Budgeting Bootcamp 🏋️

Budgeting Bootcamp for Beginners in Canada

Welcome to Budgeting Bootcamp — your step-by-step guide to taking control of your money, even if you’ve never made a budget before. This is designed for newcomers, recent immigrants, and anyone who feels overwhelmed by personal finance in Canada. We’ll explain everything in plain language with visual illustrations and examples.

🌟 What Is a Budget?

A budget is a simple plan for how you’ll use your money each month. It helps you:

• Know where your money goes
• Avoid running out of money
• Reach your financial goals (like saving for a car or paying off debt)

Example: If you earn $3,000 per month, a budget will help you decide how much to spend on rent, food, phone bills, savings, and fun.

👨‍🌾 Who This Is For

• Newcomers to Canada learning how the system works
• Young adults and students managing money for the first time
• Families living paycheck to paycheck
• Anyone confused by financial jargon

Start Your Bootcamp

1. Step 1: Understand Your Income
   
   • Wages from your job
   • GST/HST credits
   • Canada Child Benefit (CCB)
   • Tips or side jobs

   Visual: Income = Water flowing into your bank account. Budgeting is deciding where that water goes.

2. Step 2: Track Your Expenses
   
   • Rent or mortgage
   • Groceries
   • Transit (TTC, Presto)
   • Phone/internet
   • Insurance
   • Credit card or loan payments

   Tip: Use a notebook or budgeting app to track everything for one month.

3. Step 3: Pick a Budgeting Method
   • 📊 50/30/20 Rule: 50% Needs, 30% Wants, 20% Savings
   • Zero-Based Budget: Income − Expenses = 0
   • 💼 Envelope Method: Use “envelopes” (digital or physical) for each category

   Visual: Picture three buckets — Needs, Wants, Savings — and pour your income into each one.

4. Step 4: Plan Monthly Spending

   Example Plan:

   • Rent – $1,200
   • Groceries – $400
   • Transportation – $150
   • Phone/WiFi – $100
   • Fun – $150
   • Savings – $300
5. Step 5: Review Weekly
   • Are you on track?
   • Any surprise bills?
   • Can you adjust your plan?

🏋️ Bonus: Tips for Canadians

• Shop with flyers and loyalty apps
• Use transit passes to save money
• Compare phone/internet plans yearly
• File taxes early to claim benefits
• Consider TFSA or RRSP when saving

Need Help Applying These Steps?