A budget is a plan that helps you manage your money and avoid getting into financial trouble. The budget lists all of your income and expenses, and gives you a snapshot of your financial situation.
To help you create your budget, FCAC has created a budget calculator
. You can access this tool in one of two ways:
- fill out your budget online and then get a summary report or
- download it as a Microsoft Excel file to your own computer, fill it out and save it on your computer.
Remember: a budget is only as good as the information you provide.
In preparing your budget, your goal is to balance your income with your regular expenses, savings for your financial goals and repaying your debts.
- If you have a shortfall, review your budget to see where you could reduce spending. You could also consider whether there are ways to increase your income.
- If you have money left after you have completed the budget, consider using it to repay debt faster or to increase savings for an important financial goal.
All about budgeting