Budgeting

Why Should I Budget?

  • To take control of your finances and financial situation
  • To make efficient use of your money and be a smart consumer
  • To save money
  • To live within your means
  • To reach your short, mid- and long term goals

A Budget Involves…

  • Calculate how much income you have and how much you will have
  • Analyzing and tracking your spending
  • Evaluating and revising your budget- keep it flexible
  • Remembering priorities
  • Involving everyone in your family

Cost of Living

The cost of living (COL) is

  • Used by financial counsellors at CFCS in one on one counselling
  • A handy tool to help people outline monthly expenses by category
  • When entering annual amounts into the spreadsheet (such as autopac), simply divide the annual amount by 12 for the monthly amount.
  • Ultimately, a COL shows if you`re on target with your spending or if you are overspending each month: do you have a shortfall or a surplus?

Use this cost of living spreadsheet to help figure out your current financial situation.

Alternatively, you can print this version of the cost of living spreadsheet