Hi All, In today’s episode, I am going to discuss “Budgeting for Canadian Millennial Professionals”.
My top 3 tips for budgeting as a Canadian Millennial Professional are:
1. Dedicate 50% of your Paycheque for Bills
How do we set aside enough for bills? We make sure that when our paycheque comes in we dedicate the majority of it to our bills. Unexpected expenses can arise month to month but by being more prepared we can ensure our living costs are covered. Living costs like: Rent Food Internet Hydro Now personal expenses will vary from person to person but keep in mind that it is a good practice to reserve 50% or more if you need to for your bills.
2. Dedicate 30% towards your Wants
After you have set aside the majority of your post tax income for your bills and your account is not left short, you may then dedicate the next portion of your money towards your wants. Now for your want money, I would still be conservative for how much you spend in this category but give yourself a 20-30% threshold for “fun money”. By fun money I mean the money you can use for: Going out to eat Seeing a movie Buying new clothes Buying a new book Going for a weekend adventure The above are just some examples for fun money options but again these will vary from person to person. Each month, everyone will want to do different things outside of work. Fun money, as I like to call it, is a good verb for it because these activities are usually fun. By allowing room in your budget for fun money, you will be more inclined to stick to your financial goals and this helps you feel good.
3. Dedicate 20% towards Investing
The final ingredient for your overall budget, is investing. Investing is the final piece in your budget because you need to ensure you have your bills taken care of first. Second, you enjoy some of your budget with some fun money spending on things you enjoy doing or experiencing. Lastly, you dedicate a small percentage of your budget let’s say 20%, towards some sort of investment for your financial future. Some investing options could include: Stocks Real Estate Building your own Business Summary I hope you all enjoyed this post on budgeting for Canadian Millennial Professionals. I feel that this particular topic for my blog post/video series will be very beneficial for Millennials. Financial literacy is often the last thing people would like to think about but it is essential for your financial health and well being. Being more educated in your financial decisions will help you be better prepared to make the right choices when the time comes. If you enjoyed this post, please comment, rate, and subscribe and stay tuned for my weekly blog posts, youtube videos, and podcast episodes. Cheers, Alex Content Schedule: Blog Posts- Wed each week Podcast Episodes- Mon each week Cheers, Alex Blog: https://alexandermuir.com/blog/ Podcast: https://anchor.fm/alex-muir757 Find Me on Social: https://www.facebook.com/Alex-Muir-Marketing-521328441531919/ https://www.instagram.com/a.muir757/?hl=en https://www.linkedin.com/in/alex-muir-b55a44149/ https://www.youtube.com/channel/UCkW1z-RObDp8VPJ0NWego-Q?view_as=subscriber DISCLAIMER: All information provided by Alex Muir is of a general nature and is spoken from Alex Muir’s personal experiences, and personal opinions on the topics related to fitness, health, and education only. No information is to be taken as medical or other health advice pertaining to any specific health or medical condition. You agree that use of this information is at your own risk and hold Alex Muir harmless from any and all losses, liabilities, injuries, or damages resulting from any and all claims.
