About Me

Thursday, January 27, 2011

2011 Monthly Budget

Now this budget is likely to also change monthly due to having a changing income. But it's a good guide for typical months with 8 days of teaching work (numbers are rounded, hence why it doesn't add up to 100%):

Car and Gas 15%
Phone 4%
Food 4%
Restaurant 4%
Personal/Medical (prescription, dental, make-up) 6%
Clothing 5%
Gifts 2%
Education (courses I take, schools I apply to) 2%
Entertainment (dates, movies, drinks, books) 4%
Everything Else (charity, fees)3%


Now I hope to NOT go over this budget most months. I think I will be able to generally keep it under. I can also take money from some areas to pay for others, but I will do my best to keep the spending under 48% of my typical income.

Now I don't just plan to spend and not have savings. So also here is a monthly SAVINGS budget:

TFSA 35%
Christmas 5%
Computer 3%
Travel Fund 3%


Now if I earn more then that will likely mean that I will put more into savings. If I have a low income month then savings also may be hit. Obviously I will try to do save more than this each month but it depends on the month. I also may not put any money into RRSPs until I have enough for a pretty good lump sum, so some months RRSP will have $0 added.

I tracked my spending for 11 months last year and never posted any of it. Not sure how many of you would actually be interested in seeing how I spend each month, but I think I may start posting it this year to keep me on track. It may also encourage me to spend less and save more. Might be good motivation!


  1. I post my weekly spends, and I find it keeps me honest. So I say yes post them.
    Your food percentage is really low, how do you manage that ???

  2. I live at home so I don't have to spend a lot on food.

  3. It's nice to know that you allocate larger parts to your savings. Like you, my sister puts more cash into her savings. She learned a lot from the crisis, and now she only uses her credit card and loans for important things. She's now clever when it comes to money management. In fact, she invested her last payday cheque in a small business that she and her friends run. It's just great to see how people are becoming wise these days. I hope you'll succeed with your 2011 monthly budget.