Budgeting today for your dream tomorrow!

Step 1:  Figure out your income by averaging together your last several paycheques.

Tip>  If you have recently got an annual bonus or worked unusual hours, try to exclude those numbers from your estimate.

Step 2:   Track your expenses, which include monthly bills and everyday purchases. 

Tip >  Minor expenditures can be hard to track, especially if you pay in cash, so bring along a notepad to write them down.

Step 3:  Do the math to figure out what your bottom line is.

Tip> It is easiest to fill out a budget worksheet, which will include all the expense categories.

Tip 4:  Repeat the process over the next three months and compare your results.

Tip>  One month may have a large, on-time incidental expense, but plotting it out over three months will eliminate these abnormalities.

Tip 5:  Pick out the month with the lowest amount of expenses and replicate it.

Tip>  To get even more involved, try charting another three months with the lowest amount to attempt to lower it even further.

Step 6: Once your ideal monthly budget has been documented, put it in place as your budget.

Tip>  Don’t forget to revisit this process often to check on your progress and allow for adjustments in your income or necessary expenditures.

Following these few steps will help you keep track of outgoings.  By starting a plan, you might just be surprised how much you may be spending in certain categories.  For instance, many people have a guess at how much they spend on groceries or eating out!  Having a log of these expenses may soon show that our guessing is well off the acutally amount we are spending.

Getting everyone in the home involved in the new budgeting plan will make it much easier for everyone to understand the importance of it.  Learning at an early age the importance of budgeting and saving money will not only prepare your family for the future but teach your children how to budget and save their own money.   Why not make a game out of it and start saving today for your dreams tomorrow!

Remember, if you or someone you know has any real estate related questions give us a call!  We’re never to busy for you!  Eximus… “The experience YOU want” call 604-850-5040.