2022 financial resolutions

[HermanH]

Put in a category for Savings.

It can be as little as you want, but be certain that you have it as a category. Even $10-20/week can amount to a significant sum at the end of the year. Also, make saving a priority. Treat it as a vital necessity, like rent. Anyone who says that they cannot afford even a small amount must already be living underneath a bridge.

[endi2000]

As that beeing said...I regret to not having simple finance skills...nobody in life appart my uncle talk to me about how to spend money in life.do a budget and etc...Only 1 time after my mother was dead he did me a 4 years budget with the total ineritance money I received. to back to school and working in 4 years but that did not happen so now I am on my own to do my budget with what is left remaining....
huh...I dont know where to start....any idea tips are welcomed!!!
Do you do it by week,by month...categories,subs categories? Thanks

I have been budgeting for over 50 years and keeping track of ALL purchases We don’t and have never made a lot of money - but have managed to be mortgage free for close to 20 years. There are many apps - for both phones and computers - that are reasonably easy to use. Usually takes a bit of time to set it up - but once you have - just keep track - daily - of your expenditures and income then you can balance your checking account and credit card statements each month. I’ve used both Mint and Quicken. It really helps at income tax time - especially if you can claim car expenses or in home office costs. (BTW I started with a pen (pencil- easier to erase) and paper ledger - didn’t even have a calculator at that point)

My Mom used to use the ‘envelope’ system. Took out her budgeted amount each week - or every 2 weeks (depending on the pay schedule) and had an envelope for each category - doling out the cash as needed.

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[endi2000]

Worked on my taxes yesterday and figured out how much to put in my RRSP to offset the extra income. So happy to have that done!!!

Groceries- We are eating well. Using up stuff too.

No plans to touch my PC pts this month. Let them build slowly.

Don’t forget to put more of your savings into the TFSA I always do it at the beginning of the year so I don’t have to pay tax on any (ha ha) interest I might earn through the year


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[endi2000]

Had to shop for work so planned it with a PC point offer. $15 PC pts for me.

Paid the 1st 1/4 property taxes today. (due Feb 20th) Glad to have that done and out of the way.

I made myself a separate savings account - each month I put 1/12 of the tax amount in there - so when the quarterly comes around - I’ve got it in a separate account - don’t have to dip into the general coffers


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[endi2000]

I will be pulling my cash binders later this afternoon and organizing stuff and making a plan. But I realize I paid an extra $325 on one of my credit cards and now it has a credit of $325.00 and I have no idea where that card is at the moment (I put a hold on it) Once I find it I will have to make sure to use it for gas and then transfer the gas budget money where I want it. Damn. I don't plan on using it really in January. What a silly mistake.

Could you not ask the credit card company to reimburse you?


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[SassyAshley]

I base my budget per pay, it is easiest for me that way. Each pay I know what money needs to go where. Each pay cycle I update my budget to see what was spent, did I overspend in any categories, did I under spend and have a balance to move forward.

Although I know some would frown upon overspending, in some categories it happens but it will all balance out in the end. For example this may happen with my grocery budget if we take a trip to Costco I may go over that cycle but it even out the next cycle. Or sometimes if we buy something for the house I will spend more than what is my budget but will even out as those are not purchases we make each pay cycle.

The categories in my budget are:
Household - All our monthly expenses, Mortgage, Hydro, Internet/Cable
Groceries - All household consumables, groceries, cleaning supplies, pharmacy (anything you buy at a standard grocery store, not a superstore)
House Items - Non consumable products needed for the house, Kitchen Gadgets, Decor, Updates, Renos
Take-Out - I was hesitant to add this category as I did not want to promote Take-out but it is nice for a treat and if needed I can move overages to groceries
Special Occasions - Holidays, Birthdays, I set aside money so when they come around I have the $$$
Savings - I have a set amount from each pay cycle I put into long term savings
Emergency Fund - This is for those unexpectant expenses, a major appliance breaking, unexpected expense
Misc - Anything that does not fall into another category but comes up

[Giseledta]

i have a catagory for ... irregular bills... things that come up 1 x per year.. memberships ect.

[Frugalbigmama]

I made myself a separate savings account - each month I put 1/12 of the tax amount in there - so when the quarterly comes around - I’ve got it in a separate account - don’t have to dip into the general coffers


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I do the same. Always have

[Frugalbigmama]

My PC pts are at

$470 Card #1
$27 Card #2

Really watching for the May 24 long weekend summer sale that tends to happen. Hoping for good BBQ deals so I can redeem points and stock the freezer up.
We are slowly going through our stuff so will have room.

[Frugalbigmama]

Budget Update.

Paid all bills.

PC PTS
$494.00 Card #1
$27 Card #2

Not seeing May 24 meat deals that I was hoping for DS is stocked up on burger and sausages. Will keep an eye for deals to keep him stocked up.

[Frugalbigmama]

Paid all the bills.

Going to try for a no spend till next Monday. We have food. We have lots of projects to do around the house to keep us busy.

PC points

#1 28,190
#2 495,600

Have annual insurance premiums to pay next month for House and car so that will bump up the points.

[Frugalbigmama]

Cleaning up the budget since it is payday next week but I am on vacation starting at 4pm today till next Wednesday

PC pts
#1 507,000
#2 29,090 (going to try and beef this one up a bit and then redeem for a week of fresh stuff to get us through the week)

Will pay house and car annual insurance premiums next week. Will use PC MC so the points will get a bit of a boost.

Groceries- See some good stocking up deals with points (cereal- my kids wants cereal- I have a stash started in my closet ) Other then that just fresh stuff on sale so don't think I will spend much on groceries the next week (also going away for a few nights but free meals )

[Ciel21]

Intend to update my CRA account once laptop comes into my hands soon so I can get direct deposit for the three July credits. Not keen to wait for three separate cheques in the mail! Update completed on June 20!

Shopping list:
New runners ($115 is not enough; $130 seems what I'll need as I found a style I could live with online)

New gas mower (cheaper than a battery operated mower with a battery and charger, alas) unless Bro decides to get one first (then I may give some cash to offset his purchase)* Pending(Mom says I'm not to buy one, but she has yet to go to buy the mower-I'm looking at $225 if there's no assembly charge for the display model that is ready to mow...)

One or two summer fun events locally (food truck or festival)

If funds allow, a consignment store piece of desired furniture if I can figure out delivery!

Hot weather treats

[cath007]

My financial resolution is to watch what I buy and track my expenses.

[Ciel21]

For those home owners who have the June third tax instalment payment due by June 30 in their municipality-you should plan to do the payment (if this item is not an automated one for your residence) earlier in the week in case on the last day, the office staff close the office by 1pm due to the Friday holiday. Canada Post also stops mail services by lunchtime the day before Canada Day.

I have to see how I can get Mom to hustle tomorrow on this very thing. She balked when I told her to make payment earlier this month when the senior's property tax grant came in.

In advance of the receipt of tax credits, I am using some of my personal July expense cash (received yesterday) to get online items (have 3 more debits left for June) this week.