What should be a good monthly budget for a single person earning $1200 a month in Canada... one that has some savings?

I guess only you can decide that. That’s some pretty sweet rent though, so you should do o.k. You have to look at your expenses, food, utilities, transportation then decide how much you want to add to your savings every month and how much you want for your discretionary spending; eating out, movies, beer, you know the drill. A budget is a very personal thing. I am assuming you have no debt though. If you have debt that would be a major thing. You would want to pay off any interest bearing debt before adding to your savings because that costs you a lot more than you will earn on your savings.

Typical expense percentages

40% – housing/utilities
20% – transportation’
15% – Food
5% – Clothing
5% – health care
5% – entertainment
10% – savings

@YARNLADY it’s a good thing @talljasperman is Canadian because that 5% of income spent on healthcare sure wouldn’t cut it in the U.S. for most people.

20% of income for transport and no car? what are we taking a limo to the grocery store?
This ones easy. Pay your rent, deduct food and beer tickets, leave some in your pocket for the bus or the train. Save the rest.

@Arbornaut That’s what I was thinking too. I think 20% on transportation assumes a car payment, insurance and maintenance of said vehicle.

@lillycoyote Thats closer to my reckoning, all depending on the variables involved though.
It could easily be more for some or half that for others. This is why nobody but you, can budget for you!

@Arbornaut

“This is why nobody but you, can budget for you!”

Yes, as I so wisely and brilliantly pointed out in my first comment to this question. ;-)

$350 for rent
$25 for cabs
$0 for clothing
$0 for health care
$120 for savings
$105 for entertainment
$600 for food and everything else

is pretty close to what I spend now

@lillycoyote Of course, i was just backing you up.. you know….

@talljasperman It looks like the only fat in your budget is the food. 600 seems maybe a bit high for one person per month but I don’t know what the the prices are in Canada; but you like what you like. That seems to be the only place where you could cut back some.

@lillycoyote food goes bad in the fridge if I don’t like it. and I like my 3 ply TP…I order out at nights sometimes… and everything else in my small mountain town is expensive… $40 for a bucket of KFC that I eat twice a month…but today I had one piece of chicken with back attached cooked and warm at the store for $5.00 with a can of beef stew for $2.50… I don’t drink or smoke… but I do have cola beverages and milk… and once a month I eat prime rib roast for $20 with mashed/ or microwaved potatoes $1.00… I cook eggs at home and put them on toast to save money of eating out. $20 for breakfast out is too much for me to do more than once a month

If I cancel the cable/internet then I lose Fluther

@talljasperman I understand, I like my creature comforts too and it’s hard when your single to shop for groceries. I usually can’t get through a head of lettuce before it goes bad just by myself and my freezer is filled with frozen half loaves of bread because I can’t get through a whole loaf before it’g going to go bad.

That’s just the only place where there might be some wiggle room for you. Might be time to pack your lunch for work and by a thermos and make your coffee at home if you want a little more cash around at the end of the month. When I finally realized that I was spending between 10 and 15 a month on coffee and lunch and snacks, etc. at work it got my attention. That was just 200 to 300 dollars essentiallly leaking out of my wallet every month.

And don’t cancel your internet; we’d miss you and it’s too much fun. Look at the food money and see if you can’t extract maybe a hundred dollars plus some change out of that.

@Arbornaut I know. I’ve been honoring my inner narcissist all week. Maybe it’s time to stop that.

@lillycoyote No… Its ok to indulge a little sometimes… I say, who is that handsome adonis in the mirror across the room there?

@lillycoyote o.k. I’ll see where I can wiggle… I might be able downgrade to a slower internet connection that will save me $10 a month and $3 a month on banking fees… And luckily I don’t drink coffee either… just lots of milk water and pop… and thanks for wanting me to stay on Fluther : )

@talljasperman And maybe you don’t really even need to cut back. For goodness’ sakes: You have no debt, you are living within your means and have and are continuing to build your savings. That’s a rare enough and commendable thing these day. I was just thinking that if you do want to have a little more, there are probably things you might be able to cut back on and those things add up. That’s where a lot of my money goes; it just kind of dribble out and away, like a leaky faucet. I really need to start listening to and following my own advice. I am so much better at trying to run other people’s lives than I am at running my own.

Get a moleskin and write down every cent you spend. Do that for a few months and it will give you better idea of what is going on. I do it and just realized I spent 16 dollars last month on Sour Patch Kids.

I would try to cut back until you can get at least three months of very basic living expenses in the bank. The more the better. A little padding soothes the soul.