Check out the following helpful tip to help you keep track of your hard-earned money but also help save some of those precious pennies too!

Tip 4 of 7 – “Set and Stick to a budget”

Review the last 3-6 months of credit card and bank statements; identify and total the spending by category or location to determine unnecessary/discretionary spending.  Determine what is necessary and can’t really be adjusted much, like the electrical bill, property taxes or mortgage.  Most importantly identify the spending that can be adjusted like mid-week restaurant meals driven out of busy-ness, boredom or fatigue ($100 per week per family could fund RESPs instead!)  Thinking of the days and weeks that you started with $100 and then had $0 AND had nothing to show for it, is what this budgeting step is about.

As an extra disciplined step withdraw monthly spending money and divide your monthly cash budget among separate envelopes dedicated to each expense. When the envelope is empty, your spending on that item is over for the month. If you have extra, put it toward paying off your debt.

The Bottom Line 

Saving money is not only about creative cost cutting, but also about making smart spending decisions. It is never too late to take a look at your finances and start trimming away any excessive spending. You’d be surprised at the big differences small changes will make on your savings.


Not sure how to set and stick to your new budget?

We can help, contact us at 250-860-3303 or email

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