What I like about the Sankey budget review chart is how easy it is to read. <\/p>\n\n\n\n
Also, it allows us to see which budget categories need some help in 2023. <\/p>\n\n\n\n
I don’t think we did awful, but we can work on small changes to balance our budget evenly.<\/p>\n\n\n\n
Given the rise in prices, especially groceries and utility costs increased, which has affected all Canadians.<\/p>\n\n\n\n
Let’s look at our year and then final budget review reports from our last four 2022 Budget Challengers.<\/p>\n\n\n\n\n\n
2022 CBB Budget Review Sankey Chart<\/h2>\n\n\n\n
I used a Sankey chart to conduct our yearly 2022 Budget Review to see where our money went and what budget categories did well or suffered.<\/p>\n\n\n\n
Moving forward, I will work on this chart as this is my first time using it. I want to colour coordinate each section; for example, Savings will be all green. <\/p>\n\n\n
![\"CBB](\"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2023\/01\/2022-Sankey-720x891-1.webp\")
Main Budget Review<\/h3>\n\n\n\n\n- Allowance<\/strong> – spent $25.12 over budget.<\/strong><\/li>\n\n\n\n
- Christmas<\/strong> – P\/E is $1200, <\/strong>and we spent $295<\/strong> because we added the groceries into the grocery budget below, and we used PC Optimum points to buy our son a PS5.<\/li>\n\n\n\n
- Clothing<\/strong> $3301.02<\/strong> for 2022<\/strong> is way off our $100 PE x 12 = $1200<\/strong>. We spent $2101.02<\/strong> over budget on clothing. Our son’s clothing is harder to find second-hand, so we buy ahead during online sale events from Sport Chek and DSW Shoes Canada. My wife had to buy new clothes because she put on weight after new meds that increased weight due to injury. I mainly bought jeans, socks, and boots a few times throughout the year, only when they were on sale from Marks Work Warehouse.<\/li>\n\n\n\n
- Electricity\/Water<\/strong> 2021<\/strong> $244.45<\/strong> vs. 2022 $326.04 $2678.70\/year<\/strong> 2022<\/strong> <\/li>\n\n\n\n
- Gas<\/strong> 2021 $29.32<\/strong> vs. 2022 $76.75,<\/strong> spending $912.63<\/strong> 2022.<\/strong><\/li>\n\n\n\n
- Gasoline<\/strong> 2021 $120.38 vs. 2022 $139.53<\/strong> $2749.73 \/year 2022<\/strong><\/li>\n\n\n\n
- Grocery<\/strong> 2021 $434.68<\/strong> vs. 2022 $944.58<\/strong> $11,817.54\/2022<\/strong> or $984.95 monthly 2022<\/strong> $8400 <\/strong>was the 2022 target which we overspent by $3417.54<\/strong><\/li>\n\n\n\n
- Health and Beauty 2021 $65.67<\/strong> vs. 2022 $120.73<\/strong> $2316.63 <\/strong>or $193.05<\/strong> monthly 2022<\/strong><\/li>\n\n\n\n
- Prescriptions<\/strong> 2021 $23.74<\/strong> vs. 2022 $28.57<\/strong> $1492.89\/12= $124.40 monthly 2022<\/strong><\/li>\n\n\n\n
- Kids<\/strong> 2021 $16.99 vs.<\/strong> 2022 $142.32 $2206.92\/12 = $183.91 monthly 2022<\/strong><\/li>\n\n\n\n
- Misc<\/strong> 2021 $355.99<\/strong> vs. 2022 $344.09<\/strong> $4479.59\/12<\/strong>= $373.29 monthly 2022<\/strong><\/li>\n\n\n\n
- Telecommunications<\/strong> $1416.11<\/strong> or +\/- $145.75 monthly in 2022 as we dropped our Rogers home phone<\/a><\/strong> and cable<\/strong> but added Spotify<\/strong> and Freedom Mobile<\/a> and, near the end, added 5 GB of data to Mrs. CBB’s phone for <\/strong>$35\/month with instead of $25.<\/strong><\/li>\n\n\n\n
- Healthcare<\/strong> 2021 $5 vs. 2022 $73.50<\/strong> $774.07\/12= $64.50 monthly 2022<\/strong><\/li>\n\n\n\n
- Pet<\/strong> cat has eaten a big part of his budget due to his picky eating and needs speed play to get its wiggles out. We have spent money on his regular vet visits but also on toys. Our cat never stops and wants to play from the time he is awake until bedtime. He has enough toys now, so hopefully, that’s all we need to blow on him. 2021 $136.11 vs. 2022 $77.14<\/strong> $1069.89\/12 $89.15 monthly 2022<\/strong> includes pet insurance<\/a><\/strong>.<\/li>\n<\/ul>\n\n\n\n
