Step 7 The difference between your assets and debts is called net worth. This is an easy number to calculate and a good one to know. If your net worth is positive then it means that you have financial resources and resources mean options. If your net worth is negative (more debts than assets) then […]

Step 6 Now’s a good time to take a look at assets, debts and liabilities. List your assets including things like cars, retirement savings (RSP’s) and savings, estimating the value that someone else would pay you for it. What could you sell it for? List any money you owe and what payments you must make […]

Step 5 This may take slightly longer than 5 minutes but hopefully not too much longer. Write down your expenses starting with ‘must pay’ expenses or needs such as housing, food, utilities, transportation. Follow this with your discretionary expenses and note down what you typically spend on items such as entertainment or clothing. Some expenses […]

Step 4 – Money In January 8th and you’re already at Step 4! You’ll have a plan before you know it. Regular (or average) monthly net income (net = after tax & deductions) Other resources or irregular income such as bonuses, tax refunds or extra income Put the regular income on the sheet under income […]

Step 3 This is probably the easiest step! Using the form you downloaded or whatever you want, consider the following questions: What do you want? Retirement, repay debt or new car When would you like it? In 1 year, 2 years or 25 years How much will it cost? Estimate is ok Writing them down […]

Happy New Year! If you didn’t get around to sorting out your finances before or over the holidays, don’t worry, Dear Piggy Bank will catch you up. Start the new year with a plan that will make you feel like you have your finances under control and your money working for you. It’s easier than […]

Without an army of elves, being prepared for the holiday season is a challenge and as time ticks by, it becomes more difficult to stick to a budget. It’s the old ‘supply and demand’. As shoppers and mailers get down to the wire, the prices go up! We pay more for convenience, we pay more […]

No matter how organized we plan to be, the holiday season has a habit of sneaking up on us and before you know it, there are events to attend and gifts to buy. A bit here and a bit there has a sneaky way of adding up and can be tricky to keep track of. […]

How are you doing? It’s almost impossible to become financially literate overnight but if you’ve taken the opportunity to put the basics in place, you’ll be well on your way. This doesn’t mean that it takes care of itself but I think you’ll find the amount of time you spend managing your financial affairs will […]

Once you know the ins and outs of your household finances it’s time to decide where you’d like to go, make a map, put gas in the car and get on the road. GOALS: Having a destination in mind may not be how everyone likes to travel but without specific goals, the probability of achieving […]