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Building a Budget
Once you know how much money you have coming in each month, you need to get a sense of where it's going. The first step is to sum up just where -- and how much -- you think you are spending. Write down what you estimate you spend in the various categories listed below.

You don't have much influence over what you pay towards income tax (apart from contributing more generously to your RRSP). As for the other categories, you might prefer to split them into more narrow subgroups (separating food, clothing, and entertainment, for example).

Shelter
Rent or mortgage payments
Property taxes

Personal spending
Clothes
Personal grooming
Movies
Restaurant meals
Grocery bills
Concerts
Kids' extra-curricular activities
Electronics, CD, DVD purchases
Furniture and appliances
Home repairs
Hobbies
Sporting events
Reading material
Transportation costs
Gifts
Misc. (dry cleaning, corner store, or cash purchases, etc.)

Fixed expenses
Electric
Gas
Telephone
Cellular phone
ISP
Childcare
Water
House/tenant and automobile insurance
Cable
Life insurance
Gasoline
Internet Service
Car Maintenance
Other expenses

Loan Payments
Lines of credit
Credit cards
Car loans
Student loans
Other debts

Contributions to Savings
RRSPs
RESPs
Emergency fund
Vacation fund
Bank accounts or other savings

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