Learning how to create a personal finance mind map helps control your money and motivation to become debt-free.
I was fortunate enough to have saved cash to pay $47,000, a mortgage paid over five years, and zero debt since 2013.
One of the worst feelings is money stress and not knowing how you’ll get out of paying debt and living a simple life.
For most people, getting rid of debt and debt collectors is enough to lift spirits.
If we can do it, anyone can.
Anything is possible if your mind map matches your lifestyle or the realistic one you want for your future.
I went with a mind map when I started Canadian Budget Binder because it was suggested in the book, Blogging For Dummies.
I’m sure that the mind map for Canadian Budget Binder gave me a deeper layer of ideas.
Creating a mind map for the blog allowed me to pull out information about what I wanted for this blog.
Over time once you create your finance mind map, it will continue to change.
A mind map is not something you set and forget for many reasons:
Based on a personal finance mind map, any of the following will alter your journey.
- Growing Family
- New Career Goals
- Increased Income
- Changing Career
- Reduced Debt
What Is A Mind Map?
An ever-changing journey to financial freedom is the best way to describe a mind map.
I’d also consider a mind map as a motivation to reach short-term and long-term goals.
What I love about our mind map is that it’s not based on one layer but on many secondary layers.
It’s simple to say, “Investments,” but what do investments entail?
At this point, you’ll want to break investments down into secondary slots.
A mind map’s end should indicate where you want to see yourself in a year.
Free Printable Personal Finance Mind Map
I’ve created a printable version of the mind map that we use and update twice a year.
It’s one of the simplest parts of budgeting because you get to tell yourself what would make you happy.
Remember that your mind map will constantly evolve, and it’s your responsibility to change it.
I’ve left personal finance main categories for anyone who wants to use the same format as I have.
Discussion: What do you think about using a personal finance mind map?
Leave your comments below, and I’ll respond to them or any questions.
Thanks for stopping by. Let’s get to the CBB August 2022 Budget Update below.
CBB Family Budget Report
August 2022 Budget Summary
Another month has come and gone, and we’re thrilled to see we saved some money.
With all the renovations I have on the go, our credit card bills have been in the thousands.
Thankfully we only use credit cards to reap the rewards points and pay the cash we saved.
Our son’s birthday is in September, so we purchased a laptop for him to do homework at home.
Paying It Forward
In August, Mrs. CBB went to Costco with her sister and paid for her order.
She doesn’t know we won’t ask her for the money back.
Back To School Supplies
We didn’t have any expensive purchases apart from renovations and the laptop.
Our son started grade three, so we bought him a new lunch box and backpack.
He has more than enough clothes to wear although we are buying ahead sizes.
Shoes were costly in the 50-80 range from Sport Chek even on sale.
He needed indoor and outdoor shoes and new rain boots, so far.
We have more expenses to share with you in September that we didn’t expect.
That’s all for August.
I hope you enjoy our August Budget.
Year To Date Percentages 2022
Our savings of include investments as well as any savings for this month based on the net income of $11049.32
Equally important is that we save money on our projected expenses due in the coming months.
An example of projected expenses would be buying Christmas gifts in December or throughout the year.
All categories took 100% of our income, showing that we accounted for all the revenue in August 2022.
This type of budget is a zero-based budget where all the money has a home.
Budget Expenses Percentages
Monthly Home Budget Breakdown
Below is a breakdown of our expenses which helps us understand where our money goes.
- Chequing– This is the bank account from which we pay our household bills. We use Simplii Financial, TD Canada Trust, and Tangerine Bank. Join Simplii Financial today! Read more about the best Canadian online virtual banks.
- Emergency Savings Account– This money is in a laughable high-interest savings account.
- Regular Savings Account– This savings account holds our projected expenses.
- Monthly Budgeted Total: $6564.18
- Monthly Net Income Total: $11,049.25
- (Check out the Ultimate Grocery Guide to see where our grocery money goes)
- Projected Expenses: These are expenses we know we will pay for throughout the year = $905.00
- Total Expenses Paid Out: $7432.35
- Total Expenses Paid Out: Calculated is $11,049.25 (total net monthly income) – $905.00 (projected expenses) – $2712.00 (Savings to emergency fund) = $7432.35
- Actual Cash Savings going into Emergency Savings: Calculated is $11,049.25 (total monthly net income) – $7432.35 (actual expenses paid out for the month) – $905.00 projected expenses) = $2712.00
Estimated Budget and Actual Budget
Below, you will see two tables: Our monthly and actual budgets.
Our monthly budget represents two adults and an 8-year-old boy.
Budget Colour Key: It is a projected expense when highlighted in blue.
Since May 2014, we’ve been mortgage-free, redirecting our money into investments and renovations.
Monthly Budget Amounts August 2022
Actual Monthly Budget August 2022
I’ll be back in October to share our September Budget Update.
Keep reading below to see how our 2022 Budget Challengers are doing with their monthly budget report.
Thanks for stopping by to read our budget update.
Monthly Budget Challenge 2022
Welcome to the 2022 Budget Reports from our 2022 budget challenge.
Over the past two years, this challenge started with many positive CBB readers who wanted to join.
For 2022 we began with six people ready to change their lives by challenging how they manage a budget.
As of August, we have four budget challengers for the rest of 2022.
Each budget summary will always fall under the same Budget Challenger number below.
If you leave comments about any of the budgets below, always use the budget challenger number, so they know it’s for them.
