When should you evaluate your monthly budget? : August 2015 Budget Update

EVERYTHING TO DO WITH MONEY CHANGES   When should a monthly budget be evaluated? This seems to be the hot question the last few months of every year in my inbox. I wish I had all the right answers for those fans who want to become debt free and put all their financial worries behind them. In all honesty money concerns never end but what I do have is our experiences to share. If you haven’t realized it yet you will notice that everything to do with your money will change as will the way you think about your finances. Over the years we have found that we change the way we think about our money and how we manage it. If you rely on a monthly budget to manage your finances a serious evaluation must be done at the end of the year. What does this mean? It means you look at every budget month for the year to see where you can make improvements. You will also be armed with numbers which is critical to the success of building a monthly budget for the new year. The first year we started our monthly budget we realized that we […]

Can your budget handle the 2015 TFSA annual limit change? : The Saturday Weekend Review #118

STASH MORE CASH IN A TFSA   Ottawa has confirmed that we don’t need to wait for the 2015 budget to pass to take advantage of the new TFSA annual limit for 2015.   TFSA Annual Increase   Saving may have gotten easier but you must have the cash if you want to take advantage of this 82% TFSA annual increase. The new TFSA increase means the lifetime contribution room is now $41,000 up from $36,500 and you can pack away up to $10,000 a year up from $5,500. That means if you’ve already made your 2015 lump sum contribution for the year you now have room for an additional $4,500. Not many people have a spare $4,500 or even the max $10k kicking around so don’t get too worried if your budget can’t handle the extra TFSA contribution room. If you have it, you have it, if you don’t you don’t. No sense stressing over what you can’t change. Unless of course you are able to work more hours to earn more or find getting a second job worth it. There were plenty of years I wished I could max out my RRSP and couldn’t because our budget just […]

Our Earning Schedule Is Off To A Surprising Start : January 2015 Budget Update

A BUDGET PAVES THE WAY   When we create our budget outlook we try to put together a mock earning schedule to estimate just how much money we will earn for the year. We like to think of our earning schedule as the corporate calendar of our empire because we view our income as a business, a family business. That may seem a bit nutty to some of you but tracking our expenses with a budget has really made a difference in our lives. I’m not talking just financially either. The stress factor has gone from “I don’t know if I can find a career” to “We have no debt and I have a career plus 1”. We can’t complain about that.   Our Earning Schedule   Over the years our earning schedule thankfully has only been going up but we are always cautious to never get ahead with our thinking. Our earning schedule is not based on how well our investments will do or whether or not the exchange rate goes up and down it’s merely an estimate of how much we think we will net over the course of the year. In 2014 our net worth went up […]

Our Budget 2014 Year in Review: December 2014 Budget Update

OUR YEAR USING A BUDGET   Hey there fellow CBB Budgeteers! Welcome to the last budget 2014 update where I share an overview of just how good (or bad) Mrs. CBB and I managed our money. Even though the monthly budget update takes me a LONG time to put together I enjoy seeing our financial progress. In a way it’s forced attempt at dissecting our budget intent further because we choose to explain it to all of you. I always say to you that in order to know what you are doing with your money you need to track it because without a trail of numbers you’ll never know what you are capable of. This post is by far one my favourites to write each year because the budget overview is one of the last pages of our financial year. The critical part of this post is reviewing all the numbers to see if they worked for us and where we need to make improvements for the following year. As you will notice below in the chart we did need to make changes to our budget either because what we were budgeting wasn’t working or prices have gone up.   […]

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