Archive for January, 2010

I am a big believer in keeping track of where you spend your money, because if you don’t keep track of where you spend, it’s very easy to spend more than you have.

Every day I meet with people in Windsor who are worried about preparing a budget, and I give them all the same advice: You must go into the budgeting process with a POSITIVE ATTITUDE. Don’t think about the negative aspects of making a budget; concentrate on the rewards.

You may be able to pay down your debt or save for retirement. Your budget is the tool for you to reach your goals.

STAYING MOTIVATED happens over time and becomes routine. Staying motivated is hard no matter if your goals are to keep physically fit or financially fit. You may consider rewarding yourself or raising the bar a little higher and save more.

Finally you need to have REALISTIC GOALS. It is always best to choose short term goals such as paying off a bill or saving for a vacation. Attaining short term goals helps to build and maintain your motivation. Try these budgeting basics that work:

1. Write down every time a penny goes out of your pocket. Yes, every single penny. It really does add up. Do this for three solid months. Tracking your spending behavior actually works. You can’t change it if you don’t see it.

2. Add these numbers up and put them into your monthly budget along with your fixed monthly bills.

3. Ask yourself if you are happy with where your money is going or is there a yes with a condition? ie: Spending $60 a month at the coffee shop is making them rich. Try spending $30/month and putting the other $30/month in a separate savings account with no attached debit card access.

You may find your debts unmanageable and feel that you are getting nowhere fast. A consumer proposal will give you the fresh start you need. Please call me at 310-PLAN or 519 250-8060 or email me to book a no cost, no obligation meeting.

Yes, I do realize the holidays are over, but now is the time to start planning for 2010. One of the most important things a person can do is to set a budget. Not just for gifts, but for everything. Our phone lines are quite busy in January as people start to receive their holiday credit card bills and are shocked to discover how much money they spent.

So here is the plan. Set a limit on how much you are going to spend and then set aside money each month in advance. For example, if you are planning on spending $500 on gifts, set aside $42 each money. If you start doing this in January, you will already have the $500 set aside. It is a lot easier to save a little bit each month than to try to come up with a large amount all at once.

I realize that many people have debt they can’t manage and that is where we can help. Sometimes bankruptcy or a consumer proposal is the best way to get a fresh start.

If you have having difficulty managing your debt, call us at 310-PLAN or 519-250-8060.