Checklists & Templates: Your Budget Planning Toolkit

Monthly Budget Review Checklist

Income Verification

  • All income sources accounted for (employment, benefits, investments)
  • Tax implications considered for any income changes
  • Seasonal variations in income noted
  • Government benefits updated (child tax benefit, GST/HST rebate)

Expense Tracking

  • All fixed expenses recorded (rent, insurance, utilities)
  • Variable expenses tracked (groceries, entertainment, gas)
  • Unexpected expenses noted and categorized
  • GST/HST implications on purchases considered

Savings Assessment

  • Emergency fund contributions on track
  • TFSA/RRSP contributions meeting annual targets
  • RESP contributions current for children
  • Major purchase fund growing appropriately

Budget Adjustments

  • Overspending categories addressed
  • Underspending categories reallocated
  • Next month's budget adjusted based on findings
  • Seasonal expenses properly allocated

Emergency Fund Planning Checklist

Initial Setup

  • Emergency fund target calculated (3-6 months expenses)
  • High-interest savings account opened
  • Monthly transfer amount determined
  • Separate account tracking system created

Fund Building Progress

  • $1,000 milestone achieved
  • One month expenses saved
  • Three months expenses saved (minimum target)
  • Six months expenses saved (recommended target)

Ongoing Management

  • Monthly transfers automated
  • Account earning competitive interest rate
  • Regular balance monitoring
  • Annual fund adequacy reassessment

Seasonal Budget Template

Annual Planning Framework

  • Major seasonal events identified
  • Historical spending patterns analyzed
  • Annual budgets set for each season
  • Monthly sinking fund contributions calculated
  • Expense tracking systems organized

Seasonal Preparation

  • Winter: heating, clothing, holiday budgets
  • Spring: home maintenance, spring cleaning supplies
  • Summer: vacation, activities, camp planning
  • Fall: back-to-school, winter preparation, holiday saving

Financial Planning Checklist

Insurance Reviews

  • Life insurance coverage adequate (8-10x income)
  • Disability insurance in place
  • Home/renter's insurance current
  • Auto insurance shopped for best rates

Investment Goal Setting

  • TFSA contribution room utilized
  • RRSP contributions optimized for tax benefit
  • Investment portfolio aligned with risk tolerance
  • Diversification across asset classes

Canadian Tax Planning

  • Child tax benefit optimization
  • GST/HST credit considerations
  • Provincial tax implications reviewed
  • Income splitting strategies evaluated

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