Does your budget look like this?

January 17, 2018

• Tips for Money Management

Does your budget look like this?

We constructed a budget using the Canadian Median Income for 2015 from Statistics Canada and after deducting taxes using the CRA payroll deductions calculator.

We then found the average rent for a one-bedroom unit in the City of London and calculated some simple living expenses – as you can see John Doe is not living extravagantly. When we contemplate that thirty percent of Canadians identify as single and that fifty percent of Canadian income earners earn less money that John Doe, we can see obvious financial challenges.  If you are financially challenged, contact the office for a free consultation at 519-646-2222

MONTHLY STATEMENT OF INCOME AND EXPENSE

John Doe

Income

Net take home pay $1,910

Expenses

Rent $940
Heating –Gas or Oil $60
Telephone $100
Cable and Internet $120
Hydro $125
Alcohol $50
Dining in Restaurants $50
Entertainment/Sports (Gym) $75
Gifts/Charitable Donations $20
Food/Grocery $200
Laundry/Dry Cleaning $40
Grooming/Toiletries $20
Clothing $50
Public transportation $80
House/Contents Insurance $25

Total expenses

$1,955