Remember to pay more than the minimum required repayment so you can steadily reduce your debt balance and avoid additional interest charges. One of the best tricks to get out of your credit card debt is incorporating debt repayment into your monthly budget. This expense category includes clothing, shoes, toiletries, cosmetics and toilet products. 13. Clothing And Personal Itemsĭon’t mislook clothing and personal items when organizing monthly expenses for a single person. Then, calculate how much their overall monthly costs are to set aside enough money. Take note of every insurance you pay for, including life, disability, home, car, or rental. Insurances are must-haves in your personal expenses list. Here, you should include monthly payments for your streaming services, gym memberships and other subscriptions. ChildcareĬhildcare expenses include every cost of providing for your children, including their daycare expenses, supplies, and their babysitter’s wage, if applicable. Include your pet’s insurance expense in your monthly budget to ensure you’re financially prepared in a pet emergency. Pet Careįor this area of expenditure, set aside money for caring for your pet, including food, toys, grooming, veterinary expenses, and other supplies. This may include fuel costs, maintenance, and monthly car payments. Transportation refers to all the costs of your household getting around, whether by car or public transportation. As a reference for budgeting this expense, check how much you’ve spent on food for the past several months. This refers to the cost of your groceries, with or without the budget for dining out. If you have one, don’t forget to include it in your monthly budget. Home insurance provides financial protection for your home’s assets in the event of damage caused by natural disasters or criminal activities. To save money, you can always opt for a cheaper Internet plan. Don’t forget to include this expense in your budgeting planner. Internet bills usually have fixed monthly costs as long as you stay within your allowed data usage. If you’re budgeting for the entire family, sum up every monthly phone bill you pay using your household budget and allocate that much money for your phone bill expenses. Then, use the most expensive bill as a budget reference for each utility to ensure you budget enough to cover the highest possible cost. So, check your utility bills for the last three months. Your electricity, gas and water bills may vary slightly. Rent or housing usually takes up the biggest portion of many Canadians’ budgets. This expense includes rent, mortgage payments, and home or apartment maintenance. Use the personal and household expenses lists below as starting points to help you decide what to include in your monthly budget. However, some expenses that shouldn’t be left out for many Canadians are rent, utility bills, insurance, debt repayments, transportation, emergency fund and food. Approximate Mortgage You Need Considering all of the factors you entered, this should be the mortgage loan amount you will need to apply for.įor a simple calculation without insurance and taxes, use thisĬreate a table of payments if you want to investigate various mortgage loan options.The expenses you should include in your monthly budget will depend on your specific life situation, including your age, number of dependents, priorities, debts, and financial goals. Estimated Taxes What are the taxes you expect to pay on a yearly basis for your home? Estimated Insurance What is the insurance you expect to pay per year for your new home? Home You can Afford This is likely the asking price of the house you can consider purchasing. Mortgage Term How long will you take to pay back the loan in years or months? What is the term of your mortgage? Interest Rate The annual stated rate of your mortgage. Mortgage Payments "I can Afford to Pay": The monthly amount you want or can afford to pay for a mortgage loan payment Down Payment The amount of cash on hand you will be able to put toward this purchase and not borrow in the mortgage loan. Other factors include your credit rating and fees that you pay up front or roll into the mortgage loan. Once you are ready, you'll need to get professional mortgage advice on your actual affordability. This calculator should give you a rough idea of your house price range based on the monthly payment you can afford for a mortgage. Shopping for a new home? Calculate the home price you can pay and the mortgage schedule you will need based on the payment, down payment, taxes and insurance you can afford. How much house can you afford to be looking for? This calculator will help you calculate how much you can afford.
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