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2017 Budgeting Tips: Planning for the Year Ahead

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2017 Budgeting Tips: Planning for the Year Ahead

Many Canadians start a new year with a resolution to get their finances in order. Creating and maintaining a budget is a great place to start. This week, we’ve got the 2017 budgeting tips that will help you build a plan and stick to it.

2017 Budgeting Tips:

The first step in creating a successful budget is to think about why you’re budgeting. If you’re creating a budget just because – because someone told you it’s a good idea, be it a family member or a financial success book – budgeting won’t work. The real purpose of budgeting is to indicate where your spending weaknesses are and provide the structure for you to get stronger in those areas. It also helps to have a goal in mind – this works as a great motivator when it comes to sticking to your budget.

Step two is writing down what you earn – from all sources.

Step three is likely the most difficult and will probably take the most time – write down all of your monthly spending. This means both regular and sporadic payments. Sometimes it helps to have the first month be your test month. It shouldn’t actually be a budget at all, it should instead reflect your spending in an average month. Then you can use that data to build an accurate, realistic budget.

Take advantage of the various budgeting tools available – even if this means something as simple as a pencil and paper. Use such tools to keep track of spending to ensure you’re staying within your budget guidelines.

Creating a budget can be a frustrating task. Staying on budget can be even harder. Once you’ve created your budget, it’s important to stick to it. Here are some 2017 budgeting tips to stick to that budget:

  • Use cash and only cash, for everything
  • Divvy up your weekly spending into envelopes or jars
  • Make sure you get and keep receipts
  • Share the responsibility with someone else

If your budget shows nothing left at the end of the month to pay down debts above and beyond minimum payments, you may want to consider other solutions such as a debt consolidation or even a consumer proposal, depending on how bad your financial situation is. Minimum payments will never lead to you paying off your debts.

At DebtCare, we can help you create a financial plan to pay down debt and move towards a more stable financial future, no matter your current situation.

Call us today, we can help. 1-888-890-0888.

 

 

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