If you’re anything like I am, each year you resolve to get a handle on your money, but then the year passes and you’ve broken your resolution, again. Not this time. It’s still early in 2017, and I’ve asked Canada’s top money bloggers for their no-nonsense tips. The common thread in their advice is: take control. Here’s how to do just that.
Embrace your budget, it’s not the enemy
The very thought of creating an actual budget is enough to discourage some of us, but our hesitation might be all in how we look at this step. Krystal Yee of Give Me Back My Five Bucksreminds us that our budget is not the enemy. “A lot of people think that having a budget means restricting, but it’s actually about empowerment. Once you start learning where your money really goes each month, you’ll be able to cut expenses on things that don’t matter, and actually start spending (and saving!) your money in a meaningful way.”
Once you decide to embrace this empowering step, you can check out the budget Yee recently made right here to help you get started on yours
Set realistic, measurable goals, and do it now
“Some of us are suffering from the post-holiday spending hangover, and now is the time to get our finances in order. Start thinking about your expenses for the year and plan accordingly. Do you have vacation plans? How about any major purchase coming up?” says Barry Choi ofMoney We Have.
Then, take baby steps toward those goals. “If you have a goal of paying off $6000 in debt this year, break it down into smaller pieces. Instead of the big lump sum, focus on saving $500 a month,” says Frugal Trader of Million Dollar Journey. Here’s how he became a millionaire working a regular 9-5 — before the age of 35!