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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