Monthly Budget Checklist for Canadian Households

Log your income

• Primary employment (net after tax + CPP + EI)
• Secondary income / side work
• Government benefits (CCB, GST/HST credit, provincial credits)
• Investment income (dividends, interest)
• Any one-time income (tax refund, bonus) — track separately

Fixed costs (same every month)

• Rent or mortgage
• Property tax and condo fees
• Utilities: hydro, gas, water, internet
• Home + auto insurance
• Phone plans
• Subscriptions (streaming, gym, apps)
• Loan payments (auto, student, LOC)

Variable costs

• Groceries
• Gas + transit
• Kids: activities, school, clothes
• Household + personal care
• Medical, dental, vet
• Dining out + takeout
• Entertainment + gifts

Savings + debt payoff

• Emergency fund (aim for 3–6 months of expenses)
• RRSP contributions
• TFSA contributions
• RESP for kids ($2,500/child to max CESG)
• Extra credit card / debt payments — highest interest rate first
• Sinking funds (car repairs, holidays, home repairs)

RRSP, TFSA, RESP & FHSA — which to prioritize

• RRSP: contribution room is 18% of last year's earned income (check CRA My Account for your exact number). Tax-deductible now, taxed on withdrawal — best when your income is higher now than it will be in retirement.
• TFSA: no deduction going in, but withdrawals are completely tax-free and unused room carries forward indefinitely. Flexible for any goal, not just retirement.
• RESP: contribute at least $2,500/child/year to capture the full Canada Education Savings Grant — a 20% match up to $500/year per child ($7,200 lifetime max per child).
• FHSA: combines an RRSP-style deduction going in with TFSA-style tax-free withdrawals for a first home. $8,000 annual limit, $40,000 lifetime limit — worth opening even years before you plan to buy, just to start building room.
• General order for most households: employer RRSP match (free money) first, then a starter emergency fund, then high-interest debt, then split further RRSP/TFSA/FHSA contributions based on your income and goals.

The annual subscription & account cleanup

• Once a year, list every subscription and recurring charge you can think of — streaming, apps, gym, software
• Check Apple subscriptions: Settings → your name → Subscriptions on iPhone/iPad
• Check Google Play subscriptions: play.google.com/store/account/subscriptions
• Check PayPal automatic payments: Settings → Payments → Manage automatic payments
• Cross-reference your last two bank/credit card statements for any recurring charge you don't recognize
• For every streaming service, ask: did anyone actually use it this month? If not, pause it
• Call your internet and cell provider once a year and ask for the current new-customer promotion

Gift & milestone planning

• Keep a running list of upcoming weddings, showers, and milestone birthdays for the next 12 months with an estimated gift amount for each
• Set a fixed holiday gift budget by October, not December
• For weddings you're attending, budget gift + outfit + travel as one line, not three separate surprises
• Big-ticket milestones (a child's wedding, a 50th anniversary) deserve their own dedicated savings line years ahead, not a surprise the month of

How to actually save money and cut costs

• Negotiate one recurring bill a year — a 10-minute call asking for the current promo rate saves most households $10–30/month
• Use a 24-hour rule for non-essential purchases over $100
• Automate savings transfers for payday, before you see the money sitting in chequing
• Track grocery spending for one full month before setting a target — most households guess wrong on their real baseline
• Review home, auto, and life insurance every 2 years — loyalty pricing creeps upward even when your risk hasn't changed
• Try a no-spend week once a quarter to reset discretionary habits

Questions worth asking your financial advisor

• Given my income and goals, should I prioritize RRSP or TFSA contributions first this year?
• Am I on track for retirement at my target age, based on my current savings rate?
• Does it make sense to consolidate old workplace RRSPs or pensions from previous employers?
• Are there tax credits or deductions I'm missing given my situation?
• What are your fees, and how are you compensated — commission, fee-based, or fee-only?

End-of-month review (30 minutes)

• Compare planned vs actual by category
• Flag any category over by more than 10%
• Adjust next month based on what you learned
• Move surplus to savings — don't leave it in chequing

Practical tips

• Do the review on the last Sunday of the month. Same time, same coffee, same 30 minutes.
• Automate everything you can — rent, savings, credit-card payments — so willpower isn't a monthly cost.
• Budget for irregular expenses monthly (car repairs, gifts, insurance renewals). Divide the annual by 12 and set it aside.
• If you want a full framework beyond this checklist, Dave Ramsey's Baby Steps (debt-payoff-first) and You Need A Budget (zero-based budgeting) are two well-known starting points worth a look.

Frequently asked questions