Paying for more than you need.  Double-check your cell phone and cable packages:  Are you actually using everything you’re paying for?  Data charges and channel/satellite package costs can run quite high but if you’re not even close to using what you’re dishing out for contact your providers and see about making some revisions.  It’s generally good to do this once a year or so, plans and offers change – make sure you’re getting good value!

Getting charged fee after fee…after fee.  Do you frequently forget to grab cash at your branch and resort to the $3 per withdrawal ATMs?  Make payments a few days after the deadline and wind up with late charges?  Pay for bank account feature you never access?  Those ‘convenience’ fees can accumulate to anything but convenience!  Grab your bank statements and try to plan ahead for cash withdrawals, look into alternate bank account options and mark payment due dates in your calendar.

Accumulating little costs.  OK, it’s unlikely that the occasional fancy coffee out will break your budget completely – but a few times a week is likely to siphon enough of your budget to be noticeable.  Same with things like parking (downtown Vancouver anyone?), your favourite weekly guilty-pleasure magazine, regular Friday happy-hour cocktails, and anything else you can think of!  You’re the boss of your budget and if you decide you want these things it’s fine – just make sure you actually budget for them.

Letting interest build up.  You know this one friends:  Using your credit card and not being able to pay the balance in full is going to cost you.  Unfortunately it will continue to cost more and more if you’re only paying the minimum.  Keep pesky interest charges off your back and don’t use your credit unless you know it’s to your advantage, and not to the bank’s.  If you want extra incentive, check out the portion of your statement that shows just how long it would take to pay off your card making only those minimum payments.

Forgetting to plan for the unexpected.  At some point in time, big or small, irregular expenses AND emergencies will occur – the best way to keep them from derailing your budget is to plan for them!  Whether it’s an annual insurance premium, an inconvenient trip to the dentist or unwelcome vehicle repair, regularly set funds aside to deal with those eventualities.  Allocating a small, consistent portion of your budget to an ‘unexpected’ fund can save you a huge headache later.

If it doesn’t seem like your budget is successful, always check for gaps and try again.  No matter what your income and expenses look like, a sound budget can save huge hassle and provide great piece of mind.

Is debt sinking your budget?  Find out how a trustee can help!  Contact us for a free, confidential consultation in one of our 17 BC offices.

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1. Schedule a financial check-up.  When was the last time you had a heart-to-heart with your finances?  If it’s been a while there have probably been changes!  A pay increase, new financial obligations, even revised utilities should all be addressed.  Set aside some time to review where your finances are at and get up to speed with where your money is going.
2. Set some goals.  Coming up with some financial goals and structuring a plan to  meet them is a great way to make friends with your budget.  Knowing that you’ve met some short term goals (such as starting and contributing to a savings account or paying off that pesky credit card debt) could provide you with momentum to expand your financial horizons and the drive to keep up good habits you’ve created.
3. Make your own rules.  Think you’re not entitled to your favourite fancy coffee or a weekly fitness class?  Think again!  Unless you have super-human discipline, trying to keep any and all “extras” out of your budget is probably setting yourself up for overspending.  Of course you’re entitled to the occasional indulgence – just make sure you’re planning for it and hold the reigns firmly!  You can decide what you’re willing to find room for within your means.
4. Keep cash on hand.  Spending with cold hard cash instead of plastic actually does help you stay on target.  If you know you’ve only got $100 in your wallet to last until next payday it will make the decision of say, buying a round of pints for friends versus groceries for yourself a lot easier to make.
5. Bag a bargain.  Had the same cell phone provider for years now?  Stuck with a tried and true credit card company?  You’re the customer and you CAN ask for a better rate or deal!  Call your various providers and see if they can’t give you a better offer.  You’d be surprised at how willing companies are to up the ante to loyal customers.
6. Nix the stress.  If juggling your bills is constantly in the back of your head, take a big breath and a closer look.  Are the bills unmanageable because there are too many small balances that could be consolidated into one, or are the debt payments something likely to outlast your car’s life span?  Make a clean break, whether it’s through consolidating, a consumer proposal, or even a bankruptcy.
7. Share your successes.  Being able to talk about your new financial plans is a great way to stay motivated.  When you’ve met a goal or found a financial strategy that works, share with those you’re close to!

Dealing with a budget doesn’t have to be a downer.  Money and finances in general play a huge role in our day to day lives, so why not make the most of it?

Debts got your budget down?  Contact us for a free, confidential evaluation of your debt reduction options in one of our local BC offices.

