Once you have a budget, plan to review it once a year and whenever your personal or financial situation changes.
Six questions to ask yourself
- Does this budget still reflect your financial situation?
- Has your income changed?
- Have any of your expenses gone up or down?
- Do you have more or less debt?
- Have your financial goals changed?
- Does this budget still help you meet your financial goals?
Use your answers to these questions to help you update your budget.
Review your budget as life changes
Review your budget when you:
- get a promotion or new job
- lose a job
- get married or divorced
- have a baby
- approach retirement
- lose your spouse.
Keep your budget up-to-date: Use this budget worksheet to review and adjust your budget.
Content in this section is provided in partnership with Investor Education Fund, a non-profit organization founded and supported by the Ontario Securities Commission that provides unbiased and independent financial tools to help Canadians make better money decisions. To find out more, go to: GetSmarterAboutMoney.ca