If you think you can't budget on $14,000 a year, think again. There are many ways you can make this kind of money work for you. Of course, it isn't going to be possible for a family of 5 or more (and 4 would be stretching it) but it is possible for a two to three people. If you use your head and plan financially for everything, this is one method that you'll be thankful for. When you think that you simply can't take any more financial pressure, or stretch your budget any thinner, sometimes there is just no other option.
This does take transforming your entire life, and it takes time. It takes time to move away from bad past habits and adjust to a
. If you find that you're constantly dipping into your savings account, or you are consistently going into overdraft within your checking account--it's time to pull in the reigns. This is especially true if you are still finding yourself late paying bills. The following ideas and tips below just might help Canadians recover from burdening debt and achieve a brighter financial future.
The Perfect Tips To Save More Money
Record every expense, because this will detail where every single penny is going. You'll then be able to see more clearly where you might be wasteful. You can choose whatever works best for you, but most use a spreadsheet to keep track. Tracking your spending is one of the best ways to manage your finances and to keep up with what you're buying, even when you might forget!
Be prepared to downsize anywhere you can. It doesn't matter if this is cutting back on cable, or not eating out. Some Canadian families are more prepared to trade in their expensive SUV and settle for a moderate sedan. If you're spending too much on a car payment, you want to do something about it!
Stop going shopping and buying needless things. That's exactly right. You don't need to go shopping that much, and you certainly don't need all those things you find on clearance either. If you're really intent on making a dent in debt and building a savings, end the sales shopping!
Shop at thrift stores, and begin making some of your own clothing. Anyone can learn how to sew, and after a few tutorials you'll be amazed at what you can whip out. You can purchase high quality material that will make amazing outfits--cheaper than purchasing an already made item. Hunting around at thrift stores will bring excellent savings too!
Downgrade on disposable items efficiently and successfully! Fancy toothbrushes and all those other non-essential gadgets might be nice to have, but you're wasting a ton of money purchasing them. You simply don't need the most expensive hand-soap, bath-soap or mouthwash. Think sensibly!
Hopefully you'll begin to start harnessing some of your poor spending habits and making changes that will ensure you can one day pay cash for a:
House, Automobile, Vacation and more!
Wouldn't that be so much smarter? You can do it when you commit, as we discussed in one of our past blogs on
saving and investing