Budget Overview<\/h3>\n\n\n\n
Our grocery budget needs a massive overhaul in 2023, as it blew up last year. <\/p>\n\n\n\n
Going back to basics will be our motto. We will utilize coupons, printable coupons, online coupon apps<\/a><\/strong>, reduced product racks<\/a><\/strong>, flyer sales<\/strong>, and Flashfood App<\/a><\/strong> better than we did in 2022.<\/p>\n\n\n\nTo start the grocery year off on a good note, we bought two turkeys for $0.99\/lb at Zehrs to make soup and other meals to reduce meat costs<\/a><\/strong>. <\/p>\n\n\n\n![\"CBB](\"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2023\/01\/Turkey-Sale-Zehrs-2023-720x739-1.webp\")
Turkey Sale Zehrs 2023<\/strong><\/figcaption><\/figure>\n<\/div>\n\n\nOther expenses, such as prescriptions and utilities, have increased, so we will adjust our budget accordingly. <\/p>\n\n\n\n
I hope to spray-insulate the attic in our walk-in closet and our son’s room on the upper level. <\/p>\n\n\n\n
Our friends had it done, and their house is toasty warm and confirmed that their heating bill had been reduced. <\/p>\n\n\n\n
We’re also getting estimates on windows for our house, starting with a company called Magic Window<\/a><\/strong>. If any of you have these windows installed, I’d love to hear from you. <\/p>\n\n\n\nHealthcare Expenses<\/h3>\n\n\n\n
Lastly, since our son’s autism diagnosis, we have been paying out of pocket for any costs not covered by my employee health plan. <\/p>\n\n\n\n
Unfortunately, it takes forever to get financial assistance, perhaps years, but we aren’t waiting for the government to help our son. <\/p>\n\n\n\n
In 2022, we spent thousands on his vision care therapy and will start after his therapist returns from maternity leave. Costs for vision therapy can run close to $8000 a year.<\/p>\n\n\n\n
Projected Expenses Budget Review<\/h3>\n\n\n\n\n- Birthdays<\/strong> budgeted $50\/mth<\/strong> or $600\/yr<\/strong> spent $1260.59 <\/strong>OVER by $660.59<\/strong><\/li>\n\n\n\n
- Christmas <\/strong>budgeted $100\/mth<\/strong> or $1200\/yr <\/strong>spent $295<\/strong> or $905 <\/strong>under budget but likely went to alcohol and grocery, which I forgot to separate this year. <\/li>\n\n\n\n
- Holidays<\/strong> budgeted $100\/mth<\/strong> or $1200\/yr<\/strong> spent $0 saving up for Europe.<\/li>\n\n\n\n
- Home Maintenance<\/strong> budgeted $500\/mth<\/strong> or $6000\/yr spent $15,773.07\/12 $1314.42 <\/strong>monthly 2022 or $9773.07 over budget.<\/strong><\/li>\n\n\n\n
- Licence Renewal <\/strong>budgeted $10\/mth<\/strong> or $120\/yr <\/strong>spent $10<\/strong> came in under budget.<\/li>\n\n\n\n
- Memberships and Clubs<\/strong> budgeted $100\/mth <\/strong>or $1200\/yr<\/strong> spent $352.81<\/strong> came in under budget by $847.19<\/strong><\/li>\n\n\n\n
- Parking<\/strong> budgeted $45\/mth<\/strong> or $540\/yr <\/strong>spent $873.88\/12=$72.82<\/strong> 2022<\/li>\n<\/ul>\n\n\n\n
Changes To Projected Expenses 2023<\/h3>\n\n\n\n
There are three projected expense categories that we need to look at for 2022. <\/p>\n\n\n\n
\n- Birthdays<\/strong> we didn’t consider birthday parties our son would attend, which we will estimate for 2023. We also went a bit overboard buying for each other, and there’s no excuse apart from the fact that we need to do better. There will be an increase in projected expenses for 2023.<\/li>\n\n\n\n
- Home Maintenance<\/strong> is always a tough one for us since we have the money saved to do the projects. In 2022 our most significant projects were the master bathroom and the main bathroom, which were gutted and redone. Since we haven’t met our yearly goals for renovations, this didn’t make a huge difference for us. <\/li>\n\n\n\n
