Monthly Budget Template


Use this template to determine your retirement expenses and your desired amount of monthly retirement income.

 

Fixed Expenses:

Fixed expenses are the bills that you can not change on a short term basis and are usually incurred month to month. Examples would be your power and telephone bills.

 

Mortgage (if applicable) $
Property Taxes $
Electricity $
Gas & Water $
Maintenance $
Cable $
Telephone(s) $
Internet $
Car Payment (if applicable) $
Licensing and Insurance $
Life and Health Insurance $
Dependant (Adult or Minor) $
Total Fixed Expenses $

 

Variable Expenses:

Variable expenses are the expenses that you can change each month and are discretionary bills. Variable expenses can be monitored and adjusted for during the month.

 

Groceries  $
Fuel  $
Vehicle Repairs  $
Medical/Dental Expenses  $
Clothing  $
Entertainment  $
Pet  $
Gifts  $
Vacation  $
Restaurants  $
Gym Membership  $
Charity  $
Banking Fees  $
Debt Repayment  $
Total Variable Expenses  $
Total Expense (Fixed and Variable)  $

 

 

Minus Income:

This category includes your expected income before any savings such as RRSP or TFSA accounts.

 

Government Benefits  $
Marital Support  $
Pension Benefits  $
Dependant Children (any benefits paid to help you support them)  $
Rental Income  $
Total Income  $

 

Balancing the Budget?

This last step will determine how much additional money you will need on a monthly basis to cover your projected expenses.

Please keep in mind that this budget is planned to ensure that you can pay your expected bills and that most individuals would prefer to have some extra spending money during their retirement years. Additional savings can be supplied through a traditional RRSP and RRIF account or any other type of savings account.

 

Total Expenses  $
Minus Total Income  $
Monthly Income required from other savings  $

 

The monthly income amount needed from other savings, as shown above, will need to be provided from savings outside of your government benefits, pension or other retirement income.

To calculate the current amount that you should be saving monthly to reach this goal by retirement, please use our retirement planning calculator.

 

 

 

 

 

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