Tag Archives: weekly budgeting

How To Go Broke


Learning how to go broke is an odd topic, isn’t it? Well, we felt it was a smart one too. It’s important what NOT TO DO if you don’t want to go broke. Too many people today keep making the same financial mistakes over and over again. The same excuses are used. Canadians claim to have no time to budget, and no time or money to purchase software programs to help them manage their money better. While there are improvements across Canada, there is still a huge problem. Still, today, there are more than enough families learning how to go broke. They are one paycheck away from eternal loss. It’s sad, but as we’ve always said–choices lead to consequences.

You can certainly buy nice things and not go broke, it’s all in how you approach your finances. The main goal should be to not live above and beyond your current means–this is where the problem comes in at. Now, if you think living above a standard you can afford is going to make you happy, you’re wrong. This is only going to give you a great load of anxiety and stress. So, if you don’t want to go broke when you spend money you should be aiming to improve your life, not live above your means.

Below is some wise advice on how not to go broke. You can break all those habits that have led you down that path of destitution in the past. Live better–take care of your money and it will take care of you!

Never Go Broke Again


Let the following tips be your friendly guide to improving your happiness and always having some money in the bank! You can save and still live a fulfilling, satisfying life!

  • Stay out of debt–You should only pay for big purchases you can afford, and that means pay with cash! If you do use a credit card, pay it off in full each month.
  • Use one credit card–If you can manage a credit card stick to one, and take advantage of the points you can earn! Pay it off every month and never exceed what you can afford. Too many dig themselves a hole they can’t get out of. One can be good, but more can be evil!
  • Don’t pay bank fees–If you manage your money properly you won’t have bank fees. Don’t go into overdraft, and if you have bounce protection, try not to use it. You’ll pay excessive fees for minor transactions
  • Stop being an impulse buyer–Pay attention to your purchases and don’t over indulge on shopping in anyway.

This advice really might start helping you make some changes in your spending and your financial habits in general! It never hurts to try!


Ready To STOP Living Paycheck To Paycheck?


Don’t fall into the statistics that currently show 61% of the workforce in and around British Columbia living paycheck to paycheck.  If you’re curious as to how you would know if you fit into this criteria, let us explain a bit better.  Clearly, if you’re finding that you’re running out of income before your next paycheck rolls in, you’re in the above mentioned margin.  This can become suffocating, but there are ways you can stop this endless cycle of stress and worry too.  If you want to lose the doom and gloom attitude you have to change your current lifestyle habits.

We do understand how it can feel.  If you are one of the many in Canada living paycheck to paycheck, we understand that getting out of debt can feel almost impossible, but as we mentioned, it really is not.  There are many Canadians who have broken free from this cycle and are now living a healthier, happier life.  You can too!  We’ve discussed getting a hold of finances before–but we felt it was more practical to discuss how you manage your money.

When you do live this way you’re very limited as to what you can and can’t do and what you can even mentally cope with. For instance, Canadian families who are trapped in this way can’t plan ahead.  There is no way to really plan for an emergency, or even think about planning for a vacation.  There is simply no time to enjoy living–period.  So, those who want change want to know, what is the solution?  The first step is understanding there is a problem that has to be fixed.  For many, this is the hardest step of them all.

It’s Time To Recognize The Problem And Work On The Solution

Payday image

So, you’re ready to try to break away from this chaotic lifestyle, but not sure where, or how you should start.  What steps do you need to take to start making life simpler–easier, and happier?  Just one of the first things an individual can do to begin changing and improving their life is shaving away excess expenses.  While you might think there is no where to cut back, you’ll be amazed to find savings hiding right under your nose!  Putting your nose to that grindstone will help you to begin seeing some light, it’s a fact!  Just because conventional wisdom illustrates everything gets more expensive over time is no reason to live in a trapped lifestyle!  The following tips will help you begin on the right financial road!

Tip 1:  Start paying bills right upon arrival

Delaying paying your bills on time increases fees, especially those late fees!  Why not save that money and pay on time?  If you begin budgeting and planning appropriately you can!  This should be a first step goal for those wanting to stop the vicious paycheck to paycheck cycle.


Tip 2:  Work together, with your significant other

Many couples today share accounts, and more often than not, one doesn’t know what the other is doing financially.  It is time to start working together to plan and save.  Go over your bills together.  Go over what budget you can both live with monthly.  Split your spending and stick to that spending budget.  Both people should always be held accountable!

Tip 3:  Educate and learn some basic skills

If you could learn some basic plumbing, carpentry, home improvement–imagine how much you could cut back and save! You wouldn’t have to forsake quality materials either, because you’d be cutting out that expensive middle man! It’s a smart decision and one you’d be glad to have!

Put a cap on non-essential spending

Just because you have the money available doesn’t mean you should waste it, does it?  Putting a cap on monthly spending can save a potential $200 a month for most!  If you don’t need it, don’t get it!  Most people are discovering they become dissatisfied with spur of the moment purchases.  Save the money for something more useful!

stop the cycle

Break the living paycheck to paycheck cycle and streamline your finances!  You’ll be far happier and far more healthier if you do so today!