Worksheet for making a budget

Is budgeting really necessary?

Are you one of those people for whom making (and following!) a budget is part of everyday life, or are you one of those people for whom the mere mention of the word causes anxiety?

If you're in the first category, congratulations! For the rest of us, here are a few tips and tools to help you get started.

First, let's answer the question you may be asking yourself: do you really need to draw up a monthly budget? Is it even useful for those who don't have money problems? The answer is YES.

In fact, budgeting is all about:

• Planning is the key to less stress. By planning your expenses and income as accurately as possible, you'll avoid unpleasant surprises.
• Pay off your credit card balance at the end of each month. Credit is a great financing tool, provided it's used properly. Paying your card balance in full every month will help you avoid accumulating debt and paying interest on your expenses.
• Consider longer-term projects. Making a budget isn't just about how much you're going to spend on groceries or other day-to-day expenses. It's essential to help you achieve your goals, whether it's paying off a debt, taking a trip or buying a new car.
• Plan for retirement: The sooner you start saving, the more money will work for you. Don't underestimate the importance of savings, no matter how small!
• Build up an emergency fund (equivalent to 3 months' salary): this is what will enable you to deal with life's major contingencies (pandemic, job loss, separation, illness). It's normal for it to take time to build up this fund, slowly but surely!

Where to start?

• We've developed a budget grid to help you get started.
• Start by taking stock of your assets (what you have) and liabilities (what you owe).
• List your cash inflows and outflows. Are you balancing your budget, or do you need to adjust certain expenditure items?
• Here's a tip to make sure you don't forget anything: take a look at your credit card and bank statements for the past few months to make sure that all your family's cash inflows and outgoings have been accounted for.
• If you're on a tight budget and worried about running out of food, call the “211” line to find out about food banks and community kitchens in your area.