Establishing and sticking to a budget requires motivation and discipline. The easiest way to stick to your budget is to keep it realistic. Always over-estimate your expenses to give you a bit of a cushion.
Now, first you need to set your goals. Organize them in order of the most important and put a date next to them of how much money you will need to have saved for that item/bill. Then figure out when you would like to have each one paid off and put the date next to it. Remember to be realistic!
After you’ve done that, you must find out how much money you have to work with. What is your monthly income?
Finally, add up your expenses. Make a list of every single bill you pay each month including rent/mortgage, hydro, cable, etc. At the bottom of your list you should put your variable expenses. This includes groceries (including toiletries), clothing, gifts, entertainment and the like. Hopefully your monthly bills don’t exceed your income. If they do, it’s time to start trimming your variable expenses!
Also, you must have an emergency category on your list. Even setting aside just $100 a month will net you $1200 a year and if an emergency happens (vet visit, car trouble, etc.) you will be covered (depending on how much you have in this account!). Ideally, you should have 3-6 months worth of living expenses on hand in case you and/or your spouse are suddently out of work.
Another account you should have is a savings account. This account should be used for savings towards the things on your GOALS list. New house, new car, a baby, furniture for your home, vacation.. all of those things. If there’s not enough money in your savings account, you can’t buy that item. It’s as simple as that!
Don’t forget to start planning for your retirement. You are never too young or too old to start saving. A good way to do this is to open an RRSP (Registered Retirement Savings Plans) and start putting some money away. Set aside as much as you can afford per month. Any money contributed to an RRSP remains tax-deferred until the funds are withdrawn.
Now that you have your budget written down (or typed up, like me) STICK TO IT! You also need to write down every single thing you buy for a month, including that coffee on your way to work in the morning. This way, at the end of the first month when you go over everything, you can see what you spend your money on. This helps you to cut back on things much easier than just guessing what you spend on certain items.
Good luck!
As helpful as your diatribe can be, can we religate this to a blog or somewhere for people that want to read this stuff?
Keep the front page to real deals…not all this yapp, yapp, yapp.
I’m not going to return to this site until it’s cleaned of this babbling. I’m sure there are others that feel the same.
People…join the boycott.
Not to worry, I won’t be posting here any longer.
I dont think theres any reason to start a boycott. Mrs January is new at blogging, and perhaps didnt really the style that some strive for on the blog. On that note, Mrs January dont take this personal, youve got to have a tough backbone to blog, ive seen some posts completely ripped apart from today until tommorow, its all free speech 🙂
Well said Sally.
mrsjanuary
I want to read more of your facinating information! It is refreshing to learn about becoming an intelligent consumer, not just a person who get excited about $1.00 off something they don’t need.
Please keep posting the excellent information. Not everyone is bored.
Alex
I will join the boycott…of rude people like Bored…although it looks like Bored may be boycotting Smartcanucks…so we won’t have to read Bored’s yapp yapp yapp!!
I appreciate any info on saving money and mrs. january is doing a good job…keep up the posting…and if you’re not interested…for goodness sakes…take a chill pill and go to another post/blog!!
baggypants
why not continue to post
the info you give worth the time you take to wrote it
we never have too much info about savings
i think that someone who take the time to search and give info to others does not deserve to be turn down
good work , don’t give up, you are not alone
frendly
Mia001
I don’t budget.
Hubby and I also don’t owe anyone a single dime, we don’t rely on credit cards, don’t borrow money, have compiled reasonable savings, contribute to rrsp’s monthly and just paid cash for a really nice, not cheap, vehicle. No loan.
We also don’t make tons of money.
Don’t get me wrong, we also enjoy our lives, and go fun places, take little trips during the year, eat out once a week. We eat a lot of meat and I don’t hold back when it comes to spending on fresh produce.
I wouldn’t sit down and make a budget, find it’s waste of time. I do however spend wisely, and that’s what probably counts, seeing as how we achieve what we do without a “budget”
I know personally for me I enjoyed this blog. thanks so much. I’m always finding new ways and strategies to save money and budgeting properly. Thanks a bunch Ms.January for posting this!
nis…I don’t budget either. We do not use credit cards and we buy (with cash) what we can afford when we can afford it. We have 3 kids and 1 on the way and all are not going without anything. We live a great life and I am able to be a stay at home mom.
I tried to budget in the past but for us I found it stressfull. Like you said for some spending wisely is more important than budgetting. If I had credit cards and loans then maybe budgetting would work for me
MrsJanuary thank you for your posts…they are informative and they get people talking. Even if they do not always agree. Its nice to see how other families deal with day to day shopping and financing etc
ON momof three, I only have one kiddo, but have another on the way.
