How Canadians Spend Their Money

How does your budget stack up to the average Canadian family?

Your spending habits play a huge role in your overall financial health and it’s important to make sure that you are using a balanced budget and that you are living within your means. Over-spending on regular monthly expenses will have an effect on your ability to save and pay down debt.

If you’re having trouble striking the proper balance in your monthly household budget, Consolidated Credit can help. Call a trained credit counsellor at 1-888-294-3130. They’ll analyze your budget and give you expert advice on the best financial move you can make. If you’d rather do it online, you can try out our Free Budget Anaylsis.

What the average Canadian family spends

How Canadians spend their money

Household Operation5%
Tobacco and Alcohol2%
Income Tax17%
Insurance and Pension6%

How does your spending compare?

If you find yourself spending above-average amounts of money in certain areas, it may be a sign that you need to adjust your spending habits in order to avoid getting into debt. For example, if you’re spending more than the Canadian average amount on food (10%), try cutting back on restaurants and take a closer look at how you can save money on your grocery bill.