So, any values provided here will need to be adjusted based on your own personal income and living situation.įor example, if you live in an area with above-average housing costs, it may be necessary to increase your expected spend on housing beyond the estimates listed in this blog (or to downsize your housing). Again, this is just a median income for Canadian families and unattached individuals across all provinces and age groups. That works out to about $1,284 a week or $5,566 a month. One thing to note: We're going to be basing our estimates on the median after-tax income of Canadian families, which was about $66,800 a year in 2020 (Source: Statistics Canada)-the most recent data set made available by the Statistics Canada website at the time of this writing. Need info and advice? Credit Canada is here to help! If you need more specialized help on setting your monthly budget or determining your average household expenses, you may want to seek out a financial advisor or debt relief service provider. The following information can be used as a basic guideline and not a hard rule. What we spend in a month on different expenses will change dramatically depending on things like income, family situation, inflation, and even where we live. It should be noted that the answer to the question, how much should I be spending a month? can vary. Start seeing how much you can save now: Check out our free Budget Calculator tool! In this blog, we’ll provide some basic information on how much you should be spending on different kinds of expenses, tips to help you budget monthly costs, and explain common living expenses. How much should I spend a month? What are the average monthly living expenses in Canada? What are some tips I should follow on how to budget monthly expenses? These are all common questions that people might have about monthly bills and living expenses. However, many wonder how much they should be spending on various monthly expenses, such as housing, transportation, groceries, and more. Having a budget helps you easily see how much money is coming in and how much is going out. It can often feel difficult to keep track of what we spend in a month.
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