![]() ![]() Now, let's get started! Step 1: Estimate Your Monthly Take-Home Income Fundamentally, a budget is pretty simple, and perhaps the best way to get started is to use a budgeting worksheet. Whether you choose to budget online or on paper, there are several steps to creating a budget that works for you. The manner in which you budget isn't quite as important as the fact that you're actually doing it. HOUSEHOLD BUDGET HOW TOBut, for others, it's simply because they don't know how to do it properly. ![]() For others, it's because they don't see the need for a budget because they don't have "financial problems". ![]() Royal Bank of Canada will not be liable for any losses or damages arising from any errors or omissions in any information or results, or any action or decision made by you in reliance on any information or results.So, why are some people reluctant to use a budget? For some, it's the feeling that they will no longer have control over their money and it will inhibit their lifestyle. Royal Bank of Canada does not make any express or implied warranties or representations with respect to any information or results in connection with the calculator. HOUSEHOLD BUDGET PROFESSIONALYou should speak with your professional accountant or other professional advisors before making a final decision to ensure any strategy meets your overall financial needs and that your personal circumstances have been taken into account. This calculation is based on the accuracy and completeness of the data you have entered, is for illustrative and general information purposes only, and is not intended to provide specific financial or other advice, and should not be relied upon in that regard. Personal lending products are subject to Royal Bank of Canada's standard credit criteria. Consolidate debt if possible and lower monthly payments.Create a budget or review an existing one, providing advice on cost-savings.Total Expenses - Variable & DiscretionaryĪn RBC ® credit specialist can work with you to: Other Discretionary Expenses (donations, vacation, etc) Other Variable Expenses (Uninsured Medical, Pet expenses including veterinarian, Tuition/fees/books, dry cleaning, subscriptions, etc) Personal care (clothing, gifts, salon, memberships, sport & leisure activities, etc) HOUSEHOLD BUDGET LICENSETransportation (car lease/loan payment, gas, transit, service & repairs, parking, license & registration, etc) Monthly Expenses - Variable & DiscretionaryĮntertainment (dining out, movies, concerts, shows, etc) Other Fixed Expenses (Payroll deductions -if not already included elsewhere - insurance, pension, RSP, charitable donations. Long Term Savings (Pension, RSP, TFSA, RESP, etc) Loans, Lines of Credit and Credit Cards (monthly payments on existing credit) Insurance (auto, home, life, disability, medical/health)Ĭhild Care (daycare, nanny, child support, etc) Home Services (home and mobile phone, cable/internet, satellite radio, home security, etc) Utilities (gas, water, electric, heat, sewer etc) mortgages, rent, condo/maintenance fees, property taxes, lawn care and supplies, snow removal, renovations, cleaning and supplies, etc) Monthly Salary (after deductions for taxes, company pensions, CPP, OAS, EI) You'll be able to determine how much debt you can comfortably afford in order to achieve your goals. Use this tool to help give you a clear picture of your cash flow. ![]()
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