Worked example: a monthly budget for a student in Canada
These numbers are made up to show how the Monthly Budget tab works. They are not averages and not a recommendation. All amounts are in dollars per month.
| Income | Planned |
|---|---|
| Part-time job | $1,200 |
| Grant / bursary | $250 |
| Family support | $100 |
| Student loan disbursement (monthly share) | $700 |
| Other income | $50 |
| Total income | $2,300 |
| Expenses | Planned |
|---|---|
| Rent / housing | $700 |
| Utilities | $70 |
| Phone and internet | $55 |
| Insurance | $45 |
| Transport pass | $60 |
| Subscriptions and other fixed | $30 |
| Total fixed expenses | $960 |
| Groceries | $260 |
| Eating out | $80 |
| Fuel / rides | $50 |
| Books and supplies | $60 |
| Personal care and clothing | $55 |
| Entertainment | $60 |
| Other variable | $35 |
| Total variable expenses | $600 |
| Total expenses | $1,560 |
| Leftover (income minus expenses) | $740 |
The leftover of $740 is what is available for debt payments and savings. In the example, the three minimum payments below add up to $500, which leaves $240, enough to try an extra $100 a month.
Calculator figures: paying off three example debts with and without an extra $100 a month
Three example debts with illustrative rates. These are not official rates and not current rates; replace them with your own figures.
| Debt | Balance | Annual rate | Minimum payment |
|---|---|---|---|
| Debt A | $5,000 | 5.5% | $150 |
| Debt B | $12,000 | 6.8% | $250 |
| Debt C | $2,500 | 19.9% | $100 |
Inputs for the table below, stated in full: the three debts above and an extra payment of $100.00 a month. Each month the interest is balance times annual rate divided by 12 and the payment is made at month end. These figures are results of the free in-browser debt snowball calculator; example figures for the example debts shown, your results depend on your own numbers; they are not results of the spreadsheet. The calculation stops at 600 months. In the snowball and avalanche rows the extra goes to the target debt and, when a debt is paid off, its whole payment moves to the next one. That ordering is done only by the free calculator. The USD 12 workbook has a monthly budget, a debts list, a per-debt payoff plan with an extra payment applied to one chosen debt, and a term plan; nothing is carried over to the other debts, so its with-extra output is not the snowball or avalanche row.
| Method | Months to debt-free | Total interest | Total paid | Debt A paid off in month | Debt B paid off in month | Debt C paid off in month |
|---|---|---|---|---|---|---|
| Minimums only | 57 | $3,239.13 | $22,739.13 | 37 | 57 | 33 |
| Snowball (smallest balance first) | 37 | $2,273.75 | $21,773.75 | 24 | 37 | 15 |
| Avalanche (highest rate first) | 37 | $2,249.69 | $21,749.69 | 37 | 37 | 15 |
In this example the extra $100 a month moves the last payoff from month 57 to month 37 and lowers total interest by $965.38 (snowball) or $989.44 (avalanche). These are calculator figures, not spreadsheet figures. The workbook's Payoff Plan tab calculates a with-and-without-extra schedule for your own debts. See the student loan payoff spreadsheet page and the debt payoff planner page.
A note on Canadian student loan repayment
Federal student loan rules include a grace period after you finish studying, an interest rate that depends on the loan type, and options for people whose income is low. Provinces and territories may have their own loans and rules. The workbook's Loan rules block has blank cells for the interest rate, the grace period in months, the income level below which no payment is required, and the repayment period, so you can fill them from official pages and keep them next to your debts. Check the rules at canada.ca student aid and the repayment page on canada.ca, and with your province or territory.
How to use a budget and payoff sheet in four steps
- Budget. Enter planned and actual amounts for income and expenses for one month, and compare.
- List your debts. Name, balance, annual rate and minimum monthly payment for each debt.
- Test an extra payment. Type an extra monthly amount and the debt that receives it. Read the months and interest saved.
- Plan the term. Spread a lump sum, such as a semester's loan disbursement, over the weeks until the next one.
What is in the paid workbook
One Excel-format workbook (.xlsx) for Canada with 5 tabs, plus a PDF guide:
- Start: how to use the workbook, notes on the calculation and the disclosures.
- Monthly Budget: planned, actual and difference columns for income, fixed and variable expenses, with totals and leftover.
- Debts: up to 6 debts, plus a Loan rules block (interest rate, grace period, income level with no payment required, repayment period) that is left blank on purpose so you fill it from canada.ca.
- Payoff Plan: a 120-month schedule per debt with and without an extra payment, payoff month, total interest, interest saved and months saved.
- Term Plan: spreads a lump sum over up to 26 weeks into a weekly allowance and a week-by-week balance.
The PDF guide explains each tab with a worked example.
How it was checked: a script verified the workbook structure and cell references, and compared the payoff schedule for three example debts to a closed-form calculation. It was produced with AI assistance. No claim is made that it was opened in any particular spreadsheet program; spreadsheet programs recalculate the formulas when you edit an input.
Price, refund and licence
USD 12, one-time payment, sold on Gumroad. Licence: personal use. Refund on request within 14 days. These are the same terms as on the Gumroad listing.
Get the workbook, USD 12 on Gumroad
Other countries
Loan rules differ by country. See the United States edition and the United Kingdom edition. The USD 12 purchase includes all three workbooks (US, UK, CA) and the PDF guide. Looking for the debt snowball method? See the debt payoff spreadsheet page.