Creating a Successful Budget

Hi All!

This post could not be more relevant to my life right now, finances are changing and I need to create a new monthly budget for myself. So I thought I'd share so helpful hints as to increase the success of your own monthly budget.


Create a Budget that is Catered to You
If you're a student with a part-time job and renting an apartment you for obvious reason do not have to include a section that is dedicated to property taxes or a mortgage payment. Make sure your budget includes expenses that are relevant to you and your life, not someone else's.

Realistic Goals
Creating a budget is all about setting financial goals for yourself an example of  this would be, saving for tuition or saving up to buy a new quality pair of black heels. Without some sort of goal your budget is restrictive and you will be more likely to deviate from your budget. Making smaller purchases for silly items in the long run when you could have saved up for a larger more satisfying purchase.

Track Your Spending
Save all of your reciepts or write all of your purchases down. However you want to track your spending do it! Not only will this help making your monthly budget easier because you will know where your money is going on a daily basis, but it will also help you pick and choose the expenses in which you have room to cut back.

Accurate Income Projections
Ever heard the term "Don't count your chickens before they hatch"? It's true! Be realistic about the income you're actually bringing in. HST cheques and the random handout from Grandma should not be counted upon. If you aren't receiving it regularly don't include it.

Assess Where You can Make Cuts
Cell phone bill too high? Switch to a less expensive plan, going out for dinner every Friday night? Try eating out only once or twice a month. By making these small adjustments to the things you spend your money on most you'll notice that each month you have a little more wiggle room instead of always approaching the end of the month at the tight end of your budget.

Hope this helps in your next budget creation!