Top Seven Budgeting Mistakes

Budget, Budget, Budget- Only families with children and the white picket fence need one of those, right? WRONG…everyone should use a budget. Did you know that many people don’t even know how to budget? You see most people don’t talk about finances let alone chat about where their money is going. Try telling my old school parents about budgeting and you better duck as hands will be swinging. Whether your plan to start a budget is to get out of debt or stay ahead of the race don’t linger around the Jones’ pad as you might be calling on Uncle Jed to bail you out. Did you Know? In 2011, the Vanier Institute of  the Family released data claiming the debt-to-income ratio is a record 150% noted at yourmoney.ca. Seven Common Budgeting Mistakes You don’t have a budget- If you are wondering why you can’t get that new toy or why you can’t sleep at night it’s because you don’t have a budget. Designing a family or personal budget will keep your spending and saving on track. You don’t save your receipts– It’s so important to keep all your receipts so you enter this data into your budget binder spreadsheet. If you […]

How We Designed Our Budget Step 1-Gathering All The Information

You made it this far so you must be curious how we went about designing our budget. Don’t yawn, it truly can be a fun experience especially when you see your savings grow! So…. Let’s get at it! You know all those bills you have in a shoe box or in the “junk drawer” it’s time to fish out those paper critters and get organizing.  Some of the steps we took to get organized in preparing our first budget are: Gathering All The Information Locating all bills including credit cards! Anyone you owe money to including the mortgage/rent. Organizing bills into piles by date ie: Rogers, Union Gas, Hydro, Reliance or finding data from logging into the respective websites Make a list of dates and cost of each bill in an excel document Make a list of dates bills typically need to be paid by but this may vary. Make note of interest rates if you are not paying bills off in full. If you don’t know get on the blower and find out! Make note of the cost of each bill whether it was variable or fixed It was imperative to ensure we had all the information at our […]

%d bloggers like this: