If you are like most Canadians, you do not have a household budget. This can affect not only your ability to pay your bills and unforeseen expenses, but it can also prevent you from saving for a large purchase like a new car or a house. A little money management, however, can turn all that around.
Knowing where to start is one of the largest hurdles to overcome when making a budget, so the Financial Consumer Agency of Canada has created a Budget Calculator tool to help.
On the website, itpaystoknow.gc.ca, enter the required information, including income, savings and expenses. You will soon see where your money goes. It will also show you where to put more of your money so you can reach financial goals. Once done, the tool also allows you to export your budget as a PDF file or onto a handy Excel sheet.
