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Top Seven Budgeting Tips for Canadians

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Top Seven Budgeting Tips for Canadians

With February right around the corner, many people are starting to struggle with keeping their 2020 goals. If one of your goals is saving money, then you should already know how your first month went; were you able to stick to your plan, or did you go off-course?

If your first month of "new year new you" didn't go so well on the money front, that's okay! You still have 11 more to make a difference. To jump-start your endeavor, we have seven tips you can try to make sure you save money throughout the year.

One: Accept Failure

The first thing you need to do if you want to save money next month is to accept failure this month. If you don't accept that you've done bad and think about why that could be, you'll never grow and improve from your mistakes.

Two: Understand Why You Struggled

If you can say, "this month didn't go so well," then it's time to examine why this happened. Think about what made you spend more money than you should have. Also, look at what you spent overall and on things like groceries and eating out. Perhaps you went out a few too many times?
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Three: Re-Define Your Budget

After accepting your misstep and learning from it, you should take a look at your budget. If you looked at what you spent last month, then you've already gotten started. Make sure your "must-haves" are what they should be. If you spent more than you thought you would, it's important you try to lower your wants while recognizing your needs.

Four: Talk With Family

If you have other people that you spend money with, talk to them about your goals and your failure. Perhaps they can give you some advice on how you can save more. If they are attached to your bank account, perhaps they could be a mentor and help you stay on track next month.

Five: Accept That Emergencies Happen

Sometimes life will get in the way of saving money. When this happens, you can't get mad. You might need to take out an instant payday loan and blow through your savings to take care of an unexpected cost. Don't worry, just get through the experience. Come out on the other side, ready to pay everything off, and get back on track.

Six: Be Mindful

Each time you spend money, think about if you really need what you are buying. If you find yourself with a full buggy at the end of a shopping trip, then look at each item to see if you have to buy it, or if it could go back on the shelf to keep more money in your wallet.
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Seven: Keep Trying

You might not succeed in your money-saving goals next month, either. However, that doesn't mean you should give up! Rather, look at each month as a new opportunity to succeed. Work to save more money and do better with each passing week.

Even when we try to strictly adhere to a budget, life can still catch up to us. If the unexpected happens and you need to quickly borrow some extra cash, get a loan with iCASH. We offer small short-term loans of up to $1,500 for Canadians - learn more at www.icash.ca!

Ramona Glanville

Ramona has been a regular contributor to some of Canada's top wealth-management editorials for over 30 years. She strongly believes in good saving habits, reducing financial clutter, and red wine.