Build a realistic monthly budget in minutes. Enter your income, bills, day-to-day spending, savings and debt payments to see your leftover cash, savings rate and a clear spending breakdown.
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Budget Calculator
Budget Calculator (Canada)
Use our free Budget Calculator to map your income, bills, everyday spending, savings and debt. Tap a preset, tweak amounts, and then hit Calculate to see your leftover cash, savings rate and a full category breakdown. Built for mobile — fast, clean and simple.
Start with a Preset
Tap a preset to load a starting plan. Edit anything below, then press Calculate Budget to update results.
Your Income
Take-home each pay period (we convert by frequency).
We convert to monthly for apples-to-apples results.
Fixed Expenses
Variable Spending
Savings & Debt
Sharing creates a link with your inputs (no personal data).
Your Monthly Budget Results
Total monthly income
—
All sources, monthlyTotal monthly expenses
—
Fixed + variable + savings + debtLeftover / Shortfall
—
Income − outflowsSavings rate
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Savings ÷ IncomeSpending Breakdown by Category
Includes every category plus Leftover (green) or Shortfall (red).
Itemized Monthly Budget
| Category | Amount | % of Income |
|---|
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How to Use the Budget Calculator (Step-by-Step)
- Pick a preset. It loads a realistic starting budget. Edit any field.
- Add your income. Enter take-home pay (after tax) and choose pay frequency; we convert to monthly.
- List fixed bills. Rent/mortgage, utilities, insurance, phone/internet, car, childcare.
- Estimate variable spending. Groceries, dining, fuel, entertainment, shopping and misc.
- Plan savings and debt. Put monthly amounts for investing/savings and non-mortgage debt payments.
- Click “Calculate Budget”. Your results appear: income, total outflows, leftover/shortfall, savings rate, pie chart and itemized table.
Tip: Use the chips beneath inputs to try common amounts fast on mobile.
Budgeting Basics in Canada
A budget is a monthly plan for how you’ll use your take-home pay. The goal is simple: make sure essential bills are covered, non-essentials are intentional, and money moves toward your goals (emergency fund, debt, investing). Canadians face unique twists — provincial taxes, carbon rebates, daycare subsidies, housing costs that vary widely by city — so a calculator that converts everything to a clear monthly picture helps you decide what to change.
Popular budgeting styles
- 50/30/20 rule: 50% needs, 30% wants, 20% saving/debt.
- Zero-based: Every dollar assigned a job. Leftover becomes a job too.
- Envelope / category caps: Pre-set limits for groceries, dining, etc. Stop spending when a “virtual envelope” is empty.
Benchmarks (guidelines)
- Housing (rent/mortgage + utilities): ≤ 35% of take-home
- Transportation (car, fuel/transit, insurance): ≤ 15%
- Food (groceries + dining): 10–15%
- Savings & investing: ≥ 10–20% (more if catching up)
Benchmarks are starting points — your location and priorities matter.
Ways to Cut Costs Without Feeling Deprived
- Housing: Negotiate lease renewals, consider a roommate or slightly smaller unit, review home insurance annually.
- Utilities & phone: Switch to off-peak electricity plans where available; bring your own device; bundle internet with a promo.
- Groceries: Plan 5–7 repeat meals, buy generics, use flyers and apps, freeze portions. Keep a “use-first” bin to reduce waste.
- Transport: Optimize routes, carpool, transit passes, shop insurance rates yearly, maintain tires for fuel efficiency.
- Subscriptions: Audit quarterly. Keep the “big three” you use daily; pause or rotate the rest.
- Debt: Ask for lower interest, move balances to lower-rate products, automate above-minimum payments.
Emergency Funds, Debt Strategies & Irregular Income
Emergency fund: Aim for 3–6 months of essential expenses. If that feels far away, start with $1,000 then automate monthly top-ups. Keep it in a high-interest savings account (HISA) separate from everyday spending.
Debt payoff: Two evidence-based approaches work well:
- Snowball: Pay the smallest balance first for quick wins, then roll payments into the next debt.
- Avalanche: Target the highest interest rate first to minimize total interest cost.
Irregular income: If you’re a contractor or seasonal worker, base your budget on a conservative average month. Funnel extra months into a “income smoothing” buffer equal to 1–3 months of expenses.
Example Budgets
Example A: New Grad in Halifax
Take-home $3,400/month. Rent $1,200, utilities $180, transit $90, groceries $350, dining $160, phone/internet $90, insurance $120, entertainment $100, shopping $120, misc $80, savings $150, debt $200. Result: small leftover; goal is to raise savings to $250 by trimming dining $50 and shopping $50.
Example B: Family in Mississauga
Net income $8,200/month. Mortgage $2,800, utilities $300, car $550, childcare $900, groceries $900, dining $350, fuel $260, phone/internet $180, insurance $260, entertainment $180, shopping $300, misc $200, savings $800, debt $400. Result: positive leftover; redirect $200/month toward RESP and vacation sinking fund.
Glossary
- Net pay: Your income after tax and payroll deductions.
- Fixed expenses: Costs that don’t change much month to month (rent, insurance).
- Variable spending: Flexible categories (groceries, dining, shopping).
- Sinking fund: Saving a bit each month for annual/irregular costs (car repairs, holidays).
- Savings rate: Savings ÷ income expressed as a percentage.
Frequently Asked Questions
How accurate is this budget calculator
It’s as accurate as your inputs. The calculator converts your pay frequency to monthly, sums all outflows, and shows a categorical breakdown plus leftover/shortfall. For best results, pull the last 2–3 months of statements and average them.
Should I use 50/30/20 or zero-based budgeting
Use 50/30/20 if you want a simple rule of thumb. Use zero-based if you need tighter control or you’re optimizing for aggressive savings/debt payoff. You can start with 50/30/20 targets inside a zero-based plan.
How big should my emergency fund be
Typically 3–6 months of essential expenses. If your income is variable or you’re self-employed, aim higher. Start with a $1,000 mini-fund and build steadily.
What if my budget shows a shortfall
Prioritize essentials, then reduce wants (subscriptions, dining, entertainment). Consider negotiating bills and shopping insurance/utilities. If needed, explore additional income or a short-term personal loan while you adjust spending.
How do I budget with variable income
Base your plan on a conservative monthly average. Create a separate buffer account to park surplus from higher months so you can draw from it during lean months.
Is debt payoff or investing more important
If you have high-interest debt (e.g., credit cards), prioritize paying it down while contributing enough to capture any employer match. After that, split between investing and lower-rate debt based on comfort and goals.
How often should I update my budget
Monthly is standard. Re-check after life changes: move, new job, car purchase, daycare start/end, etc.
What categories do Canadians typically underestimate
Groceries, kids activities, car maintenance, gifts and travel. Use sinking funds to smooth these costs.
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