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To arrange a free and confidential debt consultation to discuss your debt resolution options in one of our local BC offices please contact us.

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1. Pack a lunch.  You’ve probably heard this one before – and for good reason!  Bringing your own lunch and snacks to work can be easily added to your daily routine and can save you a ton of cash, especially if you do this consistently over time.
2. Skip the java.  We’ve all faced the 3 p.m. drowsiness when we need a little boost to get through the rest of the day.  Instead of dashing out for a $2 coffee, make a habit of brewing it at work, if you can.  Bonus savings if you can avoid doling out for your caffeine before work by bringing your morning pep from home.
3. Make a list.  Having a list prepped (and sticking to it!) when you’re going grocery shopping is invaluable.  It will save you time while you’re shopping and stop you from buying things you didn’t need, didn’t really want, or that were just plain tempting.  Also be sure to do a quick check of your fridge and cupboards before putting together your list.
4. Start saving.  Setting aside money on a regular basis can protect your budget in case of emergencies and unexpected or even forgotten irregular expenses.  There are bank accounts now designed to help you save by rounding your transactions and putting the extra funds into a separate account.  Don’t be afraid to ask your bank about how they can help you become a saver.  If the answer isn’t to your satisfaction, then consider changing banks.
5. Ignore the sale.  Yes, you read that right.  All too often we see a sale and immediately feel tempted to buy because ‘it’s such a good deal’ – even if it wasn’t previously on our spending radar.  Unless you’re already in the market for whatever is on special, just move along.
6. Read the fine print.  When signing up for something new such as a bank account, credit card or loyalty program, be sure to check the small print.  You don’t want to find that your great new plan came with membership or user fees you weren’t expecting.  It’s also a good idea to check your current agreements to see if they still fit your needs so you aren’t continually paying for more than you require.
7. Go local.  Libraries, municipal facilities and community programs are everywhere!  Instead of forking out for books and DVD rentals, try your local library.  It doesn’t cost a penny, but just be sure to return everything on time.  Looking to start a new hobby or find a new gym?  Check out community centers in your area –they generally offer a wide selection at very reasonable prices.

It’s not always a splashy night out or an impromptu shopping trip that throws a budget off kilter, sometimes it’s the little things that count.  Once you’re able to nip them in the bud, both you and your budget will breathe easier.

To meet with a local licensed trustee regarding debt solutions available to you, please contact us for a free, confidential consultation.

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DO — Leave the dough at home.  Credit and debit cards can stay at home if you’re out and about — they’ll be fine without you.  Carrying a limited amount of money will make it a lot harder to spend.  If you find that even on an afternoon stroll you burn through the cash in your pocket (quick trip for an unnecessary coffee, grabbing an extra magazine, etc.), then start leaving your cash at home too.

DON’T — Be pressured by a sale.  Just because an item is on sale doesn’t mean you have to have it right then and there, even if it’s something you use.  If you’re unsure then walk away and give it 24 hours.

DO — Make shopping lists and stick to them.  Simple, right?  If you frequently shop without a list try using one and see how much less you bring home.

DON’T— Buy to make yourself feel better.  This one often lands people in a vicious cycle.  The initial pick-me-up is usually replaced by guilt when you realize that you didn’t need or couldn’t afford the purchase.

DO — Focus on needs instead of wants.  It can be difficult to stick to your guns when you see things you want that everyone else seems to have.  To break the cycle of emotional spending, keep your eye on the prize, and your budget.

DON’T — Get sucked in by store credit cards.  Yes, you may get an initial discount on your purchases but you’ll likely buy more than you intended.  And store cards often carry a very high interest rate so you’ll be paying more for your items for longer.

DO — Take a closer look.  Try to pinpoint where the desire to shop is coming from.  Is it something you do when you’re feeling sad or when you’re rewarding yourself?  If you can find the source and address it, you’ll have an easier time adjusting your routine.

DON’T — Be afraid to ask for help.  If you’re really struggling, confide in trusted friends or family members.  See if you can’t buddy-up to help keep on track when you’re out making planned purchases, like grocery shopping.  If past overspending has now overextended your credit to the point that you’re unable to meet your obligations, speak to a financial advisor or licensed trustee.

We’re shelling out an annual average of $3,720 on impulse buying that could be put to better, guilt-free use.  With Canadians’ savings at a worrying low and debt-to-income ratio at an all-time high, kicking the impulse shopping habit is definitely a step in the right direction.  We work hard for our money, after all!

If you would like to speak with one of our licensed trustees regarding your debt resolution options please contact us for a free, confidential consultation.

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