Are you struggling to create a budget that fits your life and schedule? Have you previously tried and failed to stick to a budget?
Creating a budget doesn't have to be difficult, and shouldn鈥檛 feel impossible to stick to.
Whether you're new to budgeting or simply looking to refine your approach, a thoughtful, realistic budget plan can help you track your income, manage expenses, and save for the future. Below, I鈥檒l share some simple budgeting methods and offer some tips to help you create (and follow) your new budget.
One out of every four Canadians would be unable to cover an unexpected expense of $500, according to a report by . The report goes on to explain that young adults are, by far, the most concerned group among those surveyed.
While teaching financial literacy and better education could help improve this, it鈥檚 also undeniable that we鈥檙e living in difficult times. The cost of living has continued to rise, impacting the hardest, making it difficult for many to keep up with the ever-increasing cost of rent, groceries, fuel, and other basic necessities.
Unfortunately, there鈥檚 no way to wave a magic wand and make it all go away. This means that we have to turn to time-tested solutions to better manage our finances. One of the best ways to get back on top of your finances is to create a budget for yourself.
Here are some simple budgeting methods to consider trying.
The 50/30/20 rule is a straightforward budgeting method that allocates 50 per cent of your income to needs, 30 per cent to wants, and 20 per cent to savings and debt repayment.
This approach simplifies budgeting by creating clear spending categories, making it easier to manage your finances and ensuring that you鈥檙e saving enough while still having some left over for discretionary spending.
The envelope system uses physical or digital envelopes to allocate a set amount of money for different spending categories. Once the money in an envelope is spent, you cannot spend any more in that category until the next budget cycle.
This method is probably one of the easiest to implement and can help you discipline your spending.
I also recommend this method for roommates. Create envelopes for rent and each utility bill you share, and contribute to each envelope weekly whenever you鈥檙e paid. This method keeps roommates accountable to each other and is a good way to make sure that one person doesn鈥檛 come up short at the end of the month.
Zero-based budgeting involves assigning every single dollar of your income to specific expenses or savings so that your total income minus your total expenses (including saving and investment) equals zero.
Compared to the others, this method is very strict and requires detailed tracking of income and expenses. However, the benefit is that you鈥檒l avoid impulsive buys and will be able to track every single dollar.
After picking a budget plan, it鈥檚 time to put it into action. Here are some simple steps to take in order to implement your plan.
The best budget is the one that you can stick with long term. These are some tips to help you stay on track, so you can hit your goals and continue to stay motivated.
A ship without a destination is likely to get lost at sea, and a budget without goals will leave you unmotivated.
This is why it鈥檚 important to write your goals and reasons for budgeting down:
The best way to keep track of your spending is to keep track of your receipts or use a free app/tool to organize them. Receipt tracking is a good way to avoid impulsive spending as well. If you have in mind that you have to account for every receipt and dollar you spend, you鈥檙e less likely to incur more receipts and expenses that you have to keep track of.
If you鈥檙e easily influenced, try to stay away from high-pressure sales environments or mentally prepare yourself before going. The job of every good sales professional is to hit your emotional buttons and find out what you really want.
The only problem is that sometimes what you really want should be postponed so you can stay on budget.
As part of your savings and budgeting plan, you should create an emergency savings fund. This will provide a financial safety net in the event that unexpected emergencies, repairs, or other expenses come up, so your budget doesn鈥檛 get disrupted.
If you鈥檙e just creating your budget for the first time, it鈥檚 important to set realistic expectations. If you set unrealistic expectations, it can become all too easy to fall short of them and give up on your budget altogether, putting you right back at square one.
You should also allow for some flexibility in your budget. Sometimes life happens, and you鈥檒l need to spend a few extra dollars here or there. Don鈥檛 sweat it! Just do your best to stick to your plan and navigate changes as they arise.
Christopher Liew is a CFA Charterholder and former financial advisor. He writes personal finance tips for thousands of daily Canadian readers at .
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