How To Create A Simple Budget Organizer : Our January 2017 Budget Update

IF YOU ARE DETERMINED ABOUT GETTING OUT OF DEBT GET SERIOUS ABOUT THE WAY YOU BUDGET.   Your budget relies on you to report the financial information needed to ensure it balances at the end of the month. Having a budget organizer should be an important step on your to-do list when you begin to budget your money. I’ve never really shared what our budget organizer looks like on Canadian Budget Binder so today I will give you insight into our budget office. I briefly described what we’ve used in the past as our Budget Binder although we’ve since swapped over to a colourful blue sleek portfolio. Colour does matter when you choose a budget organizer. Think happy colours such as green, blue and yellow. You could be using the best budget app or budget spreadsheet available but if you aren’t keeping your documents stored in a budget organizer you’re failing before you begin. Not only is there potential to lose important documents you’re going to be tearing your desk or house apart looking for them. Even worse, you miss the expense and can’t balance your budget. As Mara points out below in her email to me she is wasting […]

Become Debt Free By Asking The Mirror These 3 Questions : The Saturday Weekend Review #192

FIRST YOU NEED TO STOP GOING INTO DEBT BEFORE YOU CAN GET OUT OF IT.   Now is the best time to become debt free and unleash yourself from the daily stress that accompanies owing money for stuff you’ve bought or already enjoyed. Debt is a dark place because you always feel attached to someone who can make or break you financially. Some people feel vulnerable because of money and having to take out loans or putting purchases on credit and they should be. We all are susceptible to the dark alley that accompanies debt if it’s not paid back to whom it may concern. As fast as it’s given everything we own can be taken away. That’s terrifying. Focusing on ways to work harder for ourselves so we don’t have to rely on credit or creating unnecessary debt is possible but without your support you’ll never succeed. Having a student loan or a mortgage is just as important as consumer debt however these are debts that most people have. We take these debts on in hopes of getting ahead financially with a solid career and having equity in real estate. If you want to become debt free and wipe […]

PF Friday Grab a Brew #48: How to ask for help when it comes to money success

YOU NEVER KNOW WHAT SOMEONE HAS TO SAY UNLESS YOU ASK A QUESTION Money success to me means that we are in charge of our own lives and how it plays out really depends on many factors with the main one being understanding where we stand financially. When it comes to our personal finances we were never the couple to ask for help nor did we disclose how much money we made or saved because we simply didn’t want people to know. Starting the blog CanadianBudgetBinder.com was and still is a way for me to talk about personal finance and how it applies to our budget but also to open up and learn about others successes and failures. When I first started chatting to my friend over at Nurse Frugal and her husband whom she calls Mr. BT almost 2 years ago they were on a journey to become debt free including their mortgage using a budget and Dave Ramsey principles. They have now paid their mortgage in full as of November 2013 an exciting time for this young couple who worked so hard to reach this goal which you can read about it in their latest post “Freedom”. What […]

My Debt Story: How I Paid Off $100,000 In Debt (And How You Can Too)

I’m not done paying off all my debts yet, but I recently hit the century mark and wanted to share with you all how I did it. I have paid off $100,000 in debt in 17 months, and am a few months away from being debt free for the first time in 20 years. My Debt Story I am a musician (a trombone player) who found myself making quite a bit of money doing something I love. I read all the time about people who make a lot of money but hate their jobs; that was not me, which made my predicament a bit tricky. When I got into debt and spent more than I earned, I would justify it by saying to myself that I would work forever. It still got old, and I still got tired of being in debt. Even though I love the work I do, my debt left me “trapped” in certain areas of life. Sometimes I would rather stay home with my kids than play a concert…I did not have the latitude to say “no”, since I needed the money. My debt pay-off has really allowed me to follow my passions, and only my passions. Here […]

How I Reduced Our Grocery Budget From $1100 To $600 In 6 Months

ABOUT OUR FAMILY   We are on a very tight budget with food being the second greatest expense, preceded only by our mortgage. My husband and I have spent most of our family years raising our kids and figured we would have plenty of time to save for retirement. Retirement has arrived for my husband and is staring me in the face and we are trying to get our financial house in order. Our kids are the joy of our lives but raising 4 of them has proven to be costlier than we would ever have imagined. This is our story about how we are beginning to climb out of debt and onto the road towards financial freedom. It is never too late to take control of your financial future. My family is a single income family of 5 (two parents and three grown kids at home). Last summer, I sat bemoaning my situation (out of control debt and never enough money at the end of the month) and wondering where my money, which in theory should be sufficient to meet our needs, went. I am a professional person and make a modestly decent income, but through the wonder of the […]

Mr.CBB’s Personal Finance Reading List #6 ~Worrying and Complaining Does Nothing, Now That’s Snow!

To All My Devoted Canadian Budget Binder Fans around the world! Please click the link below and vote for Canadian Budget Binder who is up for nomination for Best Top Personal Finance Blog 2012. All it takes is a click and I thank you for your continued support as this site is for all of you.  Click HERE to vote Canadian Budget Binder. Update: Over If we win: Winning blog $100 to give away to one of their readers to help them in their journey to pay down their debt or add to their savings. I will hold a contest if we win and give this to one lucky fan! Here Comes The Snow, Are You Ready? We thought we would get lucky again this year with small shots of snow falling from the sky but that simply is not the case according to the weather professionals. If you are in Southwestern Ontario your commute was or is likely going to be a messy one with Environment Canada weather radars zeroing in on one of the biggest winter blasts since 2011. The Alberta clipper is making it’s presence with a sweet push from the USA. It’s been a couple of […]

Why We Want To Pay Off Our Mortgage Early

Contributor: Nurse Frugal at Ladies Go First Paying off the Mortgage early, that’s what we’re doing and here’s why. I vividly remember the day when I came home from work and my husband was sitting behind the computer with a perplexed look on his face.  He looked up at me and asked “I don’t know, do you think we should pay off the house loan too?” Here Is Some Background………… A few weeks earlier we had just started listening to Dave Ramsey, a radio host and author that believes that becoming debt free is the key to financial freedom and building wealth.  We had just emptied out our savings accounts to pay off the two brand new cars we had just financed. My heart sank in my chest, was my husband taking crazy pills before I came home?  Did he realize that paying off the mortgage would mean that we would have to work lots of overtime for years and years to ultimately pay off the $233,346.60 owed on our mortgage?!?!  He proceeded to do a mortgage calculation that revealed that if we didn’t pay off the house early we would pay $118,123.78 in interest throughout the life of our mortgage, […]

5 Reasons You Won’t Get Out of Debt

Alright, “5 Reasons You Won’t Get Out of Debt” is sort of negative and off-putting title, especially since I’m usually a very positive person.  But the main reason for the tone of the title is to highlight some of the typical “reasons” I hear from people who are unhappy about their debt situation but never seem to really do anything about it. Probably just about everyone with a functioning brain knows that when it comes to money, being debt free is always better than being in debt, but when I ask them why they have not made a sincere effort to erase that debt from their lives, I start hearing pretty common list of “reasons” (excuses) why they haven’t done it. So if you DON’T want to get out of debt and you don’t want to change your financial life, here are some excuses you should probably be using: I Tried it But it Didn’t Work for Me So once upon a time you finally convinced yourself that paying off your debt was a good idea and you even decided to try it.  Well, if you really didn’t want to get out of debt, then you probably did not to […]