Life Happens. Keep Your Money Prepared.

There’s one major thing we can’t control in life—life itself. Things can happen, and if we’re not financially prepared for the little surprises life can throw at us, we can find ourselves digging out of a hole.

More and more evidence seems to be emerging about the lack of emergency funds that Canadians have. So much so in fact, that a recent story in Global News illustrated how payday loans are increasing at an alarming rate in Canada.

We are also now moving into an expensive time of year, with the holidays just around the corner (hard to believe), and even Halloween has become an expensive event for many.

Here are some money-saving tips to help you prepare for a financial emergency:

• Identify your monthly expenses, scale back where you can: First you need to sit down and identify where your money is being allocated month-to-month before you can determine what can be cut back. For example, if a lot of your money is spent on a phone bill, figure out if you can live without voicemail, extra data, etc. You can also cut-back on things like eating out, extracurricular activities, etc.
• Create a budget: this seems like basic advice, but most Canadians don’t actually have a planned budget. The simple act of delegating your incoming and outgoing funds for each month is likely to keep you on track better.
• Utilize technology: we are fortunate to live in a time where there so many free financial trackers, planners and apps out there to take advantage. Ask for some recommendations on the best saving/money apps out there, that are free and can help you get on track.

Looking for some more debt-tackling and saving tips? I’ve got some easy tips listed here. And as always, if you’re looking to find out what your debt right now means for your credit rating and homebuying plans, contact me anytime. Alternatively, you can always reach me on Twitter as well.

Tags : debt calgary, economy, economy calgary, emergency fund, finance, finance calgary, money calgary, money management, money tips, money tips calgary