Developing a Personalized Financial Plan
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1 FINANCIAL LITERACY SERIES FOR OLDER ADULTS THE IMPORTANCE OF CREATING YOUR OWN PERSONAL BUDGET Developing a Personalized Financial Plan ¾A budget contains a list of your planned and actual expenses and your income, which includes all of the money you receive from work, government and investments. Income does not include sources of credit. ¾Using a budget helps you see exactly how you are spending your money so that there are no surprises. ¾A budget benefits you, so it is important to be honest with yourself when you are creating your budget. ONTARIO EDITION 1
2 HOW DO I CREATE A BUDGET? RETIREMENT AND SAVINGS OPTIONS SAMPLE MONTHLY BUDGET Step One: Track Your Monthly Income and Expenses ¾Keep all pay stubs, bills and receipts for cash purchases to help you figure out what your monthly income and expenses are. Step Two: Record Your Monthly Income and Expenses ¾List all of your monthly income and expenses. ¾Use a budget worksheet to add up your income and expenses for the last month. ¾If you have certain expenses that are paid annually, divide the number by 12 to determine your monthly cost. ¾Continue tracking your income and expenses in this way every month. Step Three: Calculate Your Total Money Available ¾Subtract your total monthly expenses from your total monthly income to get your Total Money Available per month. Finally, subtract any loan and credit card payments from your Total Money Available per month to see if you have money left over or not. ¾If you do not have enough income to pay your expenses, you need to look over your budget and see where you could spend less money. INCOME Salary or benefits (after tax and other deductions) Government Benefits for Retirement (CPP, OAS, GIS and GAINS) Income From Registered Investment Products (RDSP, RRSP, RRIF) Annuities Foreign Pensions Workplace Pension Plan Worker s Compensation Ontario Disability Support Program (ODSP) Ontario Works (OW) Ontario Senior Homeowners' Property Tax Grant GST/HST Credit Ontario Energy and Property Tax Credit (OEPTC) Ontario Sales Tax Credit (OSTC) Self Employment Income Interest and Investment Income Other Sources of Income TOTAL MONTHLY INCOME 2 3
3 SAMPLE MONTHLY BUDGET SAMPLE MONTHLY BUDGET EXPENSES Housing Expenses Rent/Mortgage Condo Fees Property Taxes Cable/Internet/Telephone/Cell Phone Repairs and Maintenance Heat/Air Conditioning Hydro/Hot Water Tank Rental Living Expenses Gas/Car/Public Transit/Taxi Insurance (Life, Health, Travel, Home, Disability, Car, etc) Food Clothing Medications and Other Medical Expenses Dental Care Laundry Pets EXPENSES Personal Expenses Savings Magazines/Books/Newspapers Eating Out (Restaurants/Cafes) Recreation/Entertainment (Movies, Bingo, etc) Personal Grooming (Hair/Cosmetics, etc) Gifts/Donations Bank Fees Cigarettes/Alcohol Other Expenses TOTAL MONTHLY EXPENSES TOTAL MONTHLY INCOME TOTAL MONTHLY EXPENSES - TOTAL MONEY AVAILABLE PER MONTH (Total income minus total expenses) = Minus LOAN PAYMENT - Minus CREDIT CARD PAYMENT - SURPLUS/DEFICIT = 4 5
4 HOW DO I STAY ON BUDGET? HOW CAN I INCREASE MY SAVINGS? Be honest and realistic. Spend less than you earn. Make sure you list everything. Set short-term (pay off total credit card balance) and long-term goals (savings). ¾Know the difference between needs and wants. If you do not need to purchase something, consider putting the item back on the shelf. ¾Comparison shop by buying groceries on sale or at less expensive supermarkets. Comparison shop for services, such as phone providers and insurance. ¾Use coupons, and find out which stores give seniors a discount. ¾Use credit cards only for emergencies. ¾Pay off your total credit card balances before the due date each month to avoid paying interest and other fees. ¾Learn to say no when kids, relatives, and friends ask for money. ¾Save regularly into a no fee savings account. ¾Update your budget every month. If circumstances change (e.g., change in income), remember to add the changes to your budget. ¾A standard guideline is to save at least 10% of your pay (e.g., If you make 1,000 a month, try to save 100 from your pay). ¾If you have a lot of debt or if you have high interest debt, concentrate on paying off the debt before trying to save. ¾If your income changes each month, adjust your savings accordingly. ¾Build precautionary and longer-term savings into your monthly budget. Consider putting 10 per week into an account to cover emergencies, unexpected increases in expenses, and declines in income. ¾You might look into setting up an automatic savings program with your bank. ¾Each year, challenge yourself to reach a higher savings goal. 6 7
5 WHERE CAN I GET MORE INFORMATION? RETIREMENT AND SAVINGS OPTIONS FINANCIAL LITERACY SERIES FOR OLDER ADULTS For a list of Free Toronto Public Health Dental Care Clinics for Seniors (65+) in Toronto, please access the following website: For a list of institutions that offer low cost dental treatment in Toronto, see: This is one of the series of Financial Literacy for Older Adults pocket tools. For more information about NICE tools or related training events, please visit Disclaimer You should not rely on this pocket tool for financial or legal advice. It provides general information only. NICE is not responsible for any use of the information other than for general educational/informational purposes and no claim can be made against NICE or any of its personnel for any such use. cost.pdf
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