One of the most helpful tools you can use in your daily life is a budget. A budget is a spending plan to help you manage your money well, eliminate debt and save for your future. Your counsellor can help you set attainable goals and work with you to establish a budget that meets your personal and family needs.
We help you:
Set financial goals
Consider your short, medium and long-term financial objectives. Keeping in mind, as your life and circumstances change, it is important to review and possibly update your goals. While they may change, you have a guideline to help control your spending, remain consistent in paying your bills on time and achieve your savings target.
Identify income and expenses
It is important to identify all sources of income, including those unexpected items such as birthday gifts and tax refunds. It is equally important to account for all of your expenses. To avoid going further into debt, set aside money on a monthly basis for seasonal expenses such as gifts, vacations, and car or home repairs.
Track expenses
Your personal counsellor will help you determine a system that works best for you. Keeping track of your expenses periodically allows you to identify ways of saving more effectively towards your goals. It helps you build an accurate budget based on what you actually spend versus what you think you spend.
Separate needs and wants
Making clear decisions about what we need versus what we want is made easier with clear financial goals. We all need food, housing and transportation. Having clear goals will help you make informed choices regarding additional needs and wants. The important distinction is if you can live without it or not.
Form a spending plan
This is the glue that makes your budget stick. Your spending plan will help you manage your monthly and seasonal expenses, making it easier for you to achieve your financial goals.
Review your progress
Don’t be discouraged. A budget may not work the first month or even the second. If you’ve followed these important steps, it will get easier and you will succeed if you stick with it. You can ask your counsellor for help at any time.
For more information on building a budget and to receive a free copy of our "Money Management Basics: 8-steps that will put you in charge of your money", contact us today.