- Parking<\/strong> costs have increased as I pay to park with my employer to over $500 a year. Plus, we spend $100 on 10 parking passes for my wife to go to the hospital, which is cheaper than hourly payments of $15. Any other parking fees we pay throughout the year are random. We will estimate our projected expense higher for parking in 2023.<\/li>\n<\/ul>\n\n\n\n
New Projected Expenses<\/h3>\n\n\n\n
In addition, our projected expenses will include passports, photos, and permanent resident card fees. <\/p>\n\n\n\n
Mrs. CBB has two passports, one for Canada and another which was EU but now for her family’s homeland. <\/p>\n\n\n\n
She had to pay for translations of her documents, order long-form documents, postage, petrol, and parking fees to visit the consulate.<\/p>\n\n\n\n
I’m considering getting our son dual citizenship for the UK, which costs about $2000<\/strong>, and lastly, becoming a Canadian citizen myself. <\/p>\n\n\n\nInvesting<\/h4>\n\n\n\n
Currently, our investments for 2023 will stay the same apart from our Tax-Free Savings Account, which will increase by $1000 or $500 each<\/strong>. <\/p>\n\n\n\nThe maximum allowable TFSA deposit for 2023<\/a><\/strong> is now $6500<\/strong>, up from $6000 in 2022. <\/p>\n\n\n\nI’ll start a percentage update for 2023 instead of a net worth update. I’m sure none of you care any longer since we aren’t in debt. <\/p>\n\n\n\n
Currently, our investments are invested in an aggressive model portfolio with Manulife.<\/p>\n\n\n\n
Before the 2022 RRSP season deadline of March 1, 2023<\/strong>, I’ll be moving $16,000<\/strong> into my investments using the available contribution room. <\/p>\n\n\n\nI’ve been watching the markets and will decide closer to the date as I have excess investment room to use. <\/p>\n\n\n\n
Timing the markets is not advised, although I was hoping to take advantage of the lower prices just in case the market did go up. <\/p>\n\n\n\n
Lastly, I’m waiting for information to open our son’s Disability Tax Credit.<\/a><\/strong><\/p>\n\n\n\nFamily Budget Report For December 2022<\/h2>\n\n\n\n![\"December](\"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2023\/01\/December-2022-Month-Income-and-Expenses-1.webp\")
December 2022 Income Report<\/strong><\/figcaption><\/figure>\n<\/div>\n\n\nDecember Budget Summary <\/h2>\n\n\n\n
Like most people, December was a busy month for finances with Christmas and New Year’s celebrations. <\/p>\n\n\n\n
We were supposed to host Christmas Eve dinner, although that didn’t work out because of the snowstorm. <\/p>\n\n\n\n
I spent a bit more than anticipated at the LCBO because I didn’t have a plan before I went in. <\/p>\n\n\n\n
I will be working on that for the 2023 holidays, so I don’t spend a fortune. <\/p>\n\n\n\n
Like everyone else, we’ve also noticed a spike in our gas, electricity, and water bills. <\/p>\n\n\n\n
I assume these costs will continue to rise as we’ve been told they would. <\/p>\n\n\n\n
Also, I purchased some gadgets to ensure my truck doesn’t get stolen, as there has been a theft ring in our area. <\/p>\n\n\n\n
In my new blog post about protecting your vehicle from theft<\/a><\/strong>, you can read more about this story.<\/a><\/p>\n\n\n\nBudget Expenses Percentages For December 2022<\/h2>\n\n\n\n![\"Dec](\"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2023\/01\/December-2022-Household-Percentages-720x386-1.webp\")
Dec Household Budget Percentages<\/figcaption><\/figure>\n<\/div>\n\n\nOur savings <\/strong>include investments and any savings for this month based on the net income<\/strong> of $11,992.09<\/strong><\/p>\n\n\n\nEqually important is that we save money on our projected expenses<\/a><\/strong> due in the coming months.<\/p>\n\n\n\nAll categories took 100% of our income, showing<\/strong> that we accounted for all the revenue in December 2022.<\/strong><\/p>\n\n\n\nThis type of budget is a zero-based budget<\/strong><\/a> where all the money has a home.<\/p>\n\n\n\nYear To Date Percentages 2022<\/h2>\n\n\n\n![\"Month-by-Month](\"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2023\/01\/December-2022-Month-by-Month-720x461-1.webp\")
