Twenty Year-Old Father Taught Me About Financial Responsibility In 30 minutes

financial responsibility

I DON’T WANT TO BE BROKE LIKE MY PARENTS WERE WHEN I WAS YOUNG   Financial responsibility follows you for life and one young father shares his life plans with me and with two powerful words “He wants” becoming the driving force behind his journey in all aspects of life. Have you ever asked yourself, “What would you do differently if you could go back in time?” I have, and knowing what I know now there would be some changes to the way that I save money, earn money and invest it. My life was automated because I was so focused on school and working that even I may have paid more than I should have at times. Financial Responsibility was nothing my fellow University friends would think about while in school. It was no big deal to blow money down at the pub or to take a girl out on a lavish date with all the trimmings. Money was no object when it was given by the bank of mum and dad. When I was in my early twenties I bought my first house then sold it to buy a bigger house. I wanted in the real estate game […]

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How often should you complete a food budget review? : The Grocery Game Challenge 2016 #3 Jan 18-24

how often should you complete a food budget review(1)how often should you complete a food budget review(1)

PROJECT BUDGET CONTROL   Some people spend FAR MORE money on groceries than they need to like one  CBB fan who chopped her $1100 grocery shopping budget to a manageable $600 a month in less than 6 months. She had to make serious changes but the biggest of all was a review of how much money she was actually spending every month. Without knowing that number she wouldn’t have known just how much she was spending. Related: How I decreased my grocery budget from $1100 to $600 in 6 months Understanding food cost can be overwhelming for anyone as I’ve learned from experience over the years. When I moved to Canada I had no idea what the cost of anything was so I had to learn from the ground up. Last week we talked about how to calculate your monthly grocery costs and today I want to talk about how often you need to review your grocery budget to make sure it still fits with your overall budgeting goals. By know you already know how much your grocery budget should be BUT when should you review that number? Some people like to review their grocery budget yearly which is what […]

Why Live A Frugal Life If You’re Always Going To Be In Debt?

WHY LIVE A FRUGAL LIFE IF YOURE ALWAYS GOING TO BE IN DEBT(1)

JOKES ABOUT BEING CHEAP AREN’T FUNNY TO MOST PEOPLE   I’ve never heard anyone say that they LOVE living a frugal life. Carrying debt is not something to take lightly so choosing to watch where the dollars go is better than the stress of  debt collectors calling. Nobody wants to struggle with their finances. Nobody wants to budget but many of us do it so we can make ends meet and save for the future. We do what we believe we must do to get ahead, but not everyone thinks this way. Anyone that can add and subtract should realize that if you continue to spend money that debt will mount, especially if it’s not being paid in full every month. I’ve had the painful luxury of listening to a conversation between two guys who said there’s no point saving money because we’re all going to die before we can spend it. I’ve also been in the middle of a conversation where an acquaintance was saying to his wife that he doesn’t care about debt because he will never pay it off before he dies. I’ve come to the conclusion that some people are clairvoyant and can see into the […]

grocery game monthly challenge

How We Downsized Our Food Costs By 41% To Fit Our Budget: The Grocery Game Challenge #1 Dec 7-13, 2015

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WE HAD NO IDEA WE WERE SPENDING SO MUCH MONEY   Every year since starting The Grocery Game Challenge back in 2012 we have evaluated our food costs in accordance to our overall budget. Before then we were just two people in a loving relationship renting and grocery shopping like every other frugal couple, so we thought. Although we were just starting to clip coupons but not heavily stockpiling we also followed the sales. We were spending on average around $400 a month which only continued to increase. That might not seem like much to you but for us that was a huge amount to be spending on groceries for 2 people. Since we were saving for the down-payment on our first home saving money was critical to keep costs low. You may think you are doing well with all the grocery savings but all that money adds up every month whether you got a deal or not. When we bought our home in 2009 it was just shortly after the coupon craze hit Canada and everyone was going mad for free or near free deals, including us. Yes, we joined in on the fun because we wanted to save […]

Should You Give Your Daycare Provider a Holiday Bonus? : The Saturday Weekend Review #150

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Holiday Bonus Etiquette – Is there such a thing?   Other than giving Christmas gifts not all parents have heard about giving their daycare provider a holiday bonus. Not everyone is fortunate to get a holiday bonus at the end of the year which means relying on the budget is the ideal way to go. If you are self-employed or a contractor you have to look out for yourself in the world of employment which means you can set guidelines and rules for your customers. It’s not only the daycare provider many are unsure about when it comes to giving a holiday bonus either. If you are fortunate to have a maid, nanny, groundskeeper or other contracted service people working for you giving them a holiday bonus is nice but not necessarily required. Related: Do you get a Christmas Bonus or do you Budget? When you work for a large company or organization you may find that your employer is generous and may gift you a holiday bonus. You’ll still be paying taxes on it as well if it’s not cash. On the other hand you may have a Grinch for a boss so you’ll get nothing accept maybe a […]

How We Effectively Curb Spending When We Have To : November 2015 Budget Update

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PUT YOURSELF IN FRONT OF MONEY SO YOU’RE ALWAYS ONE STEP AHEAD   When we have to curb spending in our budget there are ways that have effectively helped us conquer the money demons over the years. Essentially a budget is a tool that we use to track our cash flow. We want to know what’s coming in, what’s going out and how much money is staying. These financial numbers were crucial to our debt freedom success over the years. Budgeting may get negative connotations from those who don’t believe in it but for many people a budget is a financial life-saver. What I believe is that if we hadn’t used our budget we’d still have a mortgage and other debts to pay off. Sure, there are other ways to track your finances but for us working with numbers in our head or guesstimating wasn’t getting us to our end goal fast enough. Now that 2015 is drawing to a close we will have a full year of budget results to evaluate for the upcoming new year. Waiting until the end of the year to curb spending is not ideal but if you are budget ninjas like we are a […]

