If I have a budget, why do I need a financial plan? This is a common question. Read more »

Big decisions. Whether you are applying for your first mortgage, selling and buying, renewing or making a change to your existing mortgage it can be nerve wracking. The following are the main decision points with respect to mortgages: Read more »

Planning holidays and weekends away is fun. It’s something I’ve always enjoyed doing. It’s a little more challenging these days with two constraints:

1. Kids
2. Budget Read more »

Do you ever take a look at your budget and compare how much you allocate for essentials compared to non essentials? Most people spend between $120 and $250 per month per person on food. Compare this to how much you spend on a hobby or interest such as photography, reading, crafts, sports (yoga, hockey or soccer). Do you spend more on food or your interests?

Interests can be what motivate us, give us enjoyment and make life fun. Worth every penny. The key is to be aware of what they cost and where they fit within your financial priorities.

1. Cards – Bank, credit, loyalty and identification
2. Receipts
3. Cash
4. Reminders Read more »

Chances are that your money concerns aren’t unique. Dear Piggy Bank’s clients often have several things in common:

• They are conscientious
• They want to be smart with their money
• They use adapted money systems to manage their money (jars, envelopes, bank accounts)
• They are uncertain where to start and what steps to take
• They want someone to point them in the right direction

After working with Dear Piggy Bank, here’s what they say:

• So much more than I expected
• A very clear and simple plan
• It was much easier to do than I thought it would be
• I feel really good about it
• It’s finally done!

The flowers are beginning to bloom in Vancouver which makes me want to be outside and not at work. It also means lighter clothing, lighter evenings and holiday plans. All this fun can lead to a lighter wallet. The trick is to plan and budget for it. Read more »

What I learned from a group of young women about budgeting. Sure I was there to lead the discussion but I learned some things and remembered some tips from years ago.

• Living on a tight budget is sometimes easier. This may sound ridiculous but there’s some logic to it and here’s why. Lifestyle expectations must be in line with your budget because when you don’t have access to credit, the bank of mom and dad or other resources, you must live within your means.
• Priorities are obvious – shelter, food, clothing are first in line
• You must make choices with respect to how much you spend on your meals and clothing
• Household supplies and toiletries are expensive
• Budgeting for your interests is important – it’s what makes life enjoyable
• Saving even a small amount each week or month adds up

Making sure that fixed obligations are as low as possible allows for greater discretion with remaining money. Expenses such as rent and debt can take up a large portion of your monthly income, be aware of the monthly payments.

The ability to live on less is a skill and when it really comes down to it, very few things are necessities.

Today I had the privilege of meeting a unique group of women. Participants in a program called Dream Seeds. The women aged 16 to 28 are wise beyond their years.

Clear on where money stands in their lives, they are realistic about the requirement of the mighty dollar to pay for necessities but firm in their belief that they are living rewarding lives without a wad of cash.

The discussion was based on basic money management and the topic ‘how to design a budget’. Next post will describe what I learned.

Are you going to receive a tax refund? Do you know what you’re going to do with it? Depending how much it will be, you may be able to do a couple of things on your list. A little treat for you and something for your bank account.

Here are a few ideas:

• Pay off money owing (credit cards, loans, mortgages)
• Retirement Savings Plan (get a jump on next year)
• Home purchase fund
• Vacation
• A day at the spa
• Something for your wardrobe
• Something for your home

Knowing what you’ll do with the money before you get it means it won’t get spent in the everyday shuffle.