What Should I Know About Budgeting?
Budgeting is the cornerstone of a sound financial life. But many Canadians believe that they have too much debt. Fewer than 50% of Canadians actually create a budget, and I think its safe to assume that even less follow a budget.
One reason for this is that budgeting is hard. Really hard. People have multiple accounts, often with different banks and multiple credit cards. And despite people best efforts there are many different ways that we now spend money, either from regular preauthorized payments, through the internet, via credit card, Paypal, debit and cash. Expenses can easily swamp a family, an individual or a retired couple quite easily.
Getting a grip on your finances is about more than merely watching what goes out and comes in. Controlling your finances allows you to save, invest and build longer term financial security. Bridging the gap between the need of budgeting and the challenges it creates is Mint.com, a free and secure website that allows you to see all your accounts in one place, create simple budgets that include all of your finances and let you see your budget while you are out and on the go. It is highly secure, and only allows you to see your accounts, not move money between them. We recommend mint because it is free, easy and extremely useful.
If you’d like to learn more you can go to their Canadian website HERE, or watch this video: