How are you with your finances? Do you have a budgeting plan to take control of your financial future? We all understand how important it is to save, but it can be daunting to act on it. Whether it’s contributing to a retirement plan, starting a business, or going back to school, there could be things holding you back such as inexperience, no budgeting plan, or debt. Thankfully, getting your finances under control for the long run may not be as hard as you think.
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It all starts with a goal. Begin asking yourself important questions such as, “How can I get pay off my debt?” or “How much do I need to save to retire by age 55?” There are so many resources available to help you along the way. Take control of your finances and set yourself and your family up for success in the future. Here are 6 ways you can get your finances under control for the long run.
1) Budget. Track your spending and create a realistic budget. This allows you to easily manage your money in the long run. When you can see your expenses in one place, whether it be on an app, on paper, or on a spreadsheet, it makes it easier to identify which areas need improvement.
Start by identifying your net income. Then create a list of expenses including rent/mortgage, outstanding debts, bills, car payments, groceries, and any other monthly expenses. Next start setting your financial goals. How much do you want to set aside each month? How much are you hoping to save by the end of the year? Are you saving for retirement? Education? A vacation? These are some questions to think about while budgeting.
2) Savings. Now that you’ve clearly identified your goals, it’s time to set aside extra income for your savings. If you don’t currently have a savings account, familiarize yourself with the types of accounts offered at your local bank. You may also choose to speak to a financial advisor for more complex plans or have them assist you in choosing one that best suits your needs.
Some bank accounts offer the option to automatically transfer funds at a date of your choosing. This guarantees that money will be added into your savings account every month. This amount can be as little as $0.50 for some banks. It’s a helpful tool that’s beneficial for those who may forget to put money aside and guarantees that you are sticking to your financial goals. Some banks within Canada that offer this include TD Bank, RBC Royal Bank, and Scotia Bank. If you are currently with these banks, I highly recommend looking into this feature!
3) Adjust. The adjustment period for your new budget may be difficult at first. You may not be used to spending less or cutting back on certain areas, but always remember your goals. If you need to adjust your budget after several months, do so accordingly to fit your needs. If you’re finding that you are unable to keep up with your original budgeting plan, it’s a sign to take a closer look at your spending and prepare a new plan with realistic expectations.
4) Ask for Help. Gaining control of your finances can sometimes be a bit tricky. Thankfully there are many wonderful resources available to assist you on your journey. These resources may be found both online through trusted sources like The Government of Canada’s website or in person at your local bank with a financial planner.
5) Control Your Debt. When it comes to taking control of your finances, it’s important to deal with debt first. Debt is a huge challenge for most, whether it be from student loans, business loans, credit cards, and more, it’s important to remember that there are resources available to you. Debt Consolidation is a great resource, they offer assistance and information for individuals and families who are struggling with debt. You can find helpful guides on bankruptcy, credit card debt, debt management, and more on their website. For more information on Debt Consolidation, click here.
6) Track Your Progress. Tracking and monitoring your progress is crucial. This allows you to clearly identify which areas are working well and which areas need improvement. Saving money and preparing for the future takes time, which means your progress many vary month to month or even year to year. Don’t be discouraged if you’re not following your budget consistently, this just means there’s room for improvement and adjustments are needed.
It’s important to build a healthy relationship with money and set ourselves up for the future. With just a few simple steps, we can easily identify what areas need improvement. Do you have any tips for tracking your spending? Have you ever created a budgeting plan? If so, how did it go? For more productivity posts, visit the tag here.
Informative post!
Thank you for reading Maria!
This is a really informative blog post. I use to live spending when I was younger, it felt like it was burning a whole in my pocket.
But now I am older, I am much more clever with my money and how I save my money. Thank you for sharing your post.
Lauren – bournemouthgirl
I’m glad you’ve found ways to be better with money and saving. Thank you for reading Lauren!
Such an informative blog. I am not a impulsive spender but I have not been a big saver either. I’ll definitely try to implement some of the tips in future. Thanks for sharing!
That’s great that you’re not a huge spender, that tends to be the problem for most! Thank you for reading!
These are good tips! Hubby and I have done up a budget a few times while being married, it’s definitely good to look back on what you are spending on things and where it’s easiest to cut back on to let your savings grow!
Hope that you are having a good weekend 🙂 We had a fun playdate in the park this morning!
Agreed! There are always ways to improve. Thank you for reading Mica! A playdate in the park sounds fantastic, I hope you have an incredible time!
This is such a helpful post! I’ve always believed in saving a portion of money after expenses to purchase a holiday away or put towards a new vehicle. Thanks for sharing!
A trip away sounds great! It’s always a good idea to have savings around. Thank you for reading Jodie!
These are such great tips! Budgeting is something that I enjoy doing – there’s something so satisfying about sitting down and having control and awareness of your outgoings. I also think tracking your progress is super important like you say! Great post 🙂
Yes, it’s very satisfying taking control of your finances! Tracking is key as it shows us our progress. Thank you for reading Emily!
