 15% 27.7%

Suggestions
If you notice anything wrong with this spreadsheet or have any suggestions for how we can improve it, please email us at
suggestions@mymoneycoach.ca

file:///conversion/tmp/scratch/480467472.xlsx Page 3 of 4
All Suggestions to Reduce Budget Expenses For more budgeting help, visit MyMoneyCoach.ca

If you indicate at the end of the budget calculator that you would like suggestions on how to reduce your expenses, this is where
a list of suggestions appears.
Again please keep in mind that the suggestions offered here are limited to the information you have provided in this budgeting
tool and are intended only as general guidance, not specific advice. Only you can decide what is best for you and your family.

- To balance your budget (bring expenses down so that they don't exceed your income), you may want to reconsider what you're
spending in the Transportation, Savings and Debt Payments categories and see if there is any way to reduce these expenses.

- Try to pay down what you owe as quickly as possible. Start with your debt that has the highest interest rate. Doing this will
eventually give your budget some breathing room so that you can make other choices with your money.

- It looks like a Debt Management Program may be an option for you. With the approval and cooperation of your creditors, it
consolidates all your debt payments into one affordable monthly payment and substantially reduces or eliminates your interest
rates. You can speak with a Credit Counsellor to learn more and see if it would be appropriate for your situation. Click on the link
on the right to find a non-profit credit counselling organization near you.

- The average Canadian household spends about $250 per person per month on food. Review your grocery store receipts to see
if you are only buying groceries or if you're also buying other items that are increasing how much you spend at the grocery store.

- Review all of your housing and housing related costs to see if you can save money on your rent or mortgage, as well as on any
of your housing related utilities and expenses.

- Explore ways to save money on your transportation costs: can you drive a less expensive vehicle; is taking transit, carpooling or
ride-sharing a possibility in your area?

- Are you able to trim your clothing expenses a bit by buying new clothes less often or wait for sales?

- If your budget is a bit tight, finding less expensive forms of entertainment might be a possibility.

- Check your electricity company's website for ideas about how you can be more energy conscious. Ideas could include: turning
off the light when you leave the room, washing clothes in colder water, not setting your thermostat above 19 degrees Celsius.

- Shop around to see if you can get a cheaper internet package. Keep in mind that you pay more for higher speeds, but if your
computer and/or devices can only handle a lower speed, you are potentially wasting a lot of money.

- 'Personal Care' can be a tough category to budget for accurately. Think about ways to reduce your personal care spending, and
how much you really do need to spend if your budget is tight.

- Check out the cost of monthly transit passes and compare them to what you are spending.

- Could you reduce how much you spend on eating out by setting specific dates to eat out? For a month or two, try reducing how
much you spend to see if you can save.

- For salon services, consider do-it-yourself salon services to reduce your spending in this area. What could you reduce it to?

- Spending on gifts is a big one for a lot of people. Write a list of all occasions, who you need to buy for and how much you want
to spend. Add in some money for gift wrapping and cards, and try to find ways to reduce the amount you're spending on gifts.

- Saving for your future is important, as long as you can afford it. Re-evaluate your RRSP or TFSA contributions in light of your
overall debt and budget situation. It might make sense to suspend contributions temporarily if you have high expenses elsewhere
right now.