← Back to Free Resources
🍁

Money basics

Budgeting, Banking & Credit Basics

A simple starting guide for managing first-month costs, banking, credit, and monthly survival planning in Canada.

Use Cost Calculator

First-month budget

  • Estimate rent first. Housing usually decides whether the budget feels tight or manageable.
  • Plan for groceries, phone, transit, utilities, winter clothing, deposits, and emergency buffer.
  • Use the Cost Calculator as a starting estimate, then edit numbers based on real listings.

Banking basics

  • Compare monthly fees, newcomer offers, e-transfer limits, and branch access.
  • Set up direct deposit when you start working.
  • Keep rent and bill payments trackable where possible.

Credit basics

  • Credit history matters for rentals, phones, car loans, and future borrowing.
  • Use a starter credit card carefully and pay the full balance on time.
  • Avoid carrying high balances just to build credit.

Newcomer money rules

  • Keep an emergency fund, even if it starts small.
  • Do not send deposits before verifying housing or job legitimacy.
  • Track subscriptions and small payments; they add up quickly.

Helpful official links

Financial Consumer Agency of Canada ↗Benefits Finder ↗