Money Mangement

Money Management

Budgeting | Credit Bureau Repair | Wise Habits | Dealing with a Collection Agency

Money management is a skill like any other. Because money is part of our every day lives, it makes sense to learn how to manage it well. Anyone can learn how to manage their finances with a little research, education and practice. Take advantage of the information and tools on this site.If, however, you are feeling overwhelmed by your financial situation, there are professional credit counsellors who can help.Just call us at 519-743-6333 and ask for credit counselling intake.

Budgeting

The simplest approach to budgeting is a three-step process:

  1. Set Your Goals
  2. Track Your Expenses
  3. Change Your Spending

But, start with Step 2.

Track Your Expenses

Write down every place you spend your money. Use a note pad, or keep receipts in an envelope or use our pocket spending tracker. Just fold the tracker so that you can carry it in your wallet. Every time you spend money, write it down. Track your expenses for thirty days. Make sure you include irregular expenses such as gifts, vehicle and home maintenance, dentist, clothing and insurance. Estimate annual amount for irregular expenses and divide by 12 to determine the monthly amount to be set aside for these items. Now, go back to Step 1.

Set Your Goals

Once you’ve seen where your money goes, consider what you could do with that money instead of where you are spending it. For example, if you have 2 cups of coffee a day at $1.65 each, that’s $1,200/year. Determine short, medium and long range financial goals. Once you have planned your goals and tracked your spending, it becomes easier to prioritize your spending and save to achieve those goals.

Change Your Spending

There are many ways you can change your spending patterns to help you achieve your goals.

  • Develop a realistic budget.
  • Don’t spend more than you make.
  • Save regularly.
  • Pay bills on time.
  • Use credit wisely.
  • Review your budget plan and re-evaluate your spending patterns.

Credit Bureau Repair

To get a FREE copy of your credit report, mail copies of 2 pieces of identification with signatures visible, (e.g. birth certificate, immigration papers, social insurance card), your address and former addresses (back 5 years) to one or both of the agencies listed below.  It usually takes 2-4 weeks. Equifax Canada Inc. Box 190, Jean-Talon Station. Anjou, Quebec, H1S 2Z2 Toll-free 1-800-465-7166 Fax:  1-514-355-8502 Trans Union P.O. Box 338-LCD, Hamilton ON L8L 7W2 Toll free 1-800-663-9980 Fax 1-905-527-0401 INFORMATION NORMALLY REMAINS ON YOUR CREDIT BUREAU FOR 7 YEARS