Determine Your Household Budget
Creating and maintaining a monthly budget is key to successful homeownership. Tracking your spending each month helps you move closer to your financial goals. If you’re finding that expenses are consistently outpacing income, consider revisiting your spending habits to identify areas for adjustment. Use this worksheet to help develop your household budget and get a clearer picture of your finances.
Monthly Household Budget Worksheet
Housing Expenses
Electricity
Heating Costs
Mortgage (Principal and Interest)
Parking Fees (if applicable)
Property Insurance
Property Taxes
Water
Non-Housing Expenses
Cable TV / Satellite / Internet
Car Fuel
Car Insurance & License
Car Repairs & Service
Charitable Donations
Child Care
Child Support / Alimony
Clothing
Entertainment & Recreation (dining out, movies)
Furnishings
Groceries
Life Insurance
Medical & Dental Expenses (prescriptions, eye care)
Newspapers / Magazines / Books
Personal Items
Public Transportation
Savings (bank account, RRSPs)
Telephone / Cell Phone
Other Expenses
Total Monthly Expenses
Note: You may have additional costs not listed above. Ensure you add any other regular expenses to this worksheet.
Ready for More Homebuying Tips?
For a comprehensive approach to buying a home, visit the CMHC’s Step-by-Step Guide or consult with a mortgage professional to explore mortgage loan insurance options. CMHC, Canada’s largest mortgage loan insurance provider, helps Canadians buy a home with as little as a 5% down payment.