Month-by-Month Budget Percentages Dec 2022<\/strong><\/figcaption><\/figure>\n<\/div>\n\n\nMonthly Home Budget Breakdown<\/h2>\n\n\n\n![\"December](\"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2023\/01\/December-2022-Month-Income-and-Expenses.webp\")
December 2022 Income Report<\/strong><\/figcaption><\/figure>\n<\/div>\n\n\nBelow is a breakdown of our expenses which helps us understand where our money goes.<\/p>\n\n\n\n
\n- Chequing<\/strong>\u2013 This is the bank account<\/strong> from which we pay our household bills. We use Simplii Financial<\/a>, TD Canada Trust, and Tangerine Bank.<\/strong> Join Simplii Financial today!<\/a> <\/strong>Read more about the best Canadian<\/strong> online virtual banks<\/a><\/strong>.<\/li>\n\n\n\n
- Emergency Savings Account<\/strong><\/a>\u2013 This money is in a high-interest savings account (HISA<\/strong>)<\/li>\n\n\n\n
- Regular Savings Account<\/strong>\u2013 This savings account holds our projected expenses<\/a><\/strong>.<\/li>\n\n\n\n
- Monthly Budgeted Total<\/strong>: $6564.18<\/strong><\/li>\n\n\n\n
- Monthly<\/strong> <\/a>Net Income Total<\/strong>: $11,992.09<\/strong><\/li>\n\n\n\n
- (Check out the <\/strong>Ultimate Grocery Guide<\/strong><\/a> to see where our grocery money goes)<\/strong><\/li>\n\n\n\n
- Projected Expenses<\/a>:<\/strong> These are expenses we know we will pay for throughout the year = $852.91<\/strong><\/li>\n\n\n\n
- Total Expenses Paid Out: $7813.93<\/strong><\/li>\n\n\n\n
- Total Expenses Paid Out:<\/strong> Calculated is $11,992.09 <\/strong>(total net monthly income) \u2013 $852.91<\/strong> (projected expenses) \u2013 $3,325.25 <\/strong>(Savings to emergency fund) = $7813.93<\/strong><\/li>\n\n\n\n
- Actual Cash Savings going into Emergency Savings<\/strong>: Calculated is $11,992.09<\/strong> (total monthly net income) \u2013 $7813.93 <\/strong>(actual expenses paid out for the month) \u2013 $852.91<\/strong> projected costs) = $3325.25<\/strong><\/li>\n<\/ul>\n\n\n\n
Estimated Budget and Actual Budget<\/h2>\n\n\n\n
Below, you will see two tables: Our monthly and actual budgets.<\/strong><\/p>\n\n\n\nOur monthly budget represents two adults and an 8-year-old boy.<\/strong><\/p>\n\n\n\n
Budget Overview<\/h3>\n\n\n\n
Our grocery budget needs a massive overhaul in 2023, as it blew up last year. <\/p>\n\n\n\n
Going back to basics will be our motto. We will utilize coupons, printable coupons, online coupon apps<\/a><\/strong>, reduced product racks<\/a><\/strong>, flyer sales<\/strong>, and Flashfood App<\/a><\/strong> better than we did in 2022.<\/p>\n\n\n\n To start the grocery year off on a good note, we bought two turkeys for $0.99\/lb at Zehrs to make soup and other meals to reduce meat costs<\/a><\/strong>. <\/p>\n\n\n Other expenses, such as prescriptions and utilities, have increased, so we will adjust our budget accordingly. <\/p>\n\n\n\n I hope to spray-insulate the attic in our walk-in closet and our son’s room on the upper level. <\/p>\n\n\n\n Our friends had it done, and their house is toasty warm and confirmed that their heating bill had been reduced. <\/p>\n\n\n\n We’re also getting estimates on windows for our house, starting with a company called Magic Window<\/a><\/strong>. If any of you have these windows installed, I’d love to hear from you. <\/p>\n\n\n\n Lastly, since our son’s autism diagnosis, we have been paying out of pocket for any costs not covered by my employee health plan. <\/p>\n\n\n\n Unfortunately, it takes forever to get financial assistance, perhaps years, but we aren’t waiting for the government to help our son. <\/p>\n\n\n\n In 2022, we spent thousands on his vision care therapy and will start after his therapist returns from maternity leave. Costs for vision therapy can run close to $8000 a year.