How To Make The Right Calculations Work For Your Budget!

Congratulations on putting a budget together as it’s one of those things that people tend to shy away from as they believe it is too much work. I agree it is work but once you have it in place it’s easy street after that. One of the frequently asked questions I get is, How do I know how much money to put in each category? If you have followed my Budgeting Series you will read about how we designed our budget but not so much the calculations we used to come up with the numbers. I wanted to show you some examples of how we may have arrived at our numbers. How to make the right calculations work for your Budget! Yes it’s all about the numbers and don’t be afraid the math won’t bite you! Let’s start at the basics…..during the month you’ll spend money and earn money, it’s a way of life. Normally you wouldn’t take much notice of how the payments are setup until now.  Now your listing payments on a budget sheet and trying to track them. Payments of bills or wages can come in a variety of schedules…….tracking them on your budget depends on which […]

Do They Offer Debt Management Degrees?

It’s not just Canada where most students are finding themselves under water before they even graduate,it’s happening all over the world. Read this guest post by my mate Michael Edmondstone in the UK who had the wake up call of a lifetime. Mr.CBB Guest Post By: Michael Edmondstone A degree, a wealth of memories and… thousands of pounds of debt; that’s what I left University with, and I’d wager that plenty of other students have the same outcome. With the job market tight and the realisation that I’d overspent during my three years, it was a scary time trying to understand how I’d be able to get out of this sticky patch. Sticky patch may well have been an underestimation considering the two credit cards I’d managed to max out – not to mention the tuition fees and student loans. Low interest was a great deceiver in more naïve times but they’d gone and I had to face up to £3,500 credit card debt I had. And, since I have, I thought I’d share it with everyone else. So, here it goes: Understand where you’re at – The first thing to do is to ensure that you know exactly what […]

Five Ways To Cut Your Budget To Save Money $$

One of my fans asked where they could cut back in the budget to save more money as they weren’t putting any emergency savings money away. This actually got me thinking about our budget. What if I had to cut money in our budget and what were the first categories I would look at. Clearly we can’t make any changes to the “Fixed Costs” in the budget. Fixed costs are costs that are the same each payment. So the only other option is to look at the “Variable Costs” and see where we could make adjustments.  Sometimes the top reasons people go into debt are simply because they are not budgeting and not being mindful of where their money is being spent. This task perhaps may be overwhelming for some yet we continue to get overrun with excuses and reasons why they  simply can’t do it. They  justify each expense and then give up working towards their goal of saving or paying down debt. You have to be motivated and willing to go without sometimes to reach a goal. Jen Peacock a Facebook Fan says “Makes me angry and then I usually give up, I need motivation!” Well I’m there (Mr.CBB) to […]

March 2012 Canadian Budget Binder Budget Update

Hi there folks, I’m back with the March 2012 budget update for Canadian Budget Binder. You probably already know but we’ve just finished designing the Canadian Budget Binder Budget Spreadsheet and have tested it out this past month. We are continually trying to improve the sheet and so far we are very happy with the outcome. In the upcoming month we will look for a few volunteers to test it out and give us some feedback. Most of the excitement has come from the “projected expenses” the expenses we have decided to budget in each month and transfer to a separate account until they come due. Many of my fans agreed that when it comes time to pay one of these projected expenses they had to pull money from their savings or emergency savings to pay the bill as there was not enough money left in the budget.  Some even went as far as to put it on a credit card or use the line of credit as the money just wasn’t in the budget. It’s the small things we tend to overlook and I really don’t want to be dipping in our savings to pay for them. The Emergency Savings is […]

Paid by Cash In Canada- New Home,New Baby,New Garage Door Openers!

I’ve started a new Category devoted to my FANS who send me emails about how they paid cash for items they needed. Our first story today was submitted by Amanda Kosher who  lives in Ontario. She tells us her story which is both inspirational and touching. Saving to pay for what you need in cash keeps you away from the dreaded evil credit monster. Thanks Amanda for sharing your story with the Canadian Budget Binder community! Cheers, MR. CBB Here’s Amanda’s Story: We sold our house in last year and purchased a bigger one in Ontario,Canada. The house we sold had all the bells and whistles. We lived there for more than 15 years so we had updated everything. We built on a deck added garage door openers, put in a skylight, a hot tub, you name it, that house had it all. Our new house was a newer built 3500 sq ft estate home, which the original owners began to upgrade but ran out of money.  Although the home was new, big and beautiful, it had no deck, no garage door openers and no landscaping. Our situation not being like it was 15 years earlier where we could just do […]

Friends With Benefits- Helping Us Stick To The Budget

Get your mind out of the gutter…crikey I’m simply going on about Networking! There’s always a dollar to be saved when you network, right? Not everyone is an extrovert but you don’t need to be when it comes to networking you just need to be you~ and talk! What is Networking, you ask? Networking: according to dictionary.com A supportive system of sharing information and services among people and groups having a common interest:Working mothers in the community use networking to help themselves manage successfully. 2.the design, establishment, or utilization of a computer network. The Easiest Way! Talk to the people you know! The Best Way!  Talk to people you don’t know! Example: The easiest way We all have someone on our street that knows everyone’s business- they may do the  networking for you, no effort involved but the initial conversation. True Story(names and career changed): Ethel– (Your neighbour) Hanging out the window with her dog staring at your every move. “Good Morning Luigi, nice day today.” You– Good morning Ethel, yes I’m off to work. Ethel– What is it that you do Luigi? You– I’m a Mechanic at my shop Ethel. Ethel– Oh that’s great Luigi maybe you can take a look at my brakes on my car one day next week? You– Sure Ethel bring your car around on Tuesday at 9am. Ethel– Great, thanks Luigi, see you then. You– Bye Ethel […]

February 2012 Canadian Budget Binder Budget Update

$ How much did you spend this month? Well here we are again folks at the end of another challenging month for us. We have worked hard at making changes to our budget as we had found some flaws in our 2011 budget. We also went ahead and simplified the budget so we are putting away money each month for purchases we KNOW will happen this year. That way the money is saved bit by bit monthly and no surprises when it comes time to pay it. We also don’t want to use our emergency savings for bills that are not an emergency. So here are our last figures for February 2012.  I thought we would be over budget after the 20x points event at SDM but we are on track. These darn events are amazing but can put a dent in our grocery budget. The good thing though is we only buy items we WILL need and WILL use so our future grocery bill will be less. You can’t deny that  Shoppers Optimum Points is the best loyalty program out there. One reader asked about our grocery budget and what it includes. My answer was all household cleaning products, pet […]

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