Budget – what to spend money on.
Danielle Bacci - Nov 09, 2022
Below is an estimated budget of what a breakdown of a person who has a home valued at $1,000,000 and spends what the average Canadian spends their money on. Obviously, everyone situation is different, but this give a guide as to where money can be/should be spent on.
| Income | |||
| Employment | 264,209.58 | ||
| Taxes | 86,862.00 | ||
| Net employment Income | 177,347.58 | ||
| Tax Refund for RSP contribution | 6,448.00 | ||
| Cashflow for Expenses | 183,795.58 | ||
| Expenses | |||
| Mortgage | 46,478.64 | ||
| Home Taxes | 11,475.00 | ||
| Utilities | 2,754.00 | ||
| Home Insurance | 1,692.00 | ||
| RSP Contribution | 29,210.00 | ||
| Home Maintenance | 28,125.00 | ||
| Domestic Vacation | 3,933.00 | Note - 3 weeks in Canada | |
| Cell phone | 1,212.00 | ||
| Clothing | 1,188.00 | ||
| Groceries/Dining | 10,311.00 | ||
| Internet | 648.00 | ||
| Cable/Streaming TV | 444.00 | ||
| Auto | 7,500.00 | Estimated - took 50% of Stats Canada survey | |
| Other | 5,284.19 | 2% | |
| Childcare? | |||
| Christmas Gifts? | 5,284.19 | 2% | |
| Entertainment? | 10,568.38 | 4% | |
| Cultural Events? | 7,926.29 | 3% | |
| Sports? | 5,284.19 | 2% | |
| Total Expenses | 266,179.89 | ||
| Surplus/Deficit | 4,477.69 |