How To Create a Results Driven 2018 Personal Budget Plan

A BUDGET IS NOT JUST ANY BUDGET, IT’S YOUR BUDGET   At the end of each year and during the first month of the new year I often get social media bombed by readers of this blog about creating a personal budget plan. This is great news though because it tells me two things; You want to learn more about budgeting You care about your money It is often this time of year when debt weighs heavy on people because we’ve just finished Christmas and the new year signifies fresh beginnings. I feel as a finance blogger who specializes in budgeting, debt and frugal living that I should always send out a yearly reminder about the importance of budgeting for everyone. This is why financial and personal goals start at the beginning of the year for most people at which time they are 100% committed, for a minute and then forgotten. Don’t lump yourself in that pile because you’ll never get ahead without that drive to succeed. By all means you don’t need to use a budget to be successful but I fully believe that using a budget will always outweigh not using one. Not everyone who wants to start […]

New Budget 2016 and 2015 Surprises and Fails : December 2015 Budget Update

START YOUR BUDGET 2016 NOW   Our updated budget 2016 has some changes which was expected because 2015 proved that prices are steadily going up so we’ve had to adjust our numbers to reflect this change. Unless you aren’t big on reading or watching the news maybe you’ve noticed that prices are skyrocketing, especially at the grocery store. In 2016 you can expect to add an additional $345 to your grocery budget for the year because of these increases. It’s not just food either. In 2015 it seemed like every time we turned around something was more expensive. If prices go up a dollar here or a couple bucks there that still accumulates as extra expenses in our budget especially since we budget accordingly. The reality is that you are never going to have a perfect budget so always leaving some room for price increases is critical.   Our free gift to you   Every year I wonder how we can change our budget plan to reflect something new and honestly there isn’t much to change. I’ve got a simple budget that I created years ago and that has been downloaded free by thousands of people around the world. All […]

Would you put your wealth plan on hold for the kids? : November 2014 Net Worth Update (+1.91%)

WHAT’S YOUR FINANCIAL STRATEGY?   A wealth plan to me is exactly what it sounds like or just a fancy way of saying retirement savings but not everyone views retirement savings equally. When CBB fan Mary pointed out an online article about a retired Maritimes couple who were digging themselves out of $145,000 worth of debt I knew I wanted to read this debt story. The couple who are both retired civil servants earned a  combined income of $90,000 and over the years paid off their $45,000 mortgage. Now, I’m the first to say that you don’t have to live the extravagant life to blow through your money. Why? Because even the small amounts of money we spend all add up. It’s very easy to go broke spending little bits here and there as opposed to losing it all by making larger purchases. You never win no matter what way your swipe the credit card. The couple had $75,000 in credit card debt which snowballed into 16 maxed out credit cards and a refinance on their mortgage for $70,000. So where did all the money go? I’m not sure if they really know but what they do know is where […]

Why you should think about your 2015 budget plan now: November 2014 Budget Update

DON’T JUST PARK YOUR VEHICLE…   The end of 2014 is staring us in the face and now is the time to start thinking about putting together your 2015 budget plan. The worst thing you can do is leave budgeting until the last-minute if your plan is to track your expenses over the entire year. Sure the ideal time to put a budget plan into action is the beginning of the year but starting a budget any time is better than no budget at all. Why is planning important? The first thing you need to ask yourself is why you are planning? Do you have a mission in mind? If yes then you need a plan. If using a budget is your mission then you need a plan. Planning is part of a strategic planning cycle that starts with a mission then goals, desired outcome, strategies, measures/target and finally results. That’s how we measure success and in our home the budget is critical to managing our financial success even more so now that we have a son. As we were going over the November budget we talked about how not having a mortgage has affected our budget. It really does […]

Our budget plan is going up in smoke for 2014! : October 2014 Budget Update

INVESTING IN THE FUTURE   Budgets that work are great but remember that situations change month to month and so should your budget plan. We started the year knowing that our budget plan would change but now that our son has arrived we are starting to see just how much it must change. Not later, but now. I’ve read how some people create a budget plan and that’s their financial bible for the entire year. I’m not an investment reporter or a professional money manager nor do I invest on my own but what I do know is that putting what knowledge I do have financially to work for us WILL benefit us in the long run. Creating a budget and reviewing your budget plan is like getting a return on investment. If you just leave it and hope it works out for you then you might as well put all your money in a washing machine and hope it comes out intact. Likely it won’t happen. Little by little someone like that might find that they run out of money before the end of the month. Why? Situations change. If they don’t save receipts and document expenses rather they […]

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