The expense categories are the following.
• Housing
• Transportation
• Personal
• Emergency funds
Each category has subcategories.
For instance, under Housing, we recommend saving the following.
• Heating (if not equalized)
• Municipal and school tax
• Maintenance and renovation (1% of your home value)
How it works.
We help you determine your projected cost and divide the amount by numbers of pays you receive a year. If you are paid bi-weekly, divide the amount by 26, twice a month, 24.
We also recommend opening no less the four bank accounts and set an automatic withdrawal from your main spending account.
We like working with Manulife bank, they offer high interest, and you can nickname each account to identify their role.
Generally, we conduct a full analysis and help you set up your personalized BAIE principal.