A tool developed by the Financial Consumer Agency of Canada uses behavioural insights to help Canadians stay on track with their financial goals.

The new Budget Planner offers instant personalized feedback, customizable budget templates, guidelines and reward badges to help Canadians easily set priorities on their spending and take control of their finances.

The planner encourages Canadians to make and follow a budget, an area of focus of the National Strategy for Financial Literacy – Count me in, Canada and of the National Research Plan for Financial Literacy.

Tool helps people prioritize spending

Research demonstrates that budgeting is a behaviour strongly associated with financial well-being that also helps people prioritize their spending and is particularly effective when someone is facing financial stress.

With the Budget Planner, users can also view charts that show where their money is going and compare their budget with those of other Canadians in similar life situations.

“Our research shows that a household budget can be the foundation of financial well-being,” said Judith Robertson, Commissioner, Financial Consumer Agency of Canada. “Making a budget is the first step every Canadian should take toward managing their financial future.”