Budgeting Benchmarks

Creating and sticking to a budget is key to building a strong financial foundation. It’s a smart habit that will help you throughout life — after all, many of your financial responsibilities will change over your lifetime. Whether you’re a student, parent, new employee, or retiree, check out these tips for how to set and achieve financial goals at any stage of life.

Tips for Students
Establishing strong budgeting habits is essential for students and recent graduates. Whether you’re paying off student loans, saving for a car, or getting ready to rent your first apartment, creating monthly goals can help you track progress and achieve milestones. As a student, it’s important to understand your unique set of financial priorities. For example, your parents may cover your housing costs, or you might have to pay monthly rent. Similarly, your arrangement may offer a meal plan, or perhaps it’s your first time having to cook for yourself. Either way, budgeting can help prepare you to take on these new responsibilities.

Learn more about budgeting as a student.

Planning as a New Employee

Just landed your dream job but aren’t sure how to budget with a new salary? Entering the workforce or starting a new job presents a great opportunity to set goals and ensure the money you’re working hard for is being used wisely. Re-evaluate your budget, considering any changes in income or monthly expenses. Consider areas where you might be able to lower expenses and increase saving and take advantage of retirement savings options like pension plans and health benefit plans that your employer might offer.

Challenges for Parents

Parenthood adds a lot of joy to life – and a lot of new expenses. Becoming a parent increases financial responsibility and can present personal finance challenges that did not exist before the arrival of a child. Create specific and realistic goals for a balanced and manageable budget for your family. Make sure to plan for a range of spending categories including emergency funds, education funds, and housing payments. As your family grows, there are bound to be new financial challenges at every stage of your children's lives, from day care to university. Learn how to adapt and readjust your budget throughout the year — with a bit of effort, it’ll more than pay off in the long run.

Find out how to create an emergency fund.

Budgeting as a Retiree

Retirement is likely to change your financial situation. Prepare ahead of time by exploring the different retirement options available to you, and remember that in doing so, you’re working toward securing your financial future. Budgeting for retirement comes years before your last day at work. Check your eligibility for social programs and monitor any new laws involving government programs that may impact your savings. Many retirees opt to keep working in some part-time capacity to help offset expenses. Retirement is different for everyone but planning years in advance is your best tactic for creating a financially stable environment.