Online budget

Budget

The importance of having a personal budget


The budget is a key financial management tool. It allows you to find out if your income is higher than your expenses each month. It helps you determine your capacity to consume and to know how much you can spend without incurring debts that you would be unable to pay back. A balanced personal budget also allows you to plan and complete projects such as a home renovation or a car purchase. No matter your financial situation, the personal budget is a tool that will let you make more informed financial choices.

The importance of having a personal budget

How to calculate your budget


This budget table will help you record your monthly income and expenses in order to obtain a portrait of your current finances.

How to calculate your budget

Calculate your budget online


Your Information

Income

$
$
$
$

$

Monthly expenses

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

$

$

How to monitor the evolution of your budget?


Making a budget and monitoring its evolution are excellent habits. Once you have created a budget, it must be updated frequently. Refer to it on a regular basis. It is best to monitor your budget each week to see if your expenditures respect the budgeted amounts, or if corrections must be made. It is recommended that your recalculate your personal budget as soon as an important situation arises, e.g., an increase in income or a job loss. It is a good idea to redo your budget each year to stay well informed about your personal finances.

No matter how often you use it, your budget should not be static. You have to follow it, and refer to it, because it is a good indicator of your financial health.

How to monitor the evolution of your budget

A few tips to make it easier to manage your personal budget:

  • 1

    File your bills carefully, in the same place.

  • 2

    When possible, use a debit card or credit card to pay for your purchases since this leaves a record on your bank statements.

  • 3

    Use a notebook or a smart-phone app to record your purchases on-the-go.

  • 4

    Adjust your budget as soon as a financial change occurs.

  • 5

    Keep the bills from your purchases and refer to them as needed.

  • 6

    Redo your budget each year.

  • 6

    Consult a professional if debts pile up.

Debts and budgeting


While a personal budget provides an overview of income and expenses, it does not take into account debts to be paid. Whether the budget is in surplus or deficit, it is best to take into account debts or include them in your calculations. This distinction is needed to ensure your budget is realistic.

Debt-and-the-Budget

Customized assitance


If you find it difficult to make a personal budget, or respect it, or if you have problems paying your debts, you can meet with a Ginsberg Gingras professional. He or she can interpret the data in your budget to help you better understand your financial situation. If necessary, you’ll learn about a solution adapted to your needs so that you can meet your objectives while respecting your means. This consultation is free and without any obligation.

One-help-on-measure
0
+
satisfied debtors
0
offices
in Quebec and Ontario
0
years
of service in the field of insolvency
0
%
acceptance rate of our consumer proposal
Need advice?
We will reply within 24 hours or on the next business day.