Recalculating Your Spending Plan

So, you just secured that job you've worked so hard for and you’ll be graduating soon (or maybe you already have). There are several priorities you need to establish in order to get the most out of your earnings. These habits will also leave you in a stronger financial position.

Now that you have organized your priorities, we come to the most exciting part: budgeting. This is an important tool as it controls your spending, allows you to overcome unexpected financial changes and helps you achieve financial goals you have set out to accomplish.

Download Life After Mohawk Budget infographic PDF (opens PDF, 2.8mb)

Life After Mohawk Monthly Budget Moe just graduated. He has a Child and Youth Worker Diploma. Annual Salary: $40,040 \| Student Loans: $24,000
Salary (before deductions): $3,337.00	Deductions: Benefits $99.00 Pension Plan $107.00 CPP, EI & Income Tax $683.00	Take Home Pay (after deductions): $2,448.00

Expenses
Household Items (15%-20%): Groceries Cleaning supplies Utensils _______ $280.00	Utilities (5%-8%): Heat Hydro Cable & Internet Phone _______ $180.00	Housing (25%-35%): Mortgage or rent Taxes Insurance _______ $700.00
Transportation (10%-20%): Bus,Taxi or Car Fuel Maintenance _______ $360.00	Clothing (2%-6%): Professional Casual Family _______ $50.00	Health (2%-8%): Premiums Specialist Over the counter _______ $50.00
Debt (10%-20%): Student loans Credit Cards Car loans _______ $360.00	Manscaping (5%-8%): Haircut Toiletries _______ $125.00	Entertainment (5%-8%): Dining out Alcohol Movies, hobbies and recreation _______ $125.00

Expenses

Household Items (15%-20%):
Groceries

Cleaning supplies

Utensils

_______

$280.00

Utilities (5%-8%):
Heat

Hydro

Cable & Internet

Phone

_______

$180.00

Housing (25%-35%):
Mortgage or rent

Taxes

Insurance

_______

$700.00

Transportation (10%-20%):
Bus,Taxi or Car

Fuel

Maintenance

_______

$360.00

Clothing (2%-6%):
Professional

Casual

Family

_______

$50.00

Health (2%-8%):
Premiums

Specialist

Over the counter

_______

$50.00

Debt (10%-20%):
Student loans

Credit Cards

Car loans

_______

$360.00

Manscaping (5%-8%):
Haircut

Toiletries

_______

$125.00

Entertainment (5%-8%):
Dining out

Alcohol

Movies, hobbies and recreation

_______

$125.00

Leftover
Leftover (5%-10%): Could be used for Savings Unexpected expenses Future purchases _______ $218.00 Moe has properly budgeted his income and has money left over every month. Note: The budget has a range given for each category in order to cater to personal lifestyle and habit, and the dollar amounts outlined are estimates within those ranges. If money in a particular category is left over, the remaining amount can be used to pay down more of Moe's student debt or be put towards savings.

Leftover

Leftover (5%-10%): Could be used for

Savings

Unexpected expenses

Future purchases

_______

$218.00

Moe has properly budgeted his income and has money left over every month.

Note: The budget has a range given for each category in order to cater to personal lifestyle and habit, and the dollar amounts outlined are estimates within those ranges. If money in a particular category is left over, the remaining amount can be used to pay down more of Moe's student debt or be put towards savings.

Get an estimate (opens new window) of your anticipated position.

View an outline (opens new window) of your outstanding student loan amount and required monthly payment.

If you don’t want to keep track of too many expenses, consider the 50/20/30 Rule below.