It’s refreshing to see other ppl have the same approach to family finances. Personally It’s so stress free and there is something very satisfying about not having debt and just focusing on your family instead of unecessary stuff.
Not ness. stuff?
We only live once, why not enjoy it ?
Sure I buy three hundred dollar purses too often, but my bills are paid, kids are spoiled and were happy.
Why not enjoy life?
U can still save and buy stuff that you *dont* need to survive.
We learned all this budgeting stuff in grade 10 of highschool. Most people end up changing it up to what suits there needs.
if people don’t like a certain post then they don’t have to read it!
l liked mrsjanuary’s posts. i wouldn’t stop for one negaive comemnt
I M VERY DISAPPOINTED TO SEE THESE NEGATIVE COMMENTS ON BUDGETING.I OPENED COMMENTS PAGE IN THE HOPE TO FIND SOME USEFUL INFORMATION ABOUT RRSP AND OTHER MONEY ENHANCING TIPS.PEASE PEOPLE DONT FORGET THAT THIS BLOG IS AS MUCH FOR LOW INCOME CANADIANS AND IMMIGRANTS,WHO ARE NOT AWARE OF CANADIAN SYSTEM COMPLETELY,WHO WANT TO KNOW ABOUT RRSP, RESP ,ENERGY BILLS REBATES,CHILDERN BENEFITS ETC.KINDLY DONT LIMIT THIS BLOG TO ONLY DEALS AND COUPONS.
As the name of the website implies, it’s a place where Canadians can get smart. Don’t stop posting because of one stupid comment, Mrs. January. We like reading your posts and getting smart 😉 The blog section is, well, for blogging, no?
Yeah, I like Mrs January’s posts! Dont stop =(
I have found tham very informative and if people dont like them then go surf elsewhere:
Boo, correct me if I am wrong, but to the best of my knowledge, there is absolutely NO advertising on this site thus, if you do or dont read the posts , Boo and/or Mrs January arent making any money.
So to be blunt to the complainers: “Shut up and surf elsewhere if you dont have a constructive comment to offer”
damn skippy!
But I must point out it is a blog, some people are going to like it some arent, it isnt fair to tell the people that dont like it to ‘shutup’ just as it isnt fair to tell the people that do like it the same thing.
Theres no point in starting a opposing and ”for” side.
Noones ever going to agree on the issue, nor is it expected of them.
Personally for me none of these posts relate to me, but they might for others. Not everyone is from a stereotype 🙂
I find a lot of other blog posts very riveting 🙂 and as far as I knew SC doesnt live on blog posts alone lol.
sally, I’ll be buying my $300 purses when my hubby gets his career in motion, and brings home enough to buy me those things 😉
But you know, even then I’ll be spending wisely, hopefully. Spending more! But spending it wisely I hope.
Til then we still enjoy ourselves. I refuse to whine about not being able to afford to do stuff. I may spend a little less on frills and toys, but we spend as we please when it comes to our little family and we try to have fun as much as possible.
My mom raised us with the whole pinching pennies routine, and that isn’t for me. I don’t believe in being cheap. I want, and have nice things.
I guess my original point was why sit down and plan a budget, when common sense is all you need. Either you can afford to do something or you can’t, and if youre priorities are messed up, the budget you ink will probably be pretty unrealistic too.
Just waiting to buy those $300 purses! 🙂
hheeheh I get your point. I grew up without a ton of money and I know what its like to have nothing, so now I seem to buy lavish things if I can 🙂
But Im also a wheeler dealer and will turn around and resell them when Im done with them 😉
mrsjanuary…………..are you coming back?
We want you here! Please let us know that you will be posting here again. We appreciate your contribution.
Alex
nis….you sound very similar to us….baby on the way and all. We buy what we need when we want to when we can afford it….Stress free! And all extra money goes to living life and enjoying our family
We are fortunate that hubby has a job that is needed and wanted everywhere. If he didn’t then I would be more interested in budgeting. It is sad so many people are losing jobs because of layoffs and they are not prepared
I sent MrsJanuary an email letting her know of the support she has on here……maybe she will come back
I noticed how nice and uncluttered this site has been lately. Cassie you have many followers and you should return…but to the Forum. People can still enjoy your lists and you can continue to write to your hearts content.
But I gather from the “announcement” of your arrival, you’re the type that likes to be the centre of attention and being front page.
Ego is such a hinderance.
And to all your followers, get some common sense. That’s what all Cassey’s lists are in the first place.
Ebay to get stuff?? Really?? I didn’t know that. NOT!!