6 Eye-Opening Strategies To Help Transition You Into A Budget Master : Our December 2016 Budget Update

IF THERE’S ONE LIFE SKILL YOU WANT TO MASTER IT’S HOW TO MANAGE YOUR FINANCES.   Every January social media lights up with posts about debt, money, savings, retirement, divorce, marriage and spending habits. Magically I see an influx of traffic to the blog that is out of the ordinary with searches always leading to budgeting, debt reduction and how to make money fast. Mrs. CBB had her friend over this afternoon and while she was making a tea in the kitchen the budget discussion came up. My wife lifted up a large Ziploc bag filled with our monthly receipts and said that she was working on adding the last few into the budget spreadsheet. When Mrs. CBB dropped the bag her friend said that she just finished writing out her family budget the other day.  With a second baby on the way and price hikes hitting Canadians hard at the start of 2017 she wants to make sure that they can continue to afford living where they do. Keep in mind this is the first time they’ve used a budget before so writing it out is sometimes an easier way to transition into a budget master. Baby steps are […]

Add 1 Cup of Budget Inspection And Watch Your Bread Rise : Our August 2016 Budget Report

DON’T MAKE THIS MISTAKE WHEN CREATING YOUR FINANCIAL RECIPE.   By mistake I don’t mean turning the oven on and burning your budget either as I know some people despise using a budget. I have nothing against you because what’s yours is yours and what’s mine is mine. Those of you who WANT to get RID of DEBT and build a thundering savings account and sizable retirement fund I have one unique financial tip for you-learn to read a recipe. I’m not the Mike Holmes of Budgeting nor the Jamie Oliver of the kitchen but I do know how to read a recipe and I do know how to use a budget. What I’ve learned is that it’s not about just the planning stage it’s everything in between and on-going maintenance similar to being a homeowner or naked Chef.   Read a recipe and savour your budget   Once you understand the basics of a recipe especially when it comes to baking you will understand just how precise you need to be to have the best product. Finding a recipe you are interested in creating at home means you should read the entire recipe from beginning to end. Today we […]

Get Up And Chase Dollars With A Game Of No Debt Go : Our July 2016 Budget Report

TURN YOUR FINANCES INTO A CHALLENGE CHASING WEALTH   If seekers of living the dream would treat their budget and put as much effort into their finances as Pokemon Go players do we’d all be on our way to the bank with a bag full of cash. Do you ever feel that you caged up and running around in circles in your mind because you just can’t get out of debt and financial success seems out of reach? You’re not alone but what one wants one must work at to achieve. It’s amazing how we can take something so simple as a virtual game to get the world off the couch. If we could apply the same determination that I see so many players have roaming around outside to personal improvement we’d all be rich. I’d rather chase my financial dreams and put my effort into fun ways that we can build wealth so we CAN do things we dream of. If you are someone who tends to set low expectations for yourself because you don’t believe you will amount to anything more than you are, give your head a shake. You are worth it. Mindfulness Will Free You From […]

How many budget categories should I have? : Sept 2015 Budget Update

YOU ARE THE BUDGET MAKER   Being the budget maker means that you are in control of your budget including how many budget categories you decide to use every month. I counted how many budget categories we have in our monthly budget and came up with 34. Honestly, I thought there would be more than what there actually is. When I designed our budget years ago the thought never crossed our mind to only have a few budget categories. I have seen many budgets out there that might only cover common fixed expenses and everything else is bundled into one or two other budget categories. That type of budget would never work for our family. Since we are so picky about the fine detail and wanting to know exactly where our money is going every month I thought we did reasonably well with as many budget categories that we created. I’ve also seen some budgets that have so many categories that I wonder if we’re doing enough. We are our own worst critics when it comes to our finances however it’s all about finding what works for you. I received a short email from a fan who wanted to ask […]

How I saved $336 by being my own mechanic : March 2015 Budget Update

FIXING YOUR OWN STUFF   We all know that car maintenance costs can rip a chunk from the budget but what’s worse is waiting until something falls apart. There is a reason that vehicles especially a new vehicle will come with a car maintenance schedule. Not everything on a vehicle has to be replaced but it should certainly be serviced and inspected for any wear and tear and potential problems. Vehicle Maintenance costs are what most people dread but if you are handy you might even get away with some mechanical DIY. If you are not handy please don’t attempt any work on your vehicle. You will only cost yourself more money in car repairs over the long-term. You may even repair something incorrectly if you just “guess” and it could cause an accident. Plenty of people play the mechanic role and do repairs or even their own oil change so they don’t have to fork out big bucks to a shop charging $100 an hour for their mechanic. Keep in mind there is a reason why they are in a trade and it takes many years to become Red Seal Certified. You can’t do everything a mechanic does unless […]

Ambitious Teen helps mom with family budget

LET ME HELP YOU WITH THAT MOM   There was a time in my life when I was a teenager and all I cared about was working, saving money and hanging out with my friends. I didn’t have to worry about what my parents did with our family budget nor did I care. Growing up in our household my parents were frugal to the point that if we wanted something we worked for it. They didn’t scour the weekly flyers because we didn’t have them but they would buy products reduced if mum was able to do something with them right away. My mums favourite was making pies with fruits that were ripe or ready to go off. That’s probably why I’m the way that I am in the kitchen. Being that it was Mother’s Day (Mothering Sunday) March 15 in the UK yesterday this email made me remember growing up and what life was really all about in our house. My mother was and still is our rock and I can understand how this young lady is so determined to help someone so special and close to her heart.   Help with the family budget   I received an […]

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.   […]

The Most Common Family Budgeting Mistakes to Avoid

A BUDGET PLAN IS PART OF THE SOLUTION   Trying to stretch your family’s income to cover the full month can be a tough task. However, you can give yourself the best possible chance of doing so by avoiding some of the most common budgeting mistakes. These mistakes can range from being too optimistic, to not being optimistic or ambitious enough. You could make your family budgeting schedule too rigid, but you could also make it too complicated. Simply put, if a budget is unrealistic then it simply won’t work. With this in mind, let’s look at some of the potential problems or mistakes mentioned above and see what we can do to avoid them.   Being Too Optimistic   It would be fantastic to be able to put a big lump sum into our saving accounts every month, wouldn’t it? This way we could very quickly build up a very nice sum of money in our accounts. Having said that, for most of us it simply isn’t possible to put away as much money as we would like to each month, so if you try and save more money than you can really afford then the risk is that […]