Creating a budget in Canada means navigating both your day-to-day needs and long-term financial goals like your RRSP or RESP. Whether you’re saving for a home, paying off student loans, or raising a family, here are three budgeting styles to consider.
1. 50/30/20 Rule (Simple and Flexible)
Allocate:
- 50% to Needs (housing, bills, groceries)
- 30% to Wants (travel, dining out)
- 20% to Savings (TFSA, RRSP, RESP, debt)
2. Zero-Based Budget
Give every dollar a job. If your income is $3,000, your spending categories must add up to exactly $3,000. Ideal for precise money managers.
3. Envelope Method
Assign fixed amounts to categories and stop spending once each envelope is used up. Works great for controlling discretionary spending — now possible via budgeting apps.
How Veracity LD Can Help
Veracity LD offers budgeting support, retirement strategies, RESP planning, insurance options, and more. We help you set clear goals, stay accountable, and make sure your plan reflects your real-life needs — not just numbers.
📞 Canada: +1 (438) 871-4889
📧 info@veracityld.com
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