From the category archives:

Budgeting

Start Cutting Expenses

by Moneyproblems TipsTue Jun 29, 2010 Budgeting

Yesterday we asked the question: Where Does Your Money Go? It’s amazing to analyze your spending to see where you actually spend your money.
If most of your spending is done with a credit card or a debit card, you don’t need to make a list; you can simply produce a list from your monthly statement.
Once [...]

Tagged as: cut expenses

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Where Does Your Money Go?

by Moneyproblems TipsMon Jun 28, 2010 Budgeting

It is impossible to deal with money problems unless you start by learning where your money goes.  How can you cut expenses if you don’t know what you spend?
For the next month, write down every dollar you spend.
Then, at the end of the month, look at your list.  Did you get value for every dollar [...]

Tagged as: money problems

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Avoid Payday Loans

by Moneyproblems TipsWed Jun 02, 2010 Budgeting

Today’s tip is very simple: avoid payday loans.
A payday loan is a short term loan.  For example, you need to pay your rent today, but you don’t get paid until next Friday.  The payday lender lends you the money to pay your rent today, and you pay them from your paycheque next Friday.  Great.
The problem [...]

Tagged as: budget, payday loan

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Start an Emergency or “Rainy Day” Fund

by Moneyproblems TipsWed May 26, 2010 Budgeting

Stuff happens.  Your car breaks down.  You have to take a trip for a funeral to another city.  Your child needs money for a school trip.  How can you cover unexpected expenses?
First, make a budget and do your best to expect the unexpected.  You  may not know exactly when your car will break down, but [...]

Tagged as: emergency fund, rainy day fund, Savings Plan

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Get on the Same Page as your Spouse

by Moneyproblems TipsMon May 17, 2010 Budgeting

If two partners in a company have opposite objectives, the company probably won’t be successful.  The same is true in a marriage.  If one spouse wants to spend and incur debt, and the other spouse wants to save and not spend, conflicts will arise.  You need to be on the same page.  You need to [...]

Tagged as: budget, Savings Plan

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Tax Refund: To Spend or Not To Spend?

by Moneyproblems TipsTue May 11, 2010 Budgeting

Did you get a tax refund this year, or are you expecting one?
Most people who get a tax refund immediately spend it.  They consider it to be like a windfall: free money.  It’s not.  The only reason you got a tax refund is because you paid too much tax last year!  The government is simply [...]

Tagged as: tax refund

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Plan Now for your Summer Vacation

by Moneyproblems TipsFri Apr 30, 2010 Budgeting

It’s never too early to start planning for your summer vacation.  Summer vacations can be expensive, so you need to plan early for two reasons:
First, the sooner you start saving for your vacation, the more you will be able to save.  It is a very bad idea to borrow money to go on a vacation.  [...]

Tagged as: budget, summer vacation

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Make your budget flexible: prepare for the unexpected

by Moneyproblems TipsMon Mar 15, 2010 Budgeting

When creating a monthly budget, consider irregular or “unexpected” expenses. Eventually, you will need that oil change or the kids will need new winter clothing; if you are prepared for unexpected expenses you will be able to handle them when the time comes without relying on credit – a healthy budget is a budget that [...]

Tagged as: monthly budget

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The Importance of Being Skeptical

by Douglas HoyesMon Feb 08, 2010 Budgeting

As a bankruptcy trustee in Canada, I’ve heard it all, and so I know from experience that if it sounds too good to be true, it probably is.  Free offers normally carry hidden charges, so the offer isn’t really free.  A low introductory rate on a credit card will turn into a very high permanent [...]

Tagged as: budget, skeptical

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Three Keys to Successful Budgeting

by Moneyproblems TipsWed Jan 27, 2010 Budgeting

Guest Tip of the Day from Catherine Ouellette, Credit Counsellor:
As a credit counsellor I strongly advise everyone to prepare a personal budget, and I give them my three keys to successful budgeting:
First, have a positive attitude. Focus on the money you are saving, and you increase your chances of success.
Second, stay motivated. Budgeting gets easier [...]

Tagged as: budget, personal budget

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