Routinely missing bill payments can negatively affect your credit score.
Whether you are living beyond your means or looking for ways to save more, getting your monthly cash flow back under control will be your top priority. To do this, you need to balance your expenses, including debt repayment and savings, within your income. This is often called zero-based budgeting…. Read more
We’ve just been reviewing how to analyze our expenses. How hard is it to find expense savings in your budget?
You’ve completed your 30 day spending journal and created a budgeting spreadsheet of all your income and expenses. It’s possible that you’ve discovered you are spending more than you make each month. Now that you know where your money goes, you can begin to analyze your expenses and look for… Read more
How do you know if you are spending your money wisely or not? How much is too much for different expense categories? While every household budget is different (you may have kids, someone else lives alone) credit counsellors and financial advisors often use specific spending ratios to analyze living expenses,… Read more
The best budget is based on knowing where you spend your money now.
The best budgets are a realistic and accurate representation of your personal finances. That means that you need to plan your budget around a reasonably complete picture of what you earn and what you spend. If you budget to spend $200 a month on groceries and you are much more… Read more
Everyone has different reasons for wanting to budget.
The purpose behind budgeting is to organize your personal finances so you can achieve something. Without tangible goals to work towards, you have no incentive to stay on budget. Goals allow you to see how you are doing and applaud yourself when you are successful. If you know you are… Read more
While the process of preparing a budget is relatively the same, there are many budgeting systems you can use. What systems are popular among our readers?