Your Canadian budgeting guide

For a newcomer, taking time to budget isn’t just about managing your spending today; it’s about actively planning for the future you want. By regularly reviewing your finances and giving every dollar a purpose, you move from reacting to unexpected expenses to feeling in control—building a life in Canada that inspires you.

Immigration.ca has partnered with Scotiabank to offer you an easy budgeting guide:

50/30/20 Rule
Think of this as a starting philosophy. The 50/30/20 rule gives you broad guidelines for dividing your income:

• 50% for necessities like rent🏡, utilities💡, and groceries🥦

• 30% for wants—non-essential spending like entertainment🎉 or dining out 🍽️

• 20% for savings or debt repayment 💵

Zero-Based Budget
For a more structured approach, the zero-based budget gives every dollar of your income a specific job. The goal? When your total income minus your expenses equals zero, you’ve successfully allocated all your money.

• Prioritize fixed expenses like rent first, then plan where the rest of your income will go—right down to the last dollar📊.

• Automate payments and savings to make this system work seamlessly each month 🤖💳.

Envelope Method
A practical, tangible strategy to help prevent overspending. In this method, you use physical cash for specific spending categories like groceries or entertainment.

• Set an amount for each category at the start of the month, and place that cash into separate envelopes ✉️. Once an envelope is empty, you’re done spending in that category until the next month.

Montreal’s Massimadi Festival celebrates Afro LGBTQ+ films and arts with 15 impactful works and a $1,000 audience award from October 23 to 27, 2024.

Montreal’s Come Carve Your Pumpkin at Brasseur de Montréal invites you to a fun pumpkin carving event at the microbrewery from October 26 to 27, 2024.

Vancouver’s Writers Fest fosters a love for books and ideas with engaging programming from October 21 to 27, 2024.

Art Toronto 2024 invites you to explore over 90 galleries from Canada and around the world at the Metro Toronto Convention Centre from October 24 to 27, 2024.

Canada’s Got Talent Season 4 invites you to be part of the studio audience at the OLG Stage at Fallsview Casino in Niagra Falls, with auditions running from October 22 to 27, 2024. Join judges Shania Twain, Katherine Ryan, Howie Mandel, and Kardinal Offishall for an unforgettable experience!

Saint John’s Dia de los Muertos celebrates traditional Mexican art, culture, and community while honouring those who came before us in a vibrant and inclusive atmosphere. October 26, 2024, starting at 6 PM. Free to attend!

Welcome to Canada! The next several months will be full of excitement and new beginnings; Scotiabank can help navigate your journey by providing resources, banking solutions and tailored advice that help newcomers succeed financially. Newcomers can earn up to $2,000* in value with StartRight^{TM 1} and can get a credit limit up to $15,000* with StartRight^TM. ² 

¹ Potential value in 1^st year. Conditions & assumptions apply.
² Subject to credit approval. Conditions apply.

Is this your first Halloween in Canada? 🎃👻

Wander through vibrant fall foliage to the eerie ruins of “The Hermitage,” an estate haunted by a tragic love story from 1833. Some say, that on moonlit nights, you can hear the heartbroken coachman’s cries. (via narcity.com)

As a newcomer to Canada, exploring hockey allows you to partake in a time-honoured Canadian experience. Here’s how you can get involved:

Experience live NHL games on Amazon Prime! 📺 The streaming platform recently introduced a fresh way to enjoy live NHL games. With improved visuals and insightful commentary, it’s capturing the attention of hockey fans—especially supporters of the Toronto Maple Leafs! (via yahoo.com)

Fun Facts About Hockey in Canada:

• Hockey is often referred to as Canada’s national winter sport and is a source of immense pride for many Canadians 🇨🇦 

• Canada is home to seven NHL teams, with the Montreal Canadiens being the oldest franchise, established in 1909 🥅

• Youth hockey programs are prevalent, with millions of children participating in local leagues, fostering a love for the game from a young age 👶