Loans Canada is a loan search platform and comparison website, not a lender. Your data is protected and your connection is encrypted.ĭisclaimer: All loans are subject to credit and underwriting approval. Nothing on this website constitutes professional and/or financial advice. Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Loans Canada may receive compensation from the offers shown on its website. When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. It’s all relative, so the best thing you can do for yourself and your finances is to create a budget that allows you to live within your means and opens up as many financial opportunities as possible for you in the future.Īll consultations and conversations with Loans Canada and its partners are confidential and risk-free. The real estate market is different in every city and province therefor the amount you spend on shelter and accommodations will be excitedly different from someone who lives in another location. We spend 13.62% of our total expenses on food.ĭo you have a household budget (hint, you definitely need one)? How goes it compare to the budget of the average Canadian household? Understanding how the average Canadian household budget works is a great way to gauge your own budget and spending habits but it doesn’t mean that your own budget is wrong or flawed if you spend more or less than average on certain categories. Food comes in as the third-largest expense.With 20.55% going toward budgeting for our cars, gas and public transportation. Unsurprisingly the second-highest expense is transportation.On average we spend 27.97% of our total expenses on our homes this of course includes all types of home costs, from mortgage payments to rent. The primary expense for the average Canadian household is shelter.It’s also important to note that these are the numbers for 2013 and will more than likely change and develop as the needs of the population change and develop. With expenses like recreation, tobacco and alcohol and gambling being a part of the minority categories. Generally speaking the majority of the annual household expenses are for necessary goods and services. $58,592 of that was on consumption, this means it was used to purchase household items like food, shelter and transportation. According to Statistics Canada, in 2013 the average Canadian household spent $79,012 in total. The NumbersĬanadians have both needs and wants and just like most populations from around the world, they’re willing to spend their hard earn money to have them. The follow statistics are taken from the Statistic Canada website, for more information about these statistics and all issues that concern Canadians visit their website here. What does the average Canadian budget look like and is it as frugal and well managed as we think or hope it is? We want to know how Canadians spend their money. Obviously living within your means and creating a household budget will allow you to be both financially responsible and successful and potentially allow you to avoid many of these money issues. How you spend your money plays a large role in the overall health of your finances, too much spending, too many expenses and too many maxed out credit cards will all affect your ability to pay down debt, save for the future and cover unexpected costs.
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