When budgeting comes in handy

  • You have no idea where your money is going.
  • You’re chronically overspending.
  • You’re not saving any money.
  • You struggle to afford the things you really want.
  • You have trouble keeping track of bills.
  • You often face cash flow problems.
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Once a budget is set up, it is not always that easy to stick to it. But that doesn't mean you have to give up because you've failed once or twice.

  • Remember the big picture. A budget keeps you out of overwhelming debt and help you build to financial freedom.
  • Make it more difficult to make impulse purchases. Remove yourself off retailer email lists. Ask yourself "Is this purchase necessary?"
  • Find some support, such as an online forum, a monthly meeting, or even some friends that are trying to keep a budget.
  • Handle transactions in old-fashioned ways so you can see how much you're spending. For example, writing out cheques or paying cash.
  • Reward yourself for every month you've been faithful to your budget.
  • Schedule a periodic budget evaluation.
  • Educate yourself about finances, money management, and how you can best invest in yourself.

7

IDEAS

  1. Determine how much you make on any given month.
  2. List your bills: Once you determine how much money you'll make this month,  figure out how much money you need to spend next month.
  3. Compare and contrast:  Once you see your monthly income and your monthly bills on paper, a clear picture of how much money is left over emerges.
  4. Spend all of your money on paper: decide where that money will serve you best.
  5. Track your spending.
  6.  Make adjustments to get it right.

Budgeting is simply balancing your expenses with your income.

It's a plan for the coordination of resources and expenditures. When you budget your money, there’s a desired outcome. And being able to track your spending should ultimately move you in the right direction towards meeting your financial goals.

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