BENEFITS OF BUDGETING Budgeting is the only way to get a grip on your spending - and to make sure your money is being used the way you want it to be used.
BENEFITS OF BUDGETINGBUDGETING CAN HELP YOU:•Identify where you spend your money•Organize your day to day finance into balance•Develop good spending and saving habits
BENEFITS OF BUDGETINGBUDGETING CAN HELP YOU:•Guide you in planning your long-term financial goals•Identify errors made by your bank or credit cardcompany•Prepare for shortages in income or emergencyexpenditures•Gives you peace of mind that you are managing your
BENEFITS OF BUDGETINGDO YOU KNOW WHERE YOUR MONEY IS GOING?An accurate budget will indicate those areas where most of yourmoney goes. Often this can lead to some big surprises when wediscover where our money goes. This could include:· Restaurant meals· Entertainment· Cellular phone call/texting· Discretionary expenses including snacks and impulse purchases
BENEFITS OF BUDGETINGBUDGETING CAN SAVE YOU MONEYOnce you have reviewed your expenditures over time youwill discover were you can cut back to help you reachyour financial goals. You can also consider these options:1. Saving some of your income - Develop short & long term saving plans with a bank or Credit Union for vacations, children college funds or retirement.
BENEFITS OF BUDGETINGBUDGETING CAN GIVES YOU OPTIONS2. Reducing your hire purchase debt by replacing it with a credit union loan - It is obviously more benefitual to reduce a higher monthly hire purchase payment plan to one that is lower and more manageable.3. Lowering credit card cost by considering switching to one that charges a lower interest rate or lower fees.
BENEFITS OF BUDGETINGBUDGETING CAN GIVES YOU OPTIONS4. Consider foregoing one big purchase a year. Using your budget you can identify a major expense that you can forego or minimize to save more money. For example, travel or home furnishing purchases can be delayed in the name of economizing.
BENEFITS OF BUDGETINGCONCLUSIONYou can avoid living from pay cheque to pay cheque by creatinga budget that suits your lifestyle and identifies the majorincomes and expenses for your household and better plan forthem in the future. The benefits you will gain by learning howto budget your money will far outweigh the sacrifice of timeand effort that you make now by creating a budget. Thedecision is yours... choose wisely.
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