<\/p>\n\n\n\n There are three projected expense categories that we need to look at for 2022. <\/p>\n\n\n\n In addition, our projected expenses will include passports, photos, and permanent resident card fees. <\/p>\n\n\n\n Mrs. CBB has two passports, one for Canada and another which was EU but now for her family’s homeland. <\/p>\n\n\n\n She had to pay for translations of her documents, order long-form documents, postage, petrol, and parking fees to visit the consulate.<\/p>\n\n\n\n I’m considering getting our son dual citizenship for the UK, which costs about $2000<\/strong>, and lastly, becoming a Canadian citizen myself. <\/p>\n\n\n\n Currently, our investments for 2023 will stay the same apart from our Tax-Free Savings Account, which will increase by $1000 or $500 each<\/strong>. <\/p>\n\n\n\n The maximum allowable TFSA deposit for 2023<\/a><\/strong> is now $6500<\/strong>, up from $6000 in 2022. <\/p>\n\n\n\n I’ll start a percentage update for 2023 instead of a net worth update. I’m sure none of you care any longer since we aren’t in debt. <\/p>\n\n\n\n Currently, our investments are invested in an aggressive model portfolio with Manulife.<\/p>\n\n\n\n Before the 2022 RRSP season deadline of March 1, 2023<\/strong>, I’ll be moving $16,000<\/strong> into my investments using the available contribution room. <\/p>\n\n\n\n I’ve been watching the markets and will decide closer to the date as I have excess investment room to use. <\/p>\n\n\n\n Timing the markets is not advised, although I was hoping to take advantage of the lower prices just in case the market did go up. <\/p>\n\n\n\n Lastly, I’m waiting for information to open our son’s Disability Tax Credit.<\/a><\/strong><\/p>\n\n\n\n Like most people, December was a busy month for finances with Christmas and New Year’s celebrations. <\/p>\n\n\n\n We were supposed to host Christmas Eve dinner, although that didn’t work out because of the snowstorm. <\/p>\n\n\n\n I spent a bit more than anticipated at the LCBO because I didn’t have a plan before I went in. <\/p>\n\n\n\n I will be working on that for the 2023 holidays, so I don’t spend a fortune. <\/p>\n\n\n\n Like everyone else, we’ve also noticed a spike in our gas, electricity, and water bills. <\/p>\n\n\n\n I assume these costs will continue to rise as we’ve been told they would. <\/p>\n\n\n\n Also, I purchased some gadgets to ensure my truck doesn’t get stolen, as there has been a theft ring in our area. <\/p>\n\n\n\n In my new blog post about protecting your vehicle from theft<\/a><\/strong>, you can read more about this story.<\/a><\/p>\n\n\n\n Our savings <\/strong>include investments and any savings for this month based on the net income<\/strong> of $11,992.09<\/strong><\/p>\n\n\n\n Equally important is that we save money on our projected expenses<\/a><\/strong> due in the coming months.<\/p>\n\n\n\n All categories took 100% of our income, showing<\/strong> that we accounted for all the revenue in December 2022.<\/strong><\/p>\n\n\n\n This type of budget is a zero-based budget<\/strong><\/a> where all the money has a home.<\/p>\n\n\n\n Below is a breakdown of our expenses which helps us understand where our money goes.<\/p>\n\n\n\n Below, you will see two tables: Our monthly and actual budgets.<\/strong><\/p>\n\n\n\n Our monthly budget represents two adults and an 8-year-old boy.<\/strong><\/p>\n\n\n\nHealthcare Expenses<\/h3>\n\n\n\n
Projected Expenses Budget Review<\/h3>\n\n\n\n
\n
Changes To Projected Expenses 2023<\/h3>\n\n\n\n
\n
New Projected Expenses<\/h3>\n\n\n\n
Investing<\/h4>\n\n\n\n
Family Budget Report For December 2022<\/h2>\n\n\n
December Budget Summary <\/h2>\n\n\n\n
Budget Expenses Percentages For December 2022<\/h2>\n\n\n
Year To Date Percentages 2022<\/h2>\n\n\n
Monthly Home Budget Breakdown<\/h2>\n\n\n
\n
Estimated Budget and Actual Budget<\/h2>\n\n\n\n