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 […]

3 Advantages Of Starting A Monthly Net Worth Calculation : December 2016 Net Worth Update (+1.88%)

THERE’S ONLY ONE ACTION YOU NEED TO TAKE WITH YOUR MONEY AND THAT’S CONTROL.   It amazes me how many people want to know the net worth calculation of everyone else but themselves. It seems that unless you know you’re doing well financially seeing a net worth summary is pointless. Hardly the case, let me explain. The first thing Mrs. CBB says to me when I bring her our monthly net worth calculation is,”How did we do this month?” Since I’m the one who completes the monthly net worth calculation I have to break the news to her whether our net worth went up or we took a hit. The next question is always, why? If the number decreased I get a sigh but if it increased she smiles which is likely the response from most people. Money and emotions can run high especially if you’ve invested lots or you grew up in a financially struggling household. One thing I noticed is that no matter what the monthly net worth calculation displays she wants to know, Why? The notion that net worth must increase when you spend less and balance the budget is misleading. These are not the only financial […]

grocery game monthly challenge

How To Curb The Fast Food Temptation After Grocery Shopping : The Grocery Game Challenge 2017 #2 Jan 9-15

YOUR BUDGET WILL CHANGE IT’S COURSE IF YOU’RE NOT WATCHING HOW MUCH YOU SPEND WHEN YOU’RE NOT LOOKING.   Let me show you why you’re eating out after grocery shopping and how to beat the temptation that could send your budget into an unbalanced mess. The idea of spending $200 at the grocery store to fill a shopping cart and then buying fast food straight after seems absurd but we’ve all done it. If you want to slash your grocery budget this year it’s important that you look at all the inside and outside factors that influence the way you spend money. The temptation or the idea to cut the time you’ve just wasted in the grocery store seems appealing especially when you’re not in the mood to cook. Eating out means less time doing stuff you don’t want to do after a grocery shop. I am guilty for getting take out after grocery shopping, After all the shopping I’m tired and don’t want to cook- Ami K (Facebook) Eating before you go grocery shopping so you don’t spend more money at the supermarket is a well-known fact. Depending on what you eat and how much you’ve eaten you might […]

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 […]

Four Tips To Help Overcome Fear of the Budgeting Process : Our September 2016 Budget Report

  STOP ALLOWING FEAR TO GET IN THE WAY OF YOUR FINANCIAL PROGRESS   If you need help budgeting money do yourself a favour and don’t just “try” to understand how the budgeting process works without experiencing how it will and can affect your life. This is the problem with people who think budgeting is a joke and not needed, they place negative thoughts in their mind from the start instead of motivational action words like, “I will”. Not everyone needs a budget especially if money is not a concern for them. What I like to focus on here though is how much money they could be saving or putting towards other matters instead of spending without warning. So for example, if you spend $400 a month on groceries from a high-end grocer where you could get the exact products at a lower-priced grocery store why wouldn’t you do that? Take the extra cash you save and invest it, donate it or buy extra food to give to the food bank. My point is that we waste money like it’s water when we can conserve it and put it to good use. You don’t care? That’s fine too but don’t […]

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 […]

There’s One Major Budget Tool Needed For Success : Our May 2016 Budget Report

MAKE MONEY NOW, SAVE IT, SPEND IT AND START ALL OVER AGAIN   If another month has come and gone and you have failed to balance your budget that doesn’t mean your efforts failed you. It simply means you need to focus on budget categories that need attention, bringing in more money and spending less. There is one tool more important than all of the above especially for people who give up on budgeting because it’s not working for them. If you’re not already doing this, you should be. Let me explain. For starters please don’t forget that there will never be a perfect budget as it will always have flaws. Even we have good months and bad months and we’re debt free which wasn’t an easy journey. What you have saved in the bank or with investments has nothing to do with whether you meet your monthly budget goals.   Find this tool and you’ll succeed   I’m afraid the one tool that you need to start using a budget is not an actual budget, that comes after and to be honest doesn’t take that much effort. With all the free budget spreadsheets available online it’s easy peasy. What […]

3 Budget Preparation Steps Not To Be Missed : Our April 2016 Budget Report

YOU CAN’T BUILD A BUDGET WITHOUT BLUEPRINTS   Budget preparation is an essential action step that if you pretend you don’t need you’ll never get past GO with your finances! Creating a personal budget doesn’t have to be complicated however the fine details certainly help to assess where existing or potential problems may sneak up.  Using a financial spreadsheet to document everything to do with money coming in and going out of your life is in my opinion an essential tool for everyone, even if you think you don’t need it. You do! Every month before you sit down to figure out your finances there are budget preparation steps that you don’t want to miss. The reason for this is because if you put half the effort into your monthly budget you’ll only get partial or potentially inaccurate results. Like you, budgeting was new for us years ago and took time for us to get to familiar with but over time we can safely say we are in a place where we confidently collect the monthly data we need. If you are one of those people who think you can search the web for a free budget template and think […]