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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.

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.

  • Your Information
  • Monthly Income
  • Monthly household income
    (after taxes and deductions)
  • Support payments
  • Allowance
  • Other
  • Total income
  • Monthly expenses
  • Rent/Mortgage
  • Property Taxes / School Taxes
  • Home / tenant insurance
  • Electricity
  • Heating
  • Television
    (cable / satellite)
  • Phone / Mobile
  • Internet
  • Groceries
  • Clothing
  • Vehicle expenses
    (payments, gas, parking, maintenance, repairs)
  • Car insurance
  • Public transportation
  • Child related
  • Daycare
  • Child support / Alimony
  • Health related expenses
  • Cigarettes, tobacco, alcohol
  • Other
  • Total expenses
  • Monthly budget surplus (deficit)
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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.

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.
  1. Adjust your budget as soon as a financial change occurs.
  2. Redo your budget each year.
  3. Consult a professional if debts pile up.
How to pay off your credit cards?

If the amount to pay on your credit cards is bothering you, we would be happy to help you and reassure you. Since there is a solution to all financial problems, our role consists of finding the one that suits you in order to implement it and free you of your debts.

Other credit card impacts
  • The total balance of your credit cards is taken into account when you request a loan from a financial institution or other lenders.
  • Poor use of credit cards could have an impact on your credit report.
  • The credit company could require total reimbursement of your debt at any time. While such measures are rarely taken, they are still possible.
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