{"id":8622,"date":"2020-07-09T14:45:15","date_gmt":"2020-07-09T14:45:15","guid":{"rendered":"https:\/\/silver.rbcinsurance.com\/en-ca\/2020\/07\/09\/build-your-budget-simple-steps-tips-and-tricks\/"},"modified":"2025-10-21T13:56:49","modified_gmt":"2025-10-21T17:56:49","slug":"how-to-build-a-budget","status":"publish","type":"post","link":"https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/general-insurance\/how-to-build-a-budget","title":{"rendered":"How to Build a Budget"},"content":{"rendered":"\n<div class=\"wp-block-rbc-template-selector templateSelector template__article articleSingle\" data-template=\"article\">\n<div class=\"wp-block-group articleSingle__container tabListStickyWrapper is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero__inner is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"rbc-yoast-breadcrum-span\"><span><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/\">Home<\/a><\/span><\/span>\n\n\n\n<div class=\"wp-block-group articleSingle__featuredImage__group is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__title__group is-layout-flow wp-block-group-is-layout-flow\"><h1 class=\"wp-block-post-title\">How to Build a Budget<\/h1>\n\n\n<div class=\"wp-block-group articleSingle__date__group is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-post-date\"><time datetime=\"2020-07-09T14:45:15-04:00\">July 9, 2020<\/time><\/div>\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__readTime\">7 Min Read<\/span>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__author__group is-layout-flow wp-block-group-is-layout-flow\">\n<img decoding=\"async\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Avatar.webp?quality=80&w=128&h=128&crop=1\" alt=\"Author: Shannon Lee Miller&lt;br&gt; Graphics: Shannon Lattin\">\n\n\n\n<div class=\"wp-block-group articleSingle__author__details is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"wp-block-rbc-html-element articleSingle__author__name\">Author: Shannon Lee Miller&lt;br&gt; Graphics: Shannon Lattin<\/span>\n\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__author__designation\"><\/span>\n<\/div>\n<\/div>\n<\/div>\n\n\n<figure class=\"articleSingle__featuredImage wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"614\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2020\/07\/build-your-budget-banner-small.jpeg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" style=\"object-fit:cover;\" srcset=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2020\/07\/build-your-budget-banner-small.jpeg 1200w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2020\/07\/build-your-budget-banner-small.jpeg?resize=300,180 300w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2020\/07\/build-your-budget-banner-small.jpeg?resize=768,461 768w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2020\/07\/build-your-budget-banner-small.jpeg?resize=1024,614 1024w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2020\/07\/build-your-budget-banner-small.jpeg?resize=412,247 412w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__container__main is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__page__nav is-layout-flow wp-block-group-is-layout-flow\">\t\t<div class=\"socials-block\">\n\t\t\t\t\t\t<p class=\"socials-block-title\">\n\t\t\tShare this article\t\t<\/p>\n\t\t<div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n\t\t\t\t\t<a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=How to Build a Budget &#038;body=Hi, I thought you might be interested in this article from RBC Insurance: https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/general-insurance\/how-to-build-a-budget\" aria-label=\"Email\">\n\t\t\t\t<img decoding=\"async\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n\t\t\t\talt=\"envelope icon\">\n\t\t\t\t<span>\n\t\t\t\tEmail\t\t\t\t<\/span>\n\t\t\t<\/a>\n\t\t<div class=\"social-button-wrapper sharing-copy-wrapper\">\n\t\t\t<button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/general-insurance\/how-to-build-a-budget\" aria-label=\"Copy URL\">\n\t\t\t<img\n\t\t\t\tsrc=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n\t\t\t\talt=\"copy icon\">\n\t\t\t<span id=\"sharing-copyUrl-Label\">\n\t\t\t\tCopy URL\t\t\t<\/span>\n\t\t\t<\/button>\n\t\t\t<input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n\t\t<\/div>\n\t<\/div>\n  \t\t<\/div>\t\n\t\t\n\n\n<div class=\"wp-block-rbc-tabs-list tabsList\" data-switch=\"lgBp\" data-target-heading=\"h2\"><p class=\"tabsList__heading\">On this page<\/p><div class=\"tabsList__wrapper\"><button class=\"selectDropdown__button\" aria-haspopup=\"listbox\" aria-expanded=\"false\"><span class=\"selectDropdown__title\">4 Steps to Create a Budget<\/span><span class=\"selectDropdown__chevron\"><\/span><\/button><ul class=\"tabsList__items selectDropdown__list\"><li class=\"selectDropdown__list__item tabsList__item selected\"><a href=\"#h-4-steps-to-create-a-budget\">4 Steps to Create a Budget<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-text-version-of-50-30-20-budget-rule-infographic\">Text Version of 50\/30\/20 Budget Rule Infographic<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-frequently-asked-questions-faqs-about-how-to-budget\">Frequently Asked Questions (FAQs) about How to Budget<\/a><\/li><\/ul><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__content__main tabListHeadings is-layout-flow wp-block-group-is-layout-flow\">\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner \" style=\"border-radius:0x\">\n<p>Did you know that about <a href=\"https:\/\/www.canada.ca\/en\/financial-consumer-agency\/programs\/research\/canadian-financial-capability-survey-2019.html#toc3\" data-dig-id=\"LP-GeneralInsurance-8622-b70bc338\" data-dig-label=\"half of Canadians (49%)\" data-dig-action=\"link click\" data-dig-category=\"LP-GeneralInsurance\" class=\"rbc-link-format\">half of Canadians (49%)<\/a> use a budget to manage their money? Creating a budget can help you control your spending, reduce debt, and prepare for the future. It gives you a clearer picture of where your money goes so you can make confident financial decisions.