Click here to download Monthly Budget Worksheet.
Creating a Budget Plan
Creating a monthly spending plan is our first step to recognize where we are with our expenses.
Next, we need to gather all our information such as bank statements, bills, and receipts and accurately look at where our money is going. In addition to this, we also need to know how much money is coming in from our jobs.
Keeping a budget may be difficult in the beginning, but continuously working through it makes it easier. Budgeting shouldn’t restrict our everyday lives, but just redirect some of our money in areas where we need it most.
Managing Our Monthly Spending
For some of us, we live paycheque to paycheque and sometimes don’t understand where our money goes. Having a budget is the best way to manage our monthly spending. It helps keep track of expenses and squeeze the most out of our income. Budgeting is an important component of our lives and it helps us in the long run as well plan for our future.
Headlines continuously remind us of the financial struggles in our economy, therefore it is important to keep in mind any financial concerns we have, and deal with it before it gets us too far down the drain. It is important to take time to sit down and understand where we are with our expenses as well as the state of our finances.
Over the next few days we will be providing some tips on how to create and manage a monthly spending plan to organize your finances.
What would you do with a Million Dollars?
A new study reveals that 8 out of 10 Canadians said that if they won $1 million in the lottery they would pay off their debts.
The survey from the Canadian Payroll Association was released on Monday. It showed some troubling signs for Canadians. The most significant reveals is that the majority of working Canadians today are cash-strapped. Living in a fragile state of paycheque to paycheque that greatly impacts their personal finances and the ability to put money away for retirement.
Read more here: Globe and Mail
Now may be an ideal opportunity to evaluate and take control of your finances by paying attention to the details:
- Track and record all of your expenses
- Review your expenses and make decisions to change your habits.
- Set and commit to a goal – plan of action.
- Seek expert advice when needed.
Creditaid on CBC Radio One
On Thursday, July 15, Alex Freedman from ‘Up To Speed’, CBC Radio One’s afternoon program, interviewed Creditaid’s President, Brian Denysuik to discuss the state of personal finances in Manitoba. Listeners heard how consumer debt is a problem for many individuals and how it is driven by the desire and need of instant gratification. Brian provided some tips on how people can gain control over their finances.
Also, one of the main topics discussed was “The Building Futures Project” – a joint initiative between the Manitoba Department of Education and Canadian Foundation for Economic Education. This project integrates a basic economic and financial education into the compulsory core K–12 curriculum in Manitoba. The goal is to effectively prepare Manitoba youths for their financial future. Target implementation date is September 2011 for the early and middle school years and 2012 for senior years.
Thank you to CBC Winnipeg, ‘Up to Speed’, Alex Freedman for having us on!