How to make a budget

How to make a budget

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Some costs, such as meals and heat, are already included in the rent you pay at a senior residence. Most residents also receive financial assistance from the government. You therefore cannot simply compare your future rent to the cost of your current apartment. You need to make a budget! 

When you make a budget, you will have a clear idea of what you can actually afford. Here is how to make a budget.

We are there to help you

That is the first thing we want you to understand: an ENHARMONIE residence employee can help you make a budget. You can talk about your income and expenses, and he or she will do the calculations for you. The employee will not offer you a lease if both of you decide that you cannot afford an apartment in an ENHARMONIE residence.

Make a list of your income

Pension fund, RRSP, old age pension . . . Moving to a certified residence such as those in the ENHARMONIE network also makes you eligible for a tax credit for home-support services for seniors 70 or older. This assistance is about $90 per month (the amount can vary depending on your situation and the rent you pay). The posted rent takes this credit into account. The ENHARMONIE residence employee will help you figure it out. 

Calculate the value of the included services

An apartment in an ENHARMONIE residence comes with many services included in your rent: 

  • 5 lunches Monday to Friday
  • 2 light breakfasts on Saturdays and Sundays
  • electricity, hot water and heat
  • cable TV and phone
  • and more

The value of these services will vary depending on your situation. Again, an ENHARMONIE residence employee will be able to do the calculations for you.

Leave some wiggle room

It is important you find an apartment that suits you, in a residence that is the right fit. However, you want to avoid paying more than you can afford and being left with no extra money for emergencies. Make sure you leave a little wiggle room when making your budget.