Budgeting Tips – Resolve Credit & Financial Counselling Services

The most favorite part of my job is helping people put together a budget, yet we often hear that for many people, this is one of their least favorite things to do. I meet many interesting people from all walks of life and have a window seat to their hopes and dreams. A budget is a tool to realize these hopes and dreams. I think the most common misconception is that people who follow a budget don’t have any fun. The consequences of not following a budget can lead to financial stress including lack of savings, increased debt, even bankruptcy. Along with the 5 Steps to Budgeting, a budget template, and an example of a pay-cheque planner, here is a list of some tips to help you get started:

  • Start with fixed expenses
  • Be organized
  • Transfer money to your savings account each pay
  • Update your budget regularly: new baby, new car, new house/apartment, increase in pay, job loss, college/university, marriage/common law, separation, retirement, car loan paid in full…
  • Include an emergency savings account
  • Use the envelope system to manage cash expenses
  • include entertainment in your budget to have FUN
  • Don’t buy more groceries than you can eat
  • Put money aside for periodic expenses
  • Keep track of your bank account
  • Don’t buy what you don’t need
  • Budget should be realistic
  • Pay your bills on time to avoid late fees
  • If you are carrying a balance on your credit card, make a plan to pay it off.
  • Bring your lunch
  • It is never too early to save for retirement
  • Make a plan for holiday spending and stick to it.
  • Stick to your budget

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Budgeting Tips - Resolve Credit & Financial Counselling Services

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At Resolve Counselling Services, we understand what it’s like to face life adversities without the appropriate support. That’s why we’re offering a variety of counselling services. So you can overcome challenges and improve your social, emotional, and economic well-being.