Tips on how to budget

Managing your expenses while settling in can be challenging. Creating a budget is a great way to help keep track of your money and understand where your money goes. A budget can also help you identify ways to save some money each month.

Below are some tips to keep in mind:
Track your monthly expenses. This includes small items such as snacks and coffee. Doing this helps you evaluate the reality of your spending when creating a budget.

Divide expenses into fixed and variable. Fixed costs are things like rent and utilities — necessities that occur every month. Flexible costs are things that you spend money on – like clothing and entertainment – which may vary each month. Take a look at whether the money you’re spending is more than the money you have coming in.

Rein in your non-essential spending. There are creative ways to cut down on flexible expenses while still enjoying your leisure time. For example, if you like going to the movies, there are certain nights when tickets are cheaper. If you enjoy going out and getting to know your new city, check out local websites that offer a calendar of free events throughout the week. Local libraries sometimes offer free passes to museums and galleries within the city, another great way to save on costs.

Need a little help? There are some handy and easy-to-use online tools available that can help you get started, like the Expenses Calculator( or RBC’s NOMI ( Budgets app. Or even better, speak with a financial advisor about tips and helping to create a plan to keep your finances in order.

Find more ideas on how to save more and settle in faster at