<\/p>\n\n\n\n<p>In this article, we&#8217;ll walk you through simple steps to build a budget that fits your goals and lifestyle.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-4-steps-to-create-a-budget\">4 Steps to Create a Budget<\/h2>\n\n\n\n<p>Learn how to create your first budget with these four easy steps:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-step-1-set-a-clear-goal\">Step 1: Set a Clear Goal<\/h3>\n\n\n\n<p>Setting a budget can be beneficial, but creating one might not always feel compelling. It&#8217;s good to have a goal in mind when you create a budget so you&#8217;re more likely to stick to it.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-common-budgeting-goals-and-examples-include\">Common budgeting goals and examples include:<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list disc-list\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Paying down debt<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Managing money inflow and outflow so you don&#8217;t have to live paycheque to paycheque<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Saving for a large purchase like a home or car<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Saving for a trip<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Increasing disposable income for savings or investments<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-step-2-calculate-your-income-and-expenses\">Step 2: Calculate Your Income and Expenses<\/h3>\n\n\n\n<p>Calculate your monthly income and monthly expenses. In order to use more accurate numbers for this calculation, try to track everything you spend for one to two months. Remember to include things like your morning coffee, take out dinners and entertainment. This will give you a good idea of where your money goes. Tracking every single purchase might be difficult to do if this is new for you. See if your bank offers a service that tracks your spending, like the <a href=\"https:\/\/www.rbcroyalbank.com\/mobile\/feature\/nomi\/index.html\" target=\"_blank\" rel=\"noopener noreferrer\">RBC NOMI<\/a> app. Be extra mindful of the cash purchases you make and don&#8217;t forget to track them in a spreadsheet, a note in your phone or by using an app. There are apps available like Mint or Pocketguard, but do your research first to find one you&#8217;re comfortable using.<\/p>\n\n\n\n<p>Once you have these results, compare what you make after taxes each month to what you spend.<\/p>\n\n\n\n<p>If your expenditures are higher than your income, your first step is to reduce expenses where possible. This can be done in a number of ways \u2014 like cutting streaming services you don&#8217;t use often, curbing that excessive take out habit or something more significant like getting rid of a car.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-step-3-divide-your-expenses\">Step 3: Divide Your Expenses<\/h3>\n\n\n\n<p>Divide costs into fixed, flexible, and future.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list disc-list\">\n<li class=\"wp-block-rbc-list-item\">\n<p><b>Fixed<\/b> costs are the necessities (mortgage payments, utility bills, food)<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><b>Flexible<\/b> costs are not necessary, but nice to haves (entertainment, gifts, memberships, and travel)<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><b>Future<\/b> costs are savings, the things that may be needed one day (investments, an emergency fund, insurance)<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>A great way to divide these costs is by using the efficient 50-30-20 rule.<\/p>\n\n\n\n<div class=\"desktop-only\">\n<figure><img decoding=\"async\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2022\/09\/build-your-budgt-infographic.jpg\" alt=\"Infographic - Build Your Budget\"><\/figure><p><\/p>\n<\/div>\n\n\n\n<p>Read more about <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/general-insurance\/how-to-fit-life-insurance-into-your-budget\/\" data-dig-id=\"LP-GeneralInsurance-8622-b70bc338\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"how to fit life insurance into your budget\" class=\"rbc-link-format\">how to fit life insurance into your budget<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-step-4-review-and-adjust-your-budget-monthly\">Step 4: Review and Adjust Your Budget Monthly<\/h3>\n\n\n\n<p>Set aside time each month to check-in. If you&#8217;re having trouble sticking to your budget, it might be time to try something new. You want your budget to be realistic and not the new mission impossible.<\/p>\n\n\n\n<p>Find YOUR maintenance approach. Track spending with a spreadsheet, carry a set amount of cash instead of credit, or like 20 per cent of Canadians, try software or a mobile app to monitor money. Some helpful tools include Mint&nbsp;and <a href=\"https:\/\/itools-ioutils.fcac-acfc.gc.ca\/BP-PB\/budget-planner\" target=\"_blank\" rel=\"noopener noreferrer\">Budget Planner<\/a> by the FCAC. Whatever the approach, find a strategy that works for you.<\/p>\n\n\n\n<p>Source:<\/p>\n\n\n\n<p>Financial Consumer Agency of Canada. <a href=\"https:\/\/www.canada.ca\/en\/financial-consumer-agency\/programs\/research\/canadian-financial-capability-survey-2019.html\" target=\"_blank\" rel=\"noopener noreferrer\">Canadians And Their Money: Key Findings from the 2019 Financial Capability Survey<\/a>. 