How We Designed Our Budget Step 7- Balancing Our Budget

I’m going to warn you this is a bit of a long post so take your time reading it. Don’t worry I will be putting together a step by step sheet that shows you what we do each time we visit our Canadian Budget Binder Spreadsheet. Balancing the budget is a fairly simple task provided you have enough money to go around. If you are not balancing a budget or using one  you’re likely tossing money out the window without even thinking about it even IF you think you aren’t. It doesn’t  matter how much money you make each month, it’s  all about what you do with it. A budget keeps track of what’s coming in and what’s going out and what you’ve got left. If you don’t keep track of your money you could be spending more than you think.  It’s your choice, your life! Balancing a budget takes time and won’t happen over night. Once you think you have everything something else creeps in. When we talked about How we designed our Budget Step 1 – Gathering All the Information, where I asked you to round-up everything you need to pay, this is the part  where it is going […]

Top 6 Reasons People Go Into Debt!

Why do people go into debt? Well, over the years I have seen it all, heard it all and lived through most of it! I’ve come up with my list of why people go into debt but realize this list could be much larger. Your debt load depends solely on your own situation as people who have a high debt load are there for their own reasons. I’m not here to say what is right or wrong or to point fingers, rather simply to share the most common reasons that I have come across in my years. Reasons Why People Go Into Debt 1-Divorce or Separation- When couples split they don’t realize the amount of debt they can incur when dealing with lawyers, real estate agents or spouses debt etc. Factor in child or spousal support and that can take a big bite out of your pay leaving you short to pay the bills. Keep in mind money is the number one reason couples fight and split up! Rebuilding life and finances after a divorce is possible but like anything is a journey to a destination. 2– No Budget– I’ve said it over and over but a Budget is imperative no matter how much money you make. Some people […]

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 […]

How We Designed our Budget Step 5- 5S Organization

Welcome to Step 5 in Designing our Budget. Now this step might sound a bit stringent but really take it for what it’s worth, think outside the box. It’s merely a way to keep you on your toes, not a means to turn your home into a production line. So far together we have all learned: How much money you Gross and Net We gathered all the important documentation-pay stubs, banking info etc. We know what bills to pay every month and when- credit cards, mortgage, rent, etc We categorized the budget and assigned an amount to each “need” we have to pay for monthly. We learned the importance of  Note Taking and Documentation In Part 5 of the Budgeting Series you will learn about Organization and why it is crucial to the success of your budget. What does Organization mean to us? We firmly believe in “A place for everything and everything in its place.” In Japan they call this 5S in all aspects of the workplace. In adopting this mindset we have been able to achieve greater goals, save time, effort and money. Although 5s finds its home in manufacturing and is successfully implemented all over the world […]

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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