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Budgeting

Budgeting In The New Year

The New Year is a great time to set a personal budget and to begin looking at ways to better manage your financial resources. Doing so can not only help you to take better control of your money today, but will also help you to prosper in the future.

If you do not already have one, the first step should be to establish a budget. Sit down and take the time to make sure you know exactly how much income you have coming in and how much is going out. After you have done this, carefully review your income and expenses to look for areas where you can possibly scale back. While you may not be able to budget for some fixed expenses such as car loans and rent or your mortgage payment, there are other areas where you can establish a budget and stick to it.

January 18, 2012

Budgeting

How Much Time Do You Spend On Your Personal Finances?

Unless you are one of those people lucky enough to have an amazing advisor who keep you accountable and on track, you are probably like most of us who spend a minimal amount of time actually thinking about and planning strategies for personal finance.

I heard the other day that we spend approximately 20 hours a year planning for our vacations and just one or two hours a year on taking care of our personal finances! Does that shock you? It definitely shocked me.

January 2, 2012

Budgeting

What Are Your Priorities?

If you want to be successful in life, both in your achievements and with your finances, it is important for you to define your specific priorities. It is very hard to achieve anything or to save money if you don’t know what your goals are.

Everyone has priorities, whether they are aware of them or not. If you had to tell me off the top of your head what your priorities are right now, would you be able to come up with a few right away? Some people’s priorities include providing for their children, saving for retirement, advancing their career, etc.

July 22, 2011

Budgeting

What Will You Do With Your Bonus This Year?

If you have already or will soon be receiving a bonus from your employer, have you given some thought as to what you plan to do with it? Many employers provide bonuses around Christmastime to show appreciation for their employee’s hard work throughout the year. If you benefit from receiving a bonus, it is important that you do some thinking before deciding what to do with this extra cash.

Are you already saving enough to attain your retirement goals? If not, consider putting some of your bonus into an RRSP. You may even have the option to have the bonus go directly into an RRSP so that you are not subject to the taxes right now.

January 12, 2011

Budgeting

Is It Best To Use Cash?

There are all sorts of theories out there for people to try to rein in their spending. Some experts recommend using cash to pay for everything as then it makes some people more aware of just how much they are spending. It is somehow psychological, but if people use cash it is more meaningful to them than if they pay with plastic.

Others suggest using cash is easier for budgeting because you only take out so much money per month and once the cash is gone, you know you cannot spend anymore. Using cash is also good if you have trouble paying off your credit card balances every month.

September 10, 2010

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