Our Family Budget

January 2023 Monthly Budget Update

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Estimated reading time: 6 minutes

If you are new to Canadian Budget Binder, welcome to our 12th year of sharing our monthly budget update.

I’ve changed how I share our monthly budget update for several reasons.

  • No one cares about our net worth since we are debt-free
  • Our monthly net income is not that important

I will no longer share a monthly net worth update post but will post percentage updates with any increases and decreases in our investment portfolio.

Over the years, I’ve noticed little interaction with these posts, so I’ve had to axe them.

Below I will share our changes and our January 2023 monthly budget update.

January 2023 Budget Update
January 2023 Budget Update

January 2023 Monthly Budget Update

Moving forward, everything below is what I will be sharing with you about our monthly budget.

I’m certainly open to ideas if you’d like to learn more about how we budget, so please reply to this email with your ideas.

Specifically, I made the changes to focus on crucial budget aspects.

  • Where our money is being spent.
  • Are we reaching our monthly budget goals?
  • Changes we can make to budget better.
  • Are we reaching our savings goals?
  • Can we inspire CBB readers to expand their budget through our experiences?

2023 Changes To Our Monthly Budget Update

At the end of 2022, I detailed changes we planned to make for our 2023 January Budget Update.

I have finished the 2023 Canadian Budget Binder, which has made tracking things easier.

Near the end of this blog post, you’ll notice we are tracking our grocery discounts for 2023.

We’ve wanted to do this for years to see how much we save on reduced food products.

Aside from that cool new feature to the monthly budget update, below are changes I’ve incorporated into our new 2023 budget.

Budget Category Changes

Monthly Budgeted Amount is $6840.26, which includes our investments. We estimate to spend this amount in each budget category, hoping not to go over budget.

  • We increased our grocery budget to $900 monthly for a family of three.
  • Each added $500 to our Tax-Free Savings Account, investing $6500 yearly.
  • We included Passports to our Projected expenses.
  • Post Office expenses are added as a Projected expense.
  • Basic utility increases – Gas, Electricity, Water, Furnace/Water Heater, Property Tax
  • Telecommunications now includes Rogers, Freedom Mobile phone, and Spotify.
  • Petrol was a noticeable increase as prices skyrocketed in 2022.
  • Memberships and Clubs increased to accommodate our son’s sports activities.
  • Extended Health Care increased to accommodate expenses for our son, who is on the autism spectrum and requires vision therapy and occupational therapy, not all of which are covered by benefits.
  • Parking increased to pay me to park at work, hospital parking, and random parking costs.
  • Pet Care increased as we noticed we spent more than we budgeted for in 2022.
  • Home Maintenance increased to accommodate the significant renovations we are planning.
  • Prescriptions increased since all three of us take medications, and my work benefits cover 85%.
  • Health and Beauty have increased since we have taken care of our bodies using vitamins, collagen, and laser removal therapy. Since Mrs. CBB has sensitive skin prone to acne, she purchases pricey Skincutecials products. (I’ll write a blog post about our health and beauty expenses to detail what we buy).

That sums up our new January 2023 Monthly Budget changes, although nothing is ever concrete in the budgeting world.

Budget Expenses Percentages For January 2023

household percentages
January 2023 Household Percentages

Our savings include investments and any savings for this month based on our net income.

Equally important is that we save money on our projected expenses due in the coming months.

All categories took 100% of our income, showing that we accounted for all the revenue in January 2023.

This type of budget is a zero-based budget where all the money has a home.

Year To Date Household Budget Percentages 2023

January 2023 Month by Month
January 2023 Month by Month budget

Canadian Banks We Use

Grocery Discounts 2023

Soon, I will be writing a detailed blog post about why we plan on tracking any discounts we receive on food.

This section will have a blurb about our monthly grocery discounts.

I will tally it at the end of the year to see how much we saved buying reduced food products.

For January 2023, we saved $39.42 by purchasing food that was reduced in price.

The Grocery Food Savings Jar will be a Canadian Budget Binder printable for your binder.

Grocery Discounts Jar
Grocery discounts Jar Canadian Budget Binder personal

Estimate January 2023 Monthly Budget and Actual Budget

Below are two tables: Our January 2023 Monthly Budget and Actual Budget.

Our January 2023 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.

Spending less than we earn and budgeting has been the easiest way to pay off our debt and save money.

January 2023 Monthly Budget Amounts

January 2023 Monthly Budgeted Amounts
January 2023 Monthly Budgeted Amounts

Actual January 2023 Monthly Budget Update Expenses

January 2023 Monthly Actual Amount
January 2023 Monthly Actual Amounts

That’s all for our January 2023 budget review, although I may change things as I go along.

If there’s something you’d like to see, send me an email with your ideas.

Thanks for stopping by, and please subscribe if you are new to CBB.


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  1. Good morning from freezing Winnipeg.
    One subject that I would like discussed is “how to stop buying so much when groceries are on sale.” A example of this is if I see meat on sale in Flash Food I will buy so much I don’t have enough room in my freezers. I am a compulsive sale shopper be it on flash food, Amazon or groceries stores. I have a budget for groceries but I see a sale and buy it. It has gotten worse since Covid lockdown.

    1. Hi Dale,
      What a great topic, and certainly one that Mrs. CBB and I struggle with as well. We struggle with in-store deals that we aren’t aware of as opposed to Amazon and FlashFood although we do use both. What do you consider a good deal on Amazon for groceries? Is it only sales that grab your attention? I’ll tackle this topic since it’s dear to my heart and wallet.
      Thanks for the inspiration.
      Mr. CBB

      1. Hi, on Amazon I shop the add on items. For example I bought stuffing mix for .97 cents a box. And I would buy 5 boxes or more. Amazon has lots of deals on food. I buy cereal, condiments cake mix and gluten-free mixes when they are on sale. Lately is is hard for me to buy anything that’s not on sale. Its does take a lot of work to shop this way. When I find something on sale at Amazon I will check an on line store like Save on Food to make sure I am getting the better price. I will be looking forward to see what you write on this subject.

        1. Haha, you do the same thing we do Dale. There’s nothing wrong with price checking, and Amazon does have great add-on deals. I track the prices as they go up and down and use the buy 5 save 5% only if it’s a great price. Our cat food is cheaper on Amazon than the grocery store for example. Also, our sons chocolate sauce.

  2. Thanks for the Budget 2023 updates, Mr. CBB.

    I use a pie graph to map out my Pie of Life expenses, so your bar graph is a new idea for me.
    Also, based on your grocery budget of $900.00/mo for a family of 3, it really reassured me that my own monthly grocery budget for a family of 4 is very close to your amount. I was not sure if my grocery spending was reasonable, based on number of family members, 2 of them being a teen boy and a tween boy, GTA prices and very rarely do we eat at restaurants (a handful of times a year). Leaving the supermarket with an arm’s length size receipt often makes me wonder if I am doing it right.

    Thanks for sharing all these details, and thanks again for another year of your insights, experiences, advice and relevant articles.

    1. Hi Angelina,
      First off, congratulations on using a budget and taking your finances seriously. Like you, we hardly ever eat out apart from the odd ice cream cone, coffee, or donut. He does get a pizza from the corner shop once or twice a month. Like you, our receipt is also very long. I think our $900 is realistic, especially since it includes items such as toilet paper, paper towels,s and other items that aren’t food related at the grocery store. What you are doing is excellent and I’m sure you learn a lot about your spending habits by tracking your expenses. It’s like a report card for our spending. I’m pretty excited to track our food discounts for 2023, so keep an eye on our monthly budget post to see how that goes. How did you originally come up with your grocery budget number?
      Mr. CBB

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