Create a Budget Calculator - Manage Your Debt Effectively

Use this tool to help give you a clear picture of your cash flow. You'll be able to determine how much debt you can comfortably afford in order to achieve your goals.

Monthly Income
Monthly Salary (after deductions for taxes, company pensions, CPP, OAS, EI)	$
Other Monthly Income (e.g. Investment Income)	$
Total Income	$

Monthly Expenses - Fixed
Housing Costs (e.g. mortgages, rent, condo/maintenance fees, property taxes, lawn care and supplies, snow removal, renovations, cleaning and supplies, etc)	$
Utilities (gas, water, electric, heat, sewer etc)	$
Home Services (home and mobile phone, cable/internet , satellite radio, home security, etc)	$
Insurance (auto, home, life, disability, medical/health)	$
Child Care (daycare, nanny, child support, etc)	$
Loans, Lines of Credit and Credit Cards (monthly payments on existing credit)	$
Long Term Savings (Pension, RSP, TFSA, RESP, etc)	$
Other Fixed Expenses (Payroll deductions -if not already included elsewhere - insurance, pension, RSP, charitable donations. Alimony, etc)	$
Total Expenses - Fixed	$

Monthly Expenses - Variable & Discretionary
Groceries	$
Entertainment (dining out, movies, concerts, shows, etc)	$
Transportation (car lease/loan payment, gas, transit, service & repairs, parking, license & registration, etc)	$
Personal care (clothing, gifts, salon, memberships, sport & leisure activities, etc)	$
Other Variable Expenses (Uninsured Medical, Pet expenses including veterinarian, Tuition/fees/books, dry cleaning, subscriptions, etc)	$
Other Discretionary Expenses (donations, vacation, etc)	$
Total Expenses - Variable & Discretionary	$

 

Warning

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Results

You have a monthly excess of $

You have an opportunity to use the excess cashflow to make one of your goals a reality sooner than you thought. Consider reducing existing debt faster which will help you build your net worth faster. Or, by borrowing to realize one of your goals, you can use this additional amount to make a monthly loan payment. Or perhaps you just want to use the excess cash flow to do things which create more life enjoyment.

Monthly Totals
Total Income	$
Total Expenses (Fixed, Variable, and Discretionary)	$
Total Cashflow - Money Available to Apply to Debt	$

An RBC^® credit specialist can work with you to:

• help you determine where you want to be financially in 5, 10 years or more.
• set financial goals and prioritize them to meet your personal financial circumstances.
• borrow funds for a personal goal and use your excess cash flow to fund the loan repayment.

• Call 1-800-769-2511
• Visit an RBC branch

 

 

Results

You have a monthly shortfall of $

Ideally your income should exceed your fixed expenses before considering your discretionary spending. This will ensure that you have looked after your basic needs first. To make adjustments to your cash flow, consider ways that you can decrease your variable and fixed expenses such as insurance, telephone, internet and TV packages, by shopping around for competitive rates. Also, are you able to increase your income or cut back on your discretionary spending?

Monthly Totals
Total Income	$
Total Expenses (Fixed, Variable, and Discretionary)	$
Total Cashflow - Money Available to Apply to Debt	$

An RBC^® credit specialist can work with you to:

• Create a budget or review an existing one, providing advice on cost-savings.
• Consolidate debt if possible and lower monthly payments

• Call 1-800-769-2511
• Visit an RBC branch

 

Personal lending products are subject to Royal Bank of Canada's standard credit criteria.

This calculation is based on the accuracy and completeness of the data you have entered, is for illustrative and general information purposes only, and is not intended to provide specific financial or other advice, and should not be relied upon in that regard. You should speak with your professional accountant or other professional advisors before making a final decision to ensure any strategy meets your overall financial needs and that your personal circumstances have been taken into account.

Royal Bank of Canada does not make any express or implied warranties or representations with respect to any information or results in connection with the calculator. Royal Bank of Canada will not be liable for any losses or damages arising from any errors or omissions in any information or results, or any action or decision made by you in reliance on any information or results.