When should you stop using a household budget? : June 2015 Budget Update

HOW IMPORTANT ARE YOUR FINANCES?   A household budget sounds so “old school” especially with all the new technology we have today but it’s not. Not much has changed with the household budget apart from the ability to use other forms of budget tracking rather than paper and a pencil. Even so, many people continue to track their household budget the easy way because it’s something they are used to doing. Let’s remember that for further down the post. “It’s something they are used to doing”. Learning how to manage your finances can be as complicated or easy as you want to make it. Everyone has a unique financial situation which may take little to no effort at all or lots of undertaking. Your household budget may be weekly or monthly like ours and at first it seems like a huge chore and it is but over time once you start to see the benefit (and you will). Then,  you might never want to let it go even after you pay off all of your debts. There is some sort of an emotional attachment to the household budget every month comparable to wanting to eat healthy, exercise and be happy […]

grocery game monthly challenge

Top 5 Reasons A Food Budget Is Financially Smart : The Grocery Game Challenge #3 June 15-21, 2015

KNOW WHERE YOUR MONEY IS GOING   A food budget is a huge part of the overall budget in any household whether you decide to use one or not. If you don’t believe me think about how much you pay each time you go to the grocery store and use that to work out your average yearly food expenses. Even though that’s probably the worst way to do it because you probably spend more than you think you are it’s somewhat of a ballpark figure of your yearly expenses. Then again for those of you who do the math this way your final number likely isn’t that important to you but it should be. If you are someone with more money than you know what to do with you might not have a care in the world to know the amount it’s costing you to fuel your body. For those of us who have to worry about balancing our monthly budget a food budget in my opinion is an imperative step to overcoming debt, saving money and balancing the budget. The fact is that whether you document your expenses or choose to just spend your money freely the money will […]

Bust our budget September 2013: Free Canadian Budget Binder Budget Spreadsheet

A Money Smart Budget Begins With You   If you’ve been waiting for my free excel budget spreadsheet for the past 2 years the time has come that you can now download it free. If you have been following Canadian Budget Binder and have read my budgeting series and are still not sure if you want to budget then at least download it and give it a shot for one month. I often talk to fans who email me for budget help but they don’t use a proper budget or one that gives them the data they need to make informed decisions. You don’t need a budget that is so detailed you get lost with all of the information, at least we didn’t. There are so many free budget spreadsheets available on the internet it’s not a one size fits all system. I don’t think there is any one “perfect budget” out there but you can customize an existing budget to fit your lifestyle. I’ve used many online budgets, printable budgets and the pen and paper version so if at first you don’t succeed, don’t give up. You can’t win the battle if you hang up the towel at the […]

Top 3 Reasons why a budget sucks

A Budget Is Not For Everyone Not everyone thinks a budget sucks, in fact we love using a budget but I don’t think a budget is right for everyone. If you are working too much or have too much pressure at work the last thing you want to do is count your dollars when you get home. Funny though, that task is now viewed by myself as a positive in my life rather than a task I “must do” in order to build our net worth. If you know me then you know there will be motivation in this post especially if you are someone who wants to take steps towards a debt free lifestyle. Looking back Some people say ‘I never look back’ but I do for certain things in my life, especially if it’s to learn from an experience. There comes a time when you have to realize that you just can’t change someone. If they don’t want to use a budget, they won’t full-stop. When I was on my own and bought my first home at age 21 I can tell you that budgeting wasn’t for me. Looking back it was probably because I wouldn’t have invested […]

Bust our budget: July 2013 Saving money

Over Half Way Through The Year Saving money this month was a bit easier since we refrained from going into too many shops. We had a bit of a quieter month in terms of our expenses especially since May and June were filled with landscaping materials and pet costs. It was nice to actually beat the budget in July in comparison to our overspend in June. We are over half way through the year now and so far things are looking good but I’m sure we will be making changes at some point, we always do. Even when an emergency arises and we spend the money we have saved in our projected expenses (PE) our overall net worth will take a hit, thus life. Personally, I don’t worry so much about that, all I worry about is that we are on the right track to meeting and beating our goals. Sometimes people get hung up on the numbers but for the most part we are critical to an extent and try to fix our overspend but we know there is only so much we can do. No budget will ever be perfect and that is why it is critical to […]

January 2013 Canadian Budget Binder Monthly Budget Update #1

Learning to budget money is not always as easy as it seems to most people as it takes time and planning and continual revisions over the course of the year. Some people have no desire to budget monthly and only check in quarterly or yearly but not this guy. Most families are happy to start out with a basic budget sheet until they get the hang of the monthly budget items that they need and over time will graduate to something a bit better. In our case that is what we did and later designed our own CBB monthly family budget as an excel spending worksheet. In 2012 we learned alot about our spending habits and in 2013 we hope to challenge what we learned to make this year an even brighter year in terms of finance and savings. By April this year our mortgage should be closed and paid in full as this will be our 4th year into a 5 year term. We are currently in the process of getting this all sorted out so it’s a waiting game but one we are ready to celebrate when the time comes. Champagne anyone? You bet we are excited and why […]

March 2012 Canadian Budget Binder Budget Update

Hi there folks, I’m back with the March 2012 budget update for Canadian Budget Binder. You probably already know but we’ve just finished designing the Canadian Budget Binder Budget Spreadsheet and have tested it out this past month. We are continually trying to improve the sheet and so far we are very happy with the outcome. In the upcoming month we will look for a few volunteers to test it out and give us some feedback. Most of the excitement has come from the “projected expenses” the expenses we have decided to budget in each month and transfer to a separate account until they come due. Many of my fans agreed that when it comes time to pay one of these projected expenses they had to pull money from their savings or emergency savings to pay the bill as there was not enough money left in the budget.  Some even went as far as to put it on a credit card or use the line of credit as the money just wasn’t in the budget. It’s the small things we tend to overlook and I really don’t want to be dipping in our savings to pay for them. The Emergency Savings is […]

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