At Arrive, we realize how important financial success is to your life in Canada. As newcomers, your financial success and security begins with proper planning and taking charge of your expenses. Over the past few weeks, we’ve shared financial tips and advice through our weekly blogs and a highly-informative webinar on Finances in Canada.
Factors such as the city you choose to live in, housing type, transportation methods, insurance costs, as well as food and entertainment, can all influence your overall budget. Most newcomers rely on their savings during their initial months in Canada making it crucial to manage finances wisely by creating and sticking to a budget.
Meet Arrive’s Monthly Expenses Calculator!
Arrive’s monthly expenses calculator is simple and easy to use. It helps you estimate and plan for your monthly expenses in Canada.
The tool takes into account your responses for a few basic questions such as:
- Housing: The type of accommodation you’re looking for
- Destination: The city you plan on living in
- Getting around: The primary method of transportation you’ll be using
- Family: Whether you have children under the age of 6
Additionally, you will have the option to add in estimates for food, entertainment, and other expenses. If you’re unsure about the amount for these categories, check out our blog on Five Tips To Get Your Budget Started; it has some helpful advice on how to estimate similar costs.
Once you complete all the fields and submit the information, you will receive a rough estimate of how much you should expect to spend each month in a given city in Canada.
Check out the monthly expenses calculator now!
|Tip: Try changing your city, accommodation, or transportation preferences and explore a bit until you find the sweet spot with your budget!|
Note that the tool is designed to calculate the expenses for one person. If you have additional family members, consider including some additional amount for transportation, food, entertainment, and other expenses for a more realistic budget.
Planning your finances ahead of time and being prepared will help you establish a strong foundation and set you up for financial success in Canada.
Arrive is powered by RBC Ventures Inc, a subsidiary of Royal Bank of Canada. In collaboration with RBC, Arrive is dedicated to helping newcomers achieve their life, career, and financial goals in Canada. An important part of establishing your financial life in Canada is finding the right partner to invest in your financial success. RBC is the largest bank in Canada* and here to be your partner in all of your financial needs. RBC supports Arrive, and with a 150-year commitment to newcomer success in Canada, RBC goes the extra mile in support and funding to ensure that the Arrive newcomer platform is FREE to all. Working with RBC, Arrive can help you get your financial life in Canada started – right now. Learn about your banking options in Canada and be prepared. Click here to book an appointment with an advisor.
* Based on market capitalization
This article offers general information only and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or its affiliates.