Many of us spend quite a bit of money on small items we may not even remember buying once the day, week or month has gone by. This calculator shows how these small purchases can add up over time and how small changes to spending habits can have a big impact on your budget and your ability to save. Paying off your debt is a good way to use the money you have saved. Remember you should pay off the debt with the highest interest rate first.
Enter the expenses that best reflect how you typically spend your money. You can enter an amount per day, per week, or per month, and add different expenses and prices for up to 30 items to better reflect your spending habits. Press the "Calculate" button when you are done.
Your spending habits amount to the totals above. Try changing the expenses to see how this would impact the total amount you spend per week, month or year.
If you can cut back your expenses permanently and put the difference into a savings account each and every month, these savings can grow over time. Try cutting back your expenses by a certain percentage to see how much you could save.
You may also consider the benefits of making a contribution to a Registered Retirement Savings Plan (RRSP) or a Registered Education Savings Plan (RESP) with the money you have saved.