The Importance of a Budget

August 8, 2022 | Posted by: Sharon Patton

The Importance of a Budget

According to a survey by Manulife Bank, 47% of Canadians don't have a budget. It is more important now than ever to have a household budget. With gas and fuel costs rising, interest rates trending upwards, and talks of a recession coming it is easy to feel overwhelmed and uncertain about your finances.
Let's look at how having a budget can help you build wealth and financial security for your family.

The most important thing that having a budget in place does, is to track your finances. Knowing what is going out and coming in allows you to see where you can find possible savings.
The average Canadian has $20,000 in miscellaneous debt costing them $250 a month in interest alone. What could you do with an extra $250 dollars a month, or the bigger picture, $3000 a year?

We can look at your options when it comes to your miscellaneous debt. We can put a plan in place that frees up monthly cash flow to build wealth.

Once you have a budget in place you can also look at ways to save money.
Here are some Money Saving Tips:

Limit eating out to be a special treat
Sign up for a points program and get rewards (like PC points)
Check out free local events in your community
Try a vegetarian meal twice a week to lower your grocery bill
Track your spending with an app (like Mint.com)

Sometimes unexpected large expenses can come up that you just can't budget for. Even when you are on track and saving, you wonder if there is another option other than placing it on your credit card.
Wouldn't you love to have access to an emergency fund for times like this?
Let's look at your current mortgage, and the equity in your home and explore the options of adding on a line of credit. A line of credit is lower in interest, can be used when needed and you have the option to just pay the interest or even the full balance at any time.

We are here to help you put a budget in place and have a strategy to build wealth, and plan for the unexpected to ensure financial security for your future.

I look forward to connecting with you soon.

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