(NC) Another school year has begun, and with the rising cost of living it’s no surprise that this is an excellent time to take stock of your finances and create a budget.
Your own personal budget can help you manage expenses, like school supplies, lunches, extracurricular activities and transportation, while supporting saving for longer-term financial goals.
But in day-to-day life what does that mean?
Well, rather than stressing you out, creating a budget can help you figure out how to meet your needs and make informed choices about your finances so you can actually feel more secure about your future.
Keep all your receipts and bills to start tracking your expenses. Then take advantage of a tool like the Financial Consumer Agency of Canada’s online budget planner to take away some of the guesswork. It helps you create a personalized budget so you can look at where your money goes more clearly. It also allows you to compare your budget with those of other Canadians like you.
Once you decide how to adjust your spending, here are tips to help you stay on track:
· Update your budget with any changes, such as a pay raise, a bill increase, etc.
· Compare your budget to what you actually spend at the end of each month.
· If your actual spending often varies from your budget, readjust your figures to make it more realistic.
· Set a reminder or book time in your calendar to review it and help you make it a habit.
Find the budget planner and other resources at Canada/money.
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