Enter your income and expenses to see your personalized monthly budget. Find where your money goes and how to save more.
The 50/30/20 rule suggests: 50% on needs, 30% on wants, 20% on savings. Here's how you compare:
The average Canadian pays $180–$360/year in bank fees. KOHO has $0 monthly fee and pays 3% interest on your balance. You can earn cashback on every purchase too. Get $100 free with referral code 45ET55JSYA.
Canadians pay an average of $200/month in subscriptions they forget about. Cancel unused streaming, app subscriptions, and gym memberships. Use your banking app to sort transactions and identify recurring charges.
Canadian grocery costs rose 20%+ from 2022–2025. Meal planning, store-brand choices, and flyer apps (Flipp, Reebee) can cut grocery bills by 15–25%. Aim for $200–250/person/month for a reasonable grocery budget.
Car costs (insurance, gas, maintenance, payments) typically eat 15–20% of Canadian budgets. Consider whether you need a car, can you walk/bike more, or use transit. If you own a car, comparing auto insurance annually can save $300–600/year.
Every dollar in your TFSA at EQ Bank earns 3.75% tax-free. A $100 TFSA earns $375/year with no tax owed. For 2026, the TFSA contribution limit is $7,000 ($102,000 lifetime for those 18+ in 2009).
Set up automatic transfers to TFSA/RRSP on payday. "Pay yourself first" means savings happen automatically before you can spend. Even $100/month invested consistently can grow significantly over decades.
| Category | Single (1 person) | Couple (2 people) | Family (4 people) | % of Income |
|---|---|---|---|---|
| Housing (rent/mortgage) | $1,400–2,200 | $1,800–2,800 | $2,200–3,500 | 25–35% |
| Groceries | $300–450 | $600–850 | $1,000–1,400 | 8–14% |
| Transportation | $200–400 | $300–600 | $400–800 | 8–15% |
| Utilities & Internet/Phone | $200–350 | $250–400 | $300–500 | 5–8% |
| Dining Out | $150–400 | $300–700 | $400–900 | 5–10% |
| Savings & RRSP/TFSA | $300–600 | $600–1,200 | $500–1,000 | 10–20% |
Canadians waste $180–360/year on bank fees. KOHO has zero monthly fees, pays 3% interest on your balance, and gives 0.5% cashback on every purchase. Get $100 free with referral code 45ET55JSYA.
Get KOHO Free — Use Code 45ET55JSYA for $100 →A good rule of thumb is the 50/30/20 rule: 50% on needs (housing, food, transport), 30% on wants (dining, entertainment), and 20% on savings (TFSA, RRSP, emergency fund). For a single person earning $5,000/month after tax in Canada, that means roughly $2,500 on needs, $1,500 on wants, and $1,000 on savings.
The common guideline is to spend no more than 30% of gross income on housing. However, in expensive cities like Toronto and Vancouver, 35–40% is more realistic. If you earn $5,000/month after tax, try to keep rent below $1,500–1,700. Consider roommates, moving to a less expensive neighbourhood, or a more affordable city if housing costs are consuming over 40% of your income.
The average Canadian household savings rate is approximately 6–8% of gross income, though this varies widely. Financial experts recommend saving at least 15–20% of income for a comfortable retirement. Higher savings rates in younger years have an outsized impact due to compound growth over time.
Financial advisors typically recommend 3–6 months of essential expenses in an emergency fund. For a Canadian spending $3,500/month on essentials (rent, food, utilities), that means $10,500–$21,000. Keep your emergency fund in a high-interest savings account — EQ Bank currently offers 3.75% or KOHO offers 3.0% — not in a big bank account earning 0.01%.
The most popular methods are: (1) 50/30/20 rule — simple percentage split, (2) Zero-based budgeting — every dollar assigned a job, (3) Pay yourself first — automate savings before anything else, and (4) Envelope system — cash or digital buckets per category. Most Canadians do best with the 50/30/20 rule combined with automation (automatic TFSA/RRSP contributions on payday).
Key strategies: (1) Plan meals weekly and shop with a list, (2) Buy store brands — typically 20–30% cheaper for similar quality, (3) Use flyer apps like Flipp to find deals, (4) Buy in bulk for non-perishables, (5) Reduce pre-made and convenience foods, (6) Consider No Frills, Food Basics, or FreshCo for regular shopping vs Loblaws/Sobeys. A disciplined shopper can spend $250–300/person vs the average $400+/person.