(NC) Creating a budget is a great way to help keep track of your money. Budgeting helps you figure out what you can spend and how you can reach your financial goals.

As a newcomer who is navigating personal finances in Canada, it is important to understand and evaluate spending habits so that you can set yourself up for financial success. Below are some tips to keep in mind:

Track your monthly expenses. This includes small items such as snacks and coffee. Doing this helps you evaluate the reality of your spending when creating a budget.

Divide expenses into fixed and variable. Fixed costs are things like rent and utilities — necessities that occur every month. Flexible costs are things that you spend money on – like clothing and entertainment – which may vary each month. Take a look at whether the money you’re spending is more than the money you have coming in.

Rein in your non-essential spending. There are creative ways to cut down on flexible expenses while still enjoying your leisure time. For example, if you like going to the movies, there are certain nights when tickets are cheaper. If you enjoy going out and getting to know your new city, check out local websites that offer a calendar of free events throughout the week. Local libraries sometimes offer free passes to museums and galleries within the city, another great way to save on costs.

Need a little help? A great first step is speaking with a financial advisor about tips and helping to create a plan to keep your finances in order.

Find more ideas on how to save more and settle in faster at rbc.com/newcomers.