Learning to Budget (and sticking to it)

A recent survey by Credit Canada Solutions, shows that for the most part, Canadians are really struggling with budgets. In fact, 76% of Canadians know they spend too much money and don’t know how to curb frivolous spending. With debt levels already on the rise in our country, it’s time to refocus on managing our money so we can achieve better credit, and our financial goals, easier.

“The repercussions of constantly going out and spending money on vices or things you don’t want or need are dangerous over time,” says Laurie Campbell, CEO of Credit Canada Debt Solutions. [From Financial Post article]

January is the perfect time to get your finances in order, so you can take on the rest of 2014 with financial confidence (and hopefully achieve some money goals). The recent survey results from Credit Canada Solutions, show that the things that kill our budgets the most, are the little things (coffee, lottery tickets, shopping, etc.).

Here’s some steps for budgeting with success:

1. Keep track of your money habits right now: how much income do you bring in? Where does your money go to (and be honest with yourself)?
2. Create a budget: there’s a great free budget worksheet online on the Government of Canada website.
3. Stick to your budget: it will be hard at first, but discipline yourself. You’re the only one who suffers if your budget fails.
4. Evaluate your budget: a great budget will mean that your income and expenses are leaving you with enough to achieve your financial goals, if something is way off, it’s time to reevaluate.

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