2019.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-text-version-of-50-30-20-budget-rule-infographic\">Text Version of 50\/30\/20 Budget Rule Infographic<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-50-fixed-costs-aka-the-essentials\">50% Fixed costs aka \u201cthe essentials.\u201d<\/h3>\n\n\n\n<p><em>This list may be different for everyone.<\/em><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Housing<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Utilities<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Transportation<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Loan repayments<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Childcare<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Basic grocery items<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Insurance (car and home)<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Housing<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Utilities<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Transportation<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Loan repayments<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Childcare<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Basic grocery items<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/auto-car-insurance\/\" data-dig-id=\"LP-GeneralInsurance-8622-b70bc338\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"Car insurance\" class=\"rbc-link-format\">Car insurance<\/a><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/home-insurance\/\" data-dig-id=\"LP-GeneralInsurance-8622-b70bc338\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"Home insurance\" class=\"rbc-link-format\">Home insurance<\/a><\/p>\n<\/li>\n<\/ul>\n\n\n\n<p><strong>DID YOU KNOW?<\/strong> It\u2019s recommended that your total housing costs be no more than 30-32% of your gross income.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-30-flexible-costs-aka-the-non-essentials\">30% Flexible costs aka \u201cthe non-essentials\u201d<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Entertainment<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Subscriptions (streaming services, magazines, gym membership etc.)<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Services (salon treatments, house cleaning, food delivery etc.)<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Travel<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p><strong>FACT: <\/strong>Budgeters are less likely than non-budgeters to spend beyond their monthly income (18 vs. 29%)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-20-future-costs-aka-the-eventuals\">20% Future costs aka \u201cthe eventuals\u201d<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Emergency fund<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/retirement\/\" data-dig-id=\"LP-GeneralInsurance-8622-b70bc338\" data-dig-label=\"Retirement solutions and investments\" data-dig-action=\"link click\" data-dig-category=\"LP-GeneralInsurance\" class=\"rbc-link-format\">Retirement solutions and investments<\/a> (RRSP, RESP, GIF, GIC etc.)<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/personal\/\" data-dig-id=\"LP-GeneralInsurance-8622-b70bc338\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"Personal insurance policies\" class=\"rbc-link-format\">Personal insurance policies<\/a> (<a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/\" data-dig-id=\"LP-GeneralInsurance-8622-b70bc338\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"life insurance\" class=\"rbc-link-format\">life insurance<\/a>, <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/health-insurance\/disability-insurance\/\" data-dig-id=\"LP-GeneralInsurance-8622-b70bc338\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"disability insurance\" class=\"rbc-link-format\">disability insurance<\/a>, <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/health-insurance\/critical-illness-insurance\/\" data-dig-id=\"LP-GeneralInsurance-8622-b70bc338\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"critical illness insurance\" class=\"rbc-link-format\">critical illness insurance<\/a>)<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>General savings<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p><strong>TIP:<\/strong> If you are paid on a bi-weekly basis and set aside $50 each paycheque, you can save $1,300 in one year, before any interest.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-frequently-asked-questions-faqs-about-how-to-budget\">Frequently Asked Questions (FAQs) about How to Budget<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-to-divide-your-budget\">How to divide your budget<\/h3>\n\n\n\n<p>A practical way to divide your budget is by using the 50-30-20 rule. This means allocating 50% of your income to fixed expenses like housing, utilities, and transportation, 30% to flexible or personal spending such as entertainment or dining out, and 20% to savings, investments, or debt repayment. This method helps balance your needs, wants, and long-term goals while keeping your finances manageable.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-should-your-budget-look-like\">What should your budget look like?