Lovely suggestions, I really like the idea of tracking your progress, such a great way to motivate yourself too!
I agree! Tracking identifies areas that work and that’s great motivation. Thank you for reading Anika!
For me tracking works the best. I have created a spreadsheet and manually track my expenses, investments and savings. It helps me understand where I am lacking and helps make me adjustments accordingly
Absolutely! Tracking allows us to identify areas that are working and areas that require attention. Thank you for reading Pooja!
Wonderful tips! It is so important to budget and plan finances. My husband and I were terrible at it when we were first married. I am so glad that we have a plan and are wiser with our money these days.
It can be tricky at first! I’m so glad to hear that you both have a plan that works. Thank you for reading Heidi!
These are all such great tips! It’s so important too. I was able to retire early because we saved so much.
Thank you Wendy! Saving is so important and I’m so happy to hear you were able to retire early because of it!
Tracking is by far the best way to figure out where money is going! It definitely helps when it comes time to budget and adjust too, and I love the resources you share to help people who may be struggling. 🙂
Thank you Jaya! It’s a good reminder that there’s assistance and resources out there for those who may be struggling. Thank you for reading!
Fab tips! I really need to get into much better budgeting habits (especially as I’m heading to uni this September) and I think the idea of setting your bank account to transfer a set amount to your savings is a really great idea… I’ll have to see if my bank offers that! Thank you so much for sharing, this was a really helpful guide x
I hope your bank offers this service! It’s a great tool because we often forget to set money aside. Wishing you the best on budgeting and planning for heading back to uni later this year! Thank you for reading Ceri!
I’ve actually been letting go of tracking my finances in the last month due to busy days but this reminds me to get back on it. Thanks for the tips!
I’m happy it served as a reminder! We could all use one when it comes to financing haha. Wishing you the best for getting things back on track. Thank you for reading Sumedha!
These are all excellent tips! I had to do a financial reboot at the beginning of this year and have started implementing most of these tips and have seen a major turnaround. Honestly financial literacy should be taught in schools as well. Great post!
I completely agree! Money management is so important and should definitely be taught in schools. Thank you for reading Abi!
I keep track of all of my income and outgoings in a book and it definitely helps me to keep track of my finances and allow me to add money to my savings also x
Lucy | http://www.lucymary.co.uk
That’s wonderful Lucy! Tracking income and outgoing expenses is so helpful when it comes to saving and budgeting. Thank you for reading!
Great tips. I need to sit down and think about my finances.
Thank you for reading Janera!
These are all great tips! I have my paycheck go into two separate accounts. The majority of my paycheck goes into my main account that I use to pay bills and a small percentage goes into another account automatically where I don’t even see the funds often. This method helps me save because I only rely on the funds that is directed to my main account. However, I do need to learn how to budget better.
That’s a wonderful idea! Having funds transfer automatically ensures that money is being saved. Thank you for reading Angie!
This was so helpful! I even grabbed a pen to jot down these tips! Budgeting is something I’m slowly learning as a fresh graduate and sometimes I find it hard to ask for help( from my dad or my aunties) but it is really important! Without a plan, I often found myself spending recklessly. Now, I’m trying to be more mindful about my savings. Thank you so much for sharing. xx Penny / http://www.whatdidshetype.com
Aw I’m glad to hear that Penny! Budgeting is something that’ll change with time and circumstances, it won’t ever be perfect but it’s all about adjusting. Thank you for reading! Good luck with your budgeting plan!
All brilliant tips! I have a monthly budget and with in that I have a bit of money I assign to something that month. Hopefully its something fun like a weekend away but sometimes it’s something boring like getting my car MOT. I also have a savings account I put money in every month to help cover the larger bills such as car insurance. It just helps to take some of the pressure off. Thank you for sharing!
I love that you set aside money for a fun weekend or unexpected expenses. In addition to having a savings account it definitely takes pressure off. Thank you for reading!
I think the budget thing is where a lot of people fall down. You don’t need a fancy Excel spread sheet, I used a Google Sheet (which is free) and a lot of my monthly expenses are set (mortgage, council tax as I’m in the UK etc).
Once you dedicate an hour to setting it up, all you need to really track is the incidental spending and that makes it feel like less of a burden!
I agree, it’s all about getting started and utilizing tools that work for us. Google Sheet is a great example! Thank you for reading Katie!
Budgeting is something I need to start taking more seriously. I bought a house last year, and obviously budgeted at the beginning, but this is fell by the wayside a little. Thanks for the inspiration, I’m definitely going to put a plan in place after reading this! x
I’m so happy to hear that! It can be easy to stray from your original plan, but we can always adjust! Wishing you all the best on your new plan. Thank you for reading Kelly!