Personal Finance

Towards a Healthier Financial Future

Topic: "Budgeting"

← Curating the web to find the most interesting and helpful information about your money.

Did you know?

Americans spend $779 on food per month, with almost two-thirds being spent on groceries ($475) and the rest on eating out ($303), according to the Bureau of Labor Statistics' Consumer Expenditure Survey.

American Households' Average Monthly Expenses →

Budgeting

The word "budget" means different things to different people. You might think of budgeting (or "living on a budget") as living below a certain standard or not being able to afford the things you want. On the other hand, you might think of budgeting as a tool to prioritize your spending, and to help determine and reach your financial goals.

Northwestern University on Financial Wellness and Money 101 →

Budgeting

Finding the balance between your needs, wants and savings can be difficult. Forbes highlights seven simple steps for creating and managing a successful monthly budget.

How To Budget In 7 Simple Steps →

Saving

The new year is a great time to update your budget, say financial experts. Here's what you can do to curb your spending, save for emergencies and keep your investments on track.

Saving NPR Life Kit Podcast: Refresh your budget with these simple finance tips →

Did you know?

According to the National Retail Federation (NRF), the average American planned to spend $826 in 2022 on Christmas gifts, food, and decorations. Of that $826 dollars, around $500 are spent on gifts for family members.

Budget for all your holiday spending and ensure don't spend too much →

Budgeting

The zero-based budget Sometimes called a zero-sum budget, is when your total income, minus your expenses, equals zero.

Zero-based budgeting: What it is and how it can help you hit your money goals →

Saving

Tired of overspending? Want to cut expenses without giving up your favorite things? Here are a variety of creative ways to save money on everything from food to getting married.

31 Creative Ways To Save Money from Forbes ADVISOR →

Word of the week

60/40 Budget

Richard Jenkins, financial journalist and author of A Simpler Way to Save: the 60% Solution advocates: 60% of your income goes to fixed expenses: - Housing - Utilities - Groceries - Transportation 10% to retirement savings 10% to long-term savings 10% to short-term savings 10% “fun money” for activities, trips, or other infrequent splurges

How to Make A Budget: The 60% Solution Explained →

Word of the week

Overdraft

An overdraft occurs when you do not have enough money in your bank account to cover a payment or withdrawal. These transactions may include: - Debit purchases - Bill payments and pre-authorized debits - Cheques - Withdrawals - Transfers between bank accounts

Learn more about getting overdraft protection →

Saving

Investing against climate change - Climate change is a growing concern for many young Canadians, with some questioning where they should live, what they should be saving for and how they should invest.

Saving Podcast: Stress Test by columnist Rob Carrick - How climate anxiety is shaping small and large financial decisions →

Did you know?

The word ‘budget’ derives from the French word bougette, which means leather bag. The bag contained the papers setting out France's revenue, expenditure and tax.

Start your personal bougette today →

Word of the week

Non-Essential Expenses

These are expenses that are not necessary. Another way to identify these expenses is to determine if they are 'wants' rather than 'needs'. Non-essential expenses might consist of: - Coffee - Entertainment - Subscription services (Netflix, Disney+, etc.) - Meal delivery services (Uber Eats, DoorDash, etc.) These are unlike rent, mortgage, and food which are 'needs' or expenses that must be met.

Follow every dollar - Track and analyze your non-essential expenses →

Word of the week

Emergency Fund

This is money that's set aside as a financial safety net. Depending on how much you have saved, an emergency fund could cover long-term expenses if you lose your job or with short-term unexpected events.

Start tracking your emergency fund today →

Budgeting

Attending university is the first time that many Canadian students get to practice real-life budgeting.

Best budgeting tips for university students in Canada →

Budgeting

What to consider before you start a budget: - Think about your financial goals - Identify your short-term and long-term goals - Make saving for those goals part of your budget

Take these simple steps before you make your budget →

Budgeting

You know a lot more about budgeting than you probably think. Even if you’ve never done any kind of household budgeting at all, you almost certainly already have had significant experience with it.

How To Make A Budget: 5 Time-Tested Approaches →

Budgeting

While you would be forgiven for being nose-deep in your books, it’s time to take a minute to reflect on how you’re managing your money. Do you have a budget? Or are you spending on the go?

21 money-saving tips and tricks for students →

Budgeting

You know a lot more about budgeting than you probably think. Even if you’ve never done any kind of household budgeting at all, you almost certainly already have had significant experience with it.

How To Make A Budget: 5 Time-Tested Approaches →

Serious stuff

SMART financial goals help you identify exactly what you want and how you plan to achieve it. SMART goals are: - Specific - Measurable - Achievable - Relevant - Time-Based

Start setting SMART goals and track your progress over time →

Budgeting

Making a budget can help you balance your income with your savings and expenses. It guides your spending to help you reach your financial goals.

Why make a budget →

Infographic of the week

Mapped: How Global Housing Prices Have Changed Since 2010

Houses fulfill a rare mix of necessity, utility, sentimentality, and for many, also act as a primary investment to build wealth. And it’s that last angle, combined with increasing demand in many countries, that is driving housing prices skyward.

Mapped: How Global Housing Prices Have Changed Since 2010 See how Canada measures up →

Did you know?

According to Canada's Food Price Report for 2023, a family of four will spend $16,288.41 on food this year ($1,357.37 a month) —that's up $1,065.60 from 2022.

Learn about how to start monitoring your food spending with Neontra →

← Curating the web to find the most interesting and helpful information about your money.