Having a realistic monthly budget is the first step to having healthy finances. A monthly budget will help with everything from to paying your bills on time, paying down debt, saving and getting the most out of your money. Using your budget can also lead to larger savings accounts, less money spent on late fees and interest and maybe even extra cash to treat yourself.

Some of us have a passion for budgeting, some us don’t and that’s okay! No matter what your budgeting style is, you can learn how to create an effective monthly budget.

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The best place to begin with any budget is understanding where your money is and where it's going. CUA offers a variety of chequing and savings account options to meet your day-to-day banking needs:

  • myChequing Account options
  • Savings Account options
  • Special Added Value Chequing Accounts
Explore your options and choose the accounts that suit your budget best.

Helpful Articles

CUAuthors are experienced and financially savvy CUA staff who are passionate about helping our personal and commercial members improve their confidence and knowledge of money matters.

Managing your cash flow is important to achieving your full financial potential. Keep your budget on track by making changes as the seasons change. Creating a budget that accurately reflects your life sets you up for success. A Financial Advisor can help you create and start using a realistic budget.

Quick Budgeting Tips

  • Find a way to track your budget in a way that works for you - whether you like writing it out by hand, tracking your expenses digitally or a combination of both, the choice is yours.
  • Take savings seriously. Give your monthly savings the same priority as your living expenses.
  • Set goals within your budget. Try the prioritize, track and reward method. Download the Budgeting Goals worksheet (PDF) to help with this.

Questions and Answers

Do you have questions that aren't here? Let us know!

How do I create a budget? Expand/Collapse

Start by listing all of your sources of income. Next, add in your fixed and variable expenses. Download a budget tool to help you capture this information.

After you have created a budget, you’ll want to make sure that your budget is balanced. This means that you aren’t spending more than you're making. Want to make sure you’re on the right track? Review your budget with a member of the CUA team. Give us a call at 902.492.6500 to make an appointment.

Why is having a budget important? Expand/Collapse

Having a budget is important so that you know where your money is going each month, that you have enough money available to pay your bills and to help you from going into debt when unexpected expenses come up. Learn more about dealing with unexpected expenses.

How do I create a budget if my income changes each month? Expand/Collapse

Create your budget based on your lowest possible income. That way, you’ll be prepared no matter how much you bring home. If you have a variable income, you will have to adjust your budget as your paycheck comes in. It will likely look different every month, which makes it even more important to do.

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