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Thread: do you budget?
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Mon, Jun 8th, 2015, 07:17 PM #16
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i don't budget but i know i should. I do have $25 extra taken out of each pay automatically for taxes that way i can get some $ back each year and not having to worry about paying taxes. I've just started this year of allocating a percentage of my salary to RRSP. These are all options through the employer and they are automatic withdrawals per pay cheque. I figured if i do not have the $ in my account then i can't spend it.
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Tue, Jun 9th, 2015, 03:43 PM #17
We use YNAB and I love it. we both have it on our computers and also on our phones. As soon as I spend money I put in the numbers before I forget. I love the philosophy that you only budget for money you have right now, you don't budget for money that you haven't been paid yet.
It also has reports where you can see spending trends etc ... my favorite is the New Worth table, We have been using YNAB for 7 months and our net worth has increased by $30k. It is the small changes you make that have the biggest effect - it shows you exactly where you are spending money and trains you to make smart choices.Built Bars 15% off sitewide, free shipping when you spend $25. User the code LOUISE2020 to get another 10%
PC Insiders please use my code LR1507 you get $25 and I get $10 in points
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Tue, Jun 9th, 2015, 07:12 PM #18
In my opinion paying taxes upfront is a loss unless you have zero saving ability. You are basically lending that money to the CRA interest free and actually taking a loss based on the rate of inflation as your money is worth less as everyday passes. You could use the tax money to cover debt, invest or to cover the bank fees on an account.
Say you owed $5000 in taxes in a year and you had a similar debt on a credit card at 20% interest. By using that $5000 to service your debt would save you $1000 in a year.
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Tue, Jun 9th, 2015, 08:04 PM #19
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Congrats on saving for a home!!!
There are so many budgeting ways that you really need to figure out which will work best for you. You might start with the jars and then switch to something else and that's okay, whatever works is the best option.
Our household income has drop significantly in the last year and well we start to budget to make head way and it's amazing when you see what you make vs. what you spend and can decide to cut corners if that's an option and put that towards debt retirement or savings.
We recently left Scotiabank after 10 years and have switched to PC Financial (the switch was easy peasy and well worth the savings) and I really wish I had switched long before now. For example if you were to take your current bank fees and switch banks you could put that monthly bank fee into a savings account yes it's a small savings but all those small savings and changes add up quickly at the end of the month or at the end of a paycheque.
Since I am on a medical retirement from my employer I get paid once a month so I absolute need to budget and do forecast expenses for the upcoming months. I keep a journal for expenses that are paid annually such as CAA, rental costs for ie hot water or propane tanks etc....it's a visual reminder of what is due when and how $ (of course things do go up in cost but that's a general figure).
We don't spend $ we don't have and are slowly building up an emergency fund for those 3 large unexpected expenses.
Best of luck to you and the biggest advice I can give is baby steps, start off slowy and then increase your budgeting and make changes along the way. Small goals are more achievable and keep momentum so for example save for the downpayment or closing costs and then move onto saving x by year 1, year 2, etc....2019 is the year that we continue to save before we buy!!!
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Wed, Jun 10th, 2015, 11:57 AM #20
I bank with Scotiabank (I don't pay fees as I keep a minimum balance) and i use PC Financial for groceries and gas (to get the 7c/litre back). I only use PC twice a week and don't usilize all the account has to offer. But a word of warning from one of my colleagues who does - they have zero flexibility on the account as it is all automated. His wife wrote a cheque out and mis-calculated by about $2 and they did a NSF on the cheque (it was rent so quite a big cheque) they were charged $45 and then they also had to pay the amount the landlord was charged by his bank. OK it was their mistake, but that is a huge fee. They went to the pavilion in the store to see if they could get it reduced and they were told no, apparently because the banking is free this is how PC financial make their money!
Built Bars 15% off sitewide, free shipping when you spend $25. User the code LOUISE2020 to get another 10%
PC Insiders please use my code LR1507 you get $25 and I get $10 in points
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Wed, Jun 10th, 2015, 04:51 PM #21
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Subscribing to this excellent thread. I haven't read all the posts and can't participate right now because i am very busy but i'll come back here again.
Congrats on saving for your home!
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Fri, Jun 12th, 2015, 10:35 AM #22
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Mon, Jun 15th, 2015, 10:56 AM #23Built Bars 15% off sitewide, free shipping when you spend $25. User the code LOUISE2020 to get another 10%
PC Insiders please use my code LR1507 you get $25 and I get $10 in points
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Mon, Jun 15th, 2015, 11:48 AM #24
Grat thread, following as well as we are budgeting to pay off debt
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