Budget Challenger #1
Income: Aug 5, 1,081.87 Aug 19, 1,129.51
- Spousal support 700
- Sarcan 10
- Victoria cell 95
- Rebate 13
- Net income total = 3,029.38
- Income tax 100
- Car insurance 90
- Car repair 25
- Cells 266.26
- Electric/water/power 287.05
- TFSA 500
- RRSP 250
- Crave 16.70
- Wifi 80
- Gas 180
- Groceries 310
- Home Insurance 110
- Alarm 54.33
- S.p.p. 50
- Water softener 30
- Water heater/ac/furnace 188
- Life insurance 75
- Lotto 8
- Mortgage 560
- Parking 45
Total expenses 2,620.34
Money Leftover $3,029.38 – 2,620.34 = + 409.04
I would put this money towards July’s debt of 1,345.01 now is -935.87 in debt.
That’s a smart move. Great month. Just a quick question, but for your mobile phones, what do you get for $266 a month?
August is done, and I am happy to report that I have paid off more of my debt.
I no longer use a credit card, although I use my debit card.
I didn’t have a yard sale as planned; however, I will have one in September.
Not much has been happening apart from working and chilling out at home.
I have an apple tree, so I’m busy making everything with apples.
I’m going to open a savings account. I don’t want to touch my Tax-Free Savings Account for anything.
At first, I thought I would, but I’ve since changed my mind.
That’s it. Thanks.
Budget Challenger #3
It was an over-budget month: unexpected plumbing issue, plus expected plumbing repairs.
Most of the travel was planned; we drove over 2600km over three weekends.
The last weekend was for an unexpected family member passing, and not a lot of choice in accommodations.
Gas was up with the travel, restaurants and groceries.
There will be lots of budget adjustments in September.
Mortgages were all adjusted with the house taxes for the coming year.
Childcare cost change as we have a kindergartener now.
I started a new line at work, so getting used to my new schedule, plus kids’ days off from daycare or school and making sure that lines up.
Q: How much do you need to keep in your bank account to waive the $16.95 fee?
Q: Is your mortgage debt what you pay monthly on each house?
Budget Challenger #4
August is always a good month, income-wise – it’s my birthday and anniversary at work, and I get my annual travel allowance.
This year is the first time I’ve travelled since 2019, and it was nice to have some extra money.
There was another $50 Inflation Rebate on my electrical bill, hurray!
Luckily, I stashed another $100 in the Electrical PE account in case of higher bills in the winter.
I counted the days until my trip to Ontario for most of August as it’s hard to be the only family member living far away.
There’s an unspoken notion that I, as a single person, should be the one coming to see everyone else.
I understand, but it’s still a bit frustrating.
I’m accustomed to Yukon weather, and Ontario in August was too hot and humid for me.
I spent my first day in a puddle on the couch, drinking water and thinking calm thoughts.
Maybe the heat was why I spent more money than I had planned.
A birthday cheque covered that – I hadn’t bought any new clothing since 2019, and I think my mom felt I was looking a bit shabby. New undies improve one’s outlook on life.
I’m looking forward to taking care of some household tasks in September – we’ll see how expensive that is!
Budget Challenger #5
Hello all, happy September! Here’s my report for August – one I am not exceptionally pleased about.
As mentioned last month, I had been injured and needed a lot of medical appointments to get me back into shape.
Unfortunately, with that came a lot of travel, and when I’m travelling, I tend to lean heavily into fast food – and fast food is already a weakness for me, so that is never good.
I’m glad that the last few months have been easier on me, and I have been able to put away extra money because I needed it.
Expenses Break Down
- 200 short-term savings
- 983.25 firewood – this should do us 1.5 winters
- 165.66 insurance
- 72.94 cellphone
- 11.49 Netflix
- 412.35 gas
- 252.33 groceries
- 68.85 car repair/maintenance
- 301.50 fast food / entertainment
- 280 clothing – I had a $125 gift card that brought it down to 155
- 80.00 concert
- 15.49 Spotify
We went to a concert which we hadn’t done since before COVID.
It was nice to get out and be social, but that also comes with gas (90 minutes away in each direction).
Pair the gas with food, drinks (and alcohol for my boyfriend), and expenses grow. I stuck this expense under fast food.
Our family let us crash at their place, which helped.
- How do most people plot their expenses when purchasing food for someone else?
- Do you stick it under fast food or entertainment? Gifts?
I never knew how to log this one, and I did buy a lot of food for friends this past month.
It was so lovely not to be bedridden that I wanted to treat people when I could go out and socialize.
As mentioned, I had to travel a lot for medical testing, and we went out of town for a concert, but transportation was also high due to work.
Working Extra Hours
We had a lot of people out sick at work, which meant a lot of travel for me.
Luckily I will get reimbursed for most of it, though, so that will help but not until next month.
I have some upcoming expenses: undercoating, safety inspection, and swapping for winter tires.
That will all happen between now and November, depending on the weather.
I also am planning a vacation for November.
I will try to use my AirMiles for most of it, but I won’t be able to cover the whole thing that way.
Possibly Buying A New Vehicle
We’re also floating around the idea of buying a new car. It isn’t easy to get a car right now, and it is about a 6-month wait for a new car.
If we order now, we should be okay as my car is getting older, and it would be nice to have a newer vehicle and keep our current one as a backup if something were to go wrong.
Not only is it hard to get a car for purchase, but also to rent, which is super stressful.
I guess that’s it for me this month; I’m hoping I don’t have such an enormous outpouring of money again for a while!