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We are pleased to provide a variety of resources on accounting, taxation, and other related subjects that we think you will find helpful to both individuals and businesses. Browse through the Quick Tools resource menu then, if you have a question that isn’t answered, we can help to clarify your situation. Simply contact us by email or give us a call at 778-792-3282. We would be happy to meet with you for a free, no-obligation consultation to discuss your unique situation.

Budgeting and Your Financial Future

Budgeting is not an enjoyable task but it is frequently key to your long-term success and happiness. The number one stressor within relationships in Canada is, you guessed it, finances; A survey among 3000 couples found that for 82% the number one issue is money, a very good reason to have an agreed upon financial strategy with your partner. As a first step, it is vital to record your income and expenses for a broader picture of your finances, this can be daunting as you realize just how expensive simple indulgences can be, if you purchase a fifteen-dollar lunch everyday at work, five times per week, that is $300 per month or $3600 per year! 

With this in mind, it can be enormously beneficial to seek the consultation of professionals certified in Real Wealth Management, able to analyze your finances both objectively and thoroughly to better assist you with your short and long term financial goals which brings us to our next step, creating a wish list. 

What are your long term financial goals? Do you want to send your children to college? Be debt free? Pay off your mortgage five years early? Whatever your goals are it is important to reconcile them with your budget. What expenses can be trimmed and the money saved contributed to your goals? It is fundamental to ask yourself what you want for your future, and determine which funds  you can allocate to these goals per month. 

Here are some tips to keep in mind for reducing expenses, do not use credit cards wherever possible, use cash. When you shop for essential items bring no more than $10 or $20 more than you think you’ll need so that you’re not tempted to spend more than you’ve budgeted.  Use coupons regularly, even small discounts on regular purchases can add up to thousands of dollars saved over the course of a year, and be sure to keep these in accessible place where you will not forget them. If you still have cable or a landline phone, they have effectively become obsolete, there are plenty of streaming services via the internet that can get your favorite shows and events at a fraction of the price of a cable package, while landlines have been made largely irrelevant by cell phones. These are just a few basic tips that can help you manage your own finances, if however in the past you have tried and failed to stay on course to achieve your own goals, it may be time to seek certified professional assistance, especially when it comes to budgeting and negotiating CRA debt. For more information on budgeting strategies check out “The Only Budgeting Book You’ll Ever Need” by Tere Stouffer or Gail’s Guide to Building a Budget online here: http://www.gailvazoxlade.com/resources/guide_to_building_budget.html 


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Sunday, 04 December 2022