To Budget or Not to Budget?

Well I hope you got a chance to check out my latest video on how to create a budget.  It is an important skill to learn as you will need to manage money throughout your life- well unless you win the lottery and never have to worry about money again, that is.

I suppose the first time I learned about saving or budgeting my money was when I was quite young. I had a young savers account (like Fat Cat) and learned to put a little away when I had some money or received some as gifts.  I believe that you can never learn this skill too early in life- after all, if you watch the show "Until Debt do us Part" you will relate when I say some people learn this skill too late in life.

I would say that one of the first steps if you are still in school or living at home would be to stash some cash away for when you do move out or away from your parents.  Most jobs pay minimum wage when you are in school working so it's hard to save up that hard earned money- not impossible, just hard.

 Next, I would look at what your expenses might be when you move out. (If you are moved out then what bills do you have to pay each month?)  Make a list of all the possible items you will have to budget for. Here are some examples: Car payment, Gas, Rent, Hydro, Water bill, Tuition?, Food, Taxes, Phone bill...and so on.  How much do you think is reasonable to pay each of these bills? How often will you have to pay them? There are many questions you will have to ponder while creating your budget.

Do be sure to track your spending, call service providers to check rates, bundle items together on a plan to save some cash and shop sales to save on groceries!

Don't spend frivolously, underestimate how much a bill will be, buy out of season items (they usually cost way more), or go out every night to eat takeout, these can all add up to trouble!


Budgeting can be hard and it will be different for everyone. So make sure you make a plan that will work for you. It's not easy- you may have to work those extra hours to afford luxuries but it will be worth it in the end!

Go ahead, Get calculating!

http://www.youtube.com/watch?v=_KYUGc6moIg