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Monthly Budget Planner
Plan your Canadian monthly budget with 50/30/20 rule analysis and real-time insights
✓ 50/30/20 Rule · ✓ RRSP & TFSA · ✓ Free
Total: $0 / month
Monthly summary
Total Income
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Total Expenses
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Remaining
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Expense Breakdown
50/30/20 rule analysis
Target ≤ 50% — within target (50%)
Target ≤ 30% — within target (30%)
Target ≥ 20% — below target (20%)
Expense breakdown by category
- Housing$0
- Transportation$0
- Food$0
- Family & Health$0
- Lifestyle$0
- Debt$0
- Savings$0
- Other$0
Insights
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Frequently Asked Questions
What is the 50/30/20 budget rule?
The 50/30/20 rule suggests spending 50% of after-tax income on needs (housing, food, transport), 30% on wants (entertainment, dining out, hobbies), and saving or paying down debt with the remaining 20%. It is a simple framework to balance spending and saving.
How much should I spend on housing in Canada?
Canadian mortgage guidelines suggest housing costs should not exceed 32% of gross income (GDS ratio) or 44% including all debt (TDS ratio). In high-cost cities like Toronto and Vancouver, many Canadians spend more, but keeping housing under 35% of after-tax income is a practical target.
How much should I save each month in Canada?
Financial planners generally recommend saving at least 10-20% of your after-tax income. Priority order: emergency fund (3-6 months expenses), employer RRSP match (free money), TFSA for flexible savings, then RRSP for tax deduction. Even $100-200 per month invested consistently builds significant wealth over time.
What is a good monthly budget for a single person in Canada?
A typical single person in a major Canadian city might spend $1,500-2,200 on rent, $400-600 on groceries and dining, $200-400 on transport, and $200-400 on lifestyle. Total expenses of $2,500-4,000 per month are common, though this varies significantly by city and lifestyle.
Should I include RRSP and TFSA in my monthly budget?
Yes — treat RRSP and TFSA contributions as non-negotiable expenses, not optional savings. Automating these transfers on payday ensures you save before spending. Our budget planner includes dedicated fields for both accounts so you can plan contributions alongside regular expenses.