<\/h3>\n\n\n\n<p>Your budget should include a detailed list of your income sources and all monthly expenses, divided into essential and non-essential categories. It should clearly show how much you earn, how much you spend, and how much you save each month. A good budget is realistic, easy to update, and tailored to your lifestyle so it can guide your day-to-day financial decisions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How to make a monthly budget<\/h3>\n\n\n\n<p>To make a monthly budget, start by calculating your total monthly income after taxes. Then, track all your expenses for a month, including bills, groceries, transportation, and discretionary spending. Categorize each expense, compare it to your income, and adjust where necessary. Tools like RBC NOMI or Budget Planner by the FCAC can help automate tracking and identify spending patterns.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How to make a budget plan<\/h3>\n\n\n\n<p>A budget plan outlines how you\u2019ll manage your money over time. Begin with a clear financial goal\u2014such as paying off debt or saving for a down payment\u2014then calculate your monthly income and expenses. Use those numbers to create spending limits for each category, allocate funds for savings, and set up automatic transfers or reminders to stay consistent.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-much-should-i-spend-on-food-per-month\">How much should I spend on food per month?<\/h3>\n\n\n\n<p>As a general guideline, food expenses should make up about 10% to 15% of your monthly take-home income. This includes groceries, dining out, and snacks. Your exact amount may vary depending on your household size, dietary preferences, and location. Tracking your food spending for a few months can help you set a realistic target that fits your lifestyle.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-is-a-personal-budget\">What is a personal budget?<\/h3>\n\n\n\n<p>A personal budget is a plan that tracks your income, expenses, and savings so you can manage your money effectively. It helps you see where your money goes, avoid overspending, and reach financial goals like paying off debt or building an emergency fund. A personal budget can be created manually, in a spreadsheet, or with budgeting apps for convenience.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-should-my-budget-be\">What should my budget be?<\/h3>\n\n\n\n<p>Your ideal budget depends on your income, expenses, and financial priorities. Start by covering essential costs like housing, food, and transportation, then allocate money for savings and discretionary spending. Many Canadians use the 50-30-20 rule as a starting point, but you can adjust the percentages based on your situation and goals.<\/p>\n\n\n\n<div class=\"wp-block-rbc-section-inner-block  section-inner block-wpr bg-light-blue rounded-corners pos-rel pad-l pad-r mob-pad-r centered-block mob-pad-l pad-t mob-pad-t pad-b mob-pad-b\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-text-align-center mar-t mar-b-hlf mob-mar-b-hlf mob-mar-t\" id=\"h-rbc-life-insurance\">RBC Life Insurance<\/h2>\n\n\n\n<p class=\"has-text-align-center mar-b-hlf mob-mar-b-hlf pad-r mob-pad-r pad-l mob-pad-l has-text-reg-font-size\">Protect Your Loved Ones With Dependable Life Insurance.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button aligncenter btn is-style-primary primary\"><a class=\"wp-block-button__link has-text-lg-font-size has-custom-font-size wp-element-button\" href=\"https:\/\/silver.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html\" rel=\"noreferrer noopener\" data-dig-id=\"LP-283-476a44f4\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Get a quote-https:\/\/silver.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html \">Get a quote<\/a><\/div>\n<\/div><\/div>\n\n\n\n<p class=\"has-text-align-center mar-t-hlf mob-mar-t-hlf pad-b mob-pad-b has-text-reg-font-size\"><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/\" data-dig-id=\"LP-273-18de2c2e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Learn More\" class=\"rbc-link-format\">Learn More<\/a><\/p>\n<\/div>\n\n\n\t<style type=\"text\/css\">\n\t\t.wp-block-tk-spacer.id-2059a51a-69cb-4552-8d4d-00ee0274140f {\n\t\theight: 30px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-2059a51a-69cb-4552-8d4d-00ee0274140f {\n\t\t\theight: 15px;\n\t\t}\n\t}\t<\/style>\n\t<div class=\"wp-block-tk-spacer id-2059a51a-69cb-4552-8d4d-00ee0274140f\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse2de7ba0a\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse2de7ba0a\" data-dig-id=\"LP-HomeInsurance-14506-2de7ba0a\" data-dig-category=\"LP-HomeInsurance\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things Our Lawyers Want You to Know\"><div>Things Our Lawyers Want You to Know<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse2de7ba0a\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p class=\"has-text-sm-font-size\">*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.<\/p>\n\n\n\n<p class=\"has-text-sm-font-size\">This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n<div style=\"height:31px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Building a budget doesn&#8217;t have to be a burden. Perfect your plan and start saving in just a few simple steps.<\/p>\n","protected":false},"author":124,"featured_media":10907,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"templates\/new-rbci-design.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[44],"tags":[21],"article-type":[80],"ppma_author":[],"class_list":["post-8622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-insurance","tag-managing-money","article-type-advice-learning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How to Build a Budget | RBC Insurance<\/title>\n<meta name=\"description\" content=\"Follow these tips to help you build a budget that will assist you in managing your spending, tackling debt and planning for the future.\" \/>\n<meta name=\"robots\" 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