Black Friday Shopping Is Now On Our To-Do List For 2 Reasons

black friday shopping is on our to do list for 2 reasons

MISS THE SAVINGS AND YOU MAY END UP PAYING THE PRICE   Black Friday shopping may be just another day to you but for many consumers it’s a day to save money in their budget and a great way to buy gifts for the holidays. I really don’t know why they call it Black Friday though when most retailers are starting sales on Thursday and some even going all week-long. Black Friday is not a one day sale anymore which I discussed last year but it seems every year some retailers add an extra day or wow factor to the day. Even the 2015 Canadian Tire flyer states “Black Friday Starts with Red Thursday“. Retailers may as well offer Black Friday shopping with a full month of savings for consumers in November and be done with it. Sooner or later it will be Maroon Monday Turquoise Tuesday White Wednesday Red Thursday Black Friday Sky Blue Saturday Sea Green Sunday There, I’ve done the work for them. All joking aside you get the point. My email inbox has been flooded with Black Friday promos this past week and once that’s done there will be another marketing extravaganza for the next big […]

I Doubled My 20% Savings Rate By Cutting Out These 5 Things

how i doubled my 20 percent savings rate (1)

YOU CAN ALWAYS SAVE   By: Des from Half Banked One of the fastest – and safest – ways to reach your financial goals is to increase your savings rate. I say that as a millennial who isn’t making the “big bucks”, so this is a widely applicable concept. Increasing your savings rate isn’t just for people looking to retire early! Related post: A Beginners Guide To Early Retirement Let’s say you’re saving $100 a month, and your goal is to build a $5000 emergency fund. At $100 a month, it will take you just over 4 years to hit your goal, assuming you’re saving your emergency fund in a high-interest savings account that pays 1% interest, compounded monthly. If you were to double that savings rate, and put $200 towards your emergency fund every month, you’d reach your goal in just over two years. You’ve just slashed the time it will take you to reach your savings goal in half, just by increasing your savings rate. You didn’t need to rely on any high-risk investments, and your emergency fund is good to go a lot sooner.   Why did I increase my savings rate?   As a millennial, I’m […]

How to handle negative people who criticize your budget : October 2015 Budget Update

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BUTT OUT COMES TO MIND…   In most ways we have a combination of positive and negative character traits although not everyone recognizes when the negatives outweighs the positive. When we let negative traits suffocate us we find it difficult to see the reasoning that others have for doing what they do whether you believe in it or not. There will always be people who criticize and it’s up to the individual how they handle these situations. Just recently I was helping a fan get started with our free budget download because she wanted to test our budget. In conversation I learned that over the past year she has saved $5000 and paid off over $8000 worth of consumer debt. She was a mall rat and every opportunity she could get shopping was where you would find her. These days she’s sitting behind her computer figuring out how to budget and how much money she can spend every month. Kudos to her and others that do the same because it takes a determined person to push themselves to get of debt and fight through outside turmoil. In her case… Her boyfriend is not happy about the budgeting because he is […]

Stay at home new mom causing financial strain and marital upset

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LIFE CHANGES WHEN THE STICK IS POSITIVE   So many people get divorced after having kids and now I know why, parenting is not easy but 110% worth the effort. I don’t think there is anything that could prepare you for becoming a parent, not even having lots of siblings. When we found out we were having a baby we knew that our lives were going to change, including our finances. My wife also knew that she was going to be a stay-at-home new mom and feared not knowing other moms to hang out with. Over the past year she has met plenty of other moms on social media, at the park and other community events. She says it’s getting easier but she does miss getting out whenever she is inside for a few days at a time with our son. These days we tend to do lots together as a family which helps our relationship to grow and our son build a bond with the two of us. Mrs.CBB is a people person so it’s important for her to get out of the house to keep her spirits up even though our son is the light of her life. […]

Buy the least expensive house in the most expensive neighbourhood

neighbourhood house for sale

BE PICKY WHEN HOUSE SHOPPING   Typically we like to buy quality when we shop which included shopping for our home. This is why we scoured every available neighbourhood around our city for the best deal. The only thing we don’t like is paying full-price which meant we had our work cut out for us. Thankfully, it worked out in our favour. When buying a house you want to make sure that if you are buying a $400,000 house that the neighbourhood matches the price tag or you might struggle to sell as fast as you’d like down the road. This is why we hear over and over not to over-renovate but then again a smaller house in a bigger neighbourhood might have more luck finding a buyer than a house that costs far more than smaller surrounding homes. Today I have an email from a guy who is a first-time home-buyer with his wife and wants to know if they should spend the money and get the biggest house they can or a smaller house but in a more expensive area. Note: If you have a question for me please send me a detailed email similar to below so […]

Single Man Wants To Know Where To Find Frugal Sexy Women

FRUGAL SEXY WOMEN

A CHANCE MEETING STARTS WITH HELLO   For some people love is more than what you feel in the heart, it’s also about how well you deal with money. Men today just like women are looking for someone who will complement their passion for frugal living. Let’s not forget though that a healthy relationship takes more than just money. That means money is only one part of the relationship pie. Back in 2012 I wrote a post asking whether frugal men were sexy and ever since then I’ve noticed quite a few visits to the blog where men were seeking advice about women. Yes there are men who want to date women who give some thought to their financial future. It’s funny how easy it is to generalize one gender over the other but there are no comparisons as we are both equal. The problem is that most men and women don’t know where to start when looking for love as they age. The older we get the harder dating seems to be especially if a career and family comes first. In our younger years we would go to the clubs dancing every weekend enjoying the night life but that […]