Start your budget off on the right foot in 2018
Do you dream of eliminating your debts, putting a little money aside for a rainy day and finally taking control of your finances? 2018 is the time to act and turn your dream into a reality. At BLT Lapointe & Associates Inc., we can help you reach your financial goals. Here are four tips to start you off on the right foot in 2018:
1. Don’t put off until tomorrow what can be done today
Do you know what the most difficult part of making a budget is? Taking that first step. Do you wish you could break free from your debt and start saving? Stop putting off starting! A precise budget will become your greatest ally in becoming debt free.
2. Use a budgeting tool to make a precise portrait of your financial situation
Before making your budget for 2018, you’ll have to establish your net worth: add up your assets (your house, land, furniture, cars, RRSPs, life insurance, etc.), then subtract your total liabilities (your debts). If your finances are complicated and you need a little help, use one of the helpful tools that are accessible to the public, such as the TD Canada Trust Net Worth Calculator. There are a lot of free apps online that can help you calculate every aspect of your budget.
3. Be realistic about your monthly budget
When you make your budget of income and expenses for the next 12 months, remember that it won’t help you to inflate your income or underestimate your expenses. Being realistic and honest will help you avoid any nasty surprises in the future.
4. Remember that an essential element when sticking to your budget is perseverance
To reach financial stability in 2018 (in other words, to have your income cover your expenses) will require patience and perseverance. Each month, calculate your income and your expenses. As you go, be sure to check if what you predicted at the beginning of the year matches reality. If it doesn’t, don’t be afraid to change your budget! Your hard work will pay off sooner if you constantly work at it.
At BLT Lapointe & Associates, licensed insolvency trustees (trustees in bankruptcy) in Montreal, Laval, and the rest of the province, we can help you organize your budget in 2018. Our team of professionals is ready to help you realize your financial goals this year! Contact us today for a free consultation.