The Saturday weekend review #37: Stashing cash, is it worth it?

Only You Know What’s Best For Your Situation I think stashing cash is worth it but whether people have the cash to stash is another story. I don’t think it’s hard to believe that many people do have about $10,000 stashed away for a rainy day but on the other hand I can completely agree that many people don’t have the money to do that. Debt for Canadians is a big problem and in reading this article on Yahoo about a survey conducted by the Bank of Montreal it’s no surprise that the writer is saying that most people don’t have the means to sock away 3-6 months of income just in case an emergency would come up. You know last week we had an emergency where I managed to spill liquid on my computer. Since I blog full-time my computer is a huge necessity in our household and that to me was an emergency where I was thankful that we had money in the bank to cover. We didn’t just hide away the money overnight either and I don’t think any personal finance blogger I’ve come across who talks about emergency savings says it has to be done in […]

Financially Savvy Teen Budgets Cash Using The Envelope System!

Cash and Envelopes, that’s my Budget! From the time I was about 5 years old my parents gave me an allowance. I think that I got $3 each week. I remember having three envelopes and my parents teaching me I needed to put some money in each cash envelope category. My envelopes were labelled savings, spending, and giving. I had three dollars and three envelopes so my decision was pretty clear. The Envelope System Fast forward about twelve years and I am still using the envelope system today. I now have six envelopes titled: spending, church, clothes, college, car and retirement. How Do You Get Started Using The Envelope System? I’m so glad you asked! The cash envelope system really is very simple. First, you need to decide what areas you most need to control spending and where it is reasonable to use a cash only system. My mom, for example, has used the envelope system in the past for spending, eating out, and groceries because those were the areas where she wanted to be most careful with managing her money. Once you decide which ‘categories’ you want to use, get an envelope and label it. We had some red envelopes left over from Christmas […]

Is Budget Failure Your Own Fault?

An acquaintance of mine said to me once that “Budget failure is your own fault” when I asked why failure rates were so high amongst some people who try to use a budget then scrap the idea. I’m not so sure how much I agree with him but to a certain extent it’s not the budget that fails, it’s the operator of the budget and circumstances that surround it. It’s no surprise that some people have no problem spending more than they earn but they are first to challenge all the reasons why they can’t get a second job or earn extra income to pay down consumer debts. Then again anyone would agree that not much elbow grease is needed to spend money as opposed to earning it. When Cindy shared her story with us at CBB about how she changed her life after turning to credit cards because she couldn’t make ends meet she says, “it’s the one thing she wishes she had never done”. The greatest success for her was to budget and find a way to earn extra money working from home by making jewellery instead of giving up. Failure Is Scary Budget failure scares us a bit […]

Let Your Coupons Expire And Save Money!

I know it sounds strange that I’m saying to let your coupons expire and save money but the reality is for some people, they can’t let them expire. The coupon binder seems to be a fixture in most grocery carts (British: shopping trolley) these days and if you don’t believe me have a gander inside other people’s carts next time you shop. I’m not saying it’s a negative, but we stopped bringing our binder because we would overspend on the odd occasion while shopping. Now we leave the coupon binder at home or in the car and only take out the coupons we need for that shop. There’s not many times we have the heart pumping “start the car” moments anymore and we’re happy with that. What We’ve Learned  If you follow Canadian Budget Binder you know that I started The Grocery Game Challenge  (GGC) back in early 2012 with much success over the past year. The birth of the GGC was because my wife and I were spending far too much money on groceries for 2 people. We thought we were doing better than our friends saving money using coupons and for the most part we were saving lots of […]

The A-Z Of Saving Money E-Book-A to Zero Excuses!

When Glen who blogs at Monster Piggy Bank emailed me about this new A-Z e-book project he wanted to start working on I thought it was a great idea. Glen had also asked me if I was interested in contributing to the e-book along with many other personal finance Bloggers and I was honoured that he had asked me. I had thought about writing an e-book last year but I was nowhere near that stage in my blogging hobby to even attempt that. I just knew that one day I might want to take everything that I have learned and put it into a book that everyone could easily read. At that point though I was still learning about blogging and networking with many Bloggers whom I consider good virtual friends today. I’m not kidding when I say I read over one hundred blog posts every week and can’t get over how friendly the personal finance Blogging community really is. Canadian Budget Binder When I started to brainstorm for Canadian Budget Binder I knew that I enjoyed talking about saving money and finance but I was far from a finance professional. I’m just a regular guy with a dirty little secret, I have a […]