7 Budgeting Control Tips For Canadians

Estimated reading time: 8 minutes

With rising inflation rates, budgeting control should take a front seat for Canadians.

A recent study by Angus Reid (Fear of Renewal) states that 2 in 5 Canadians from all walks of life have withdrawn money from accounts they try not to touch.

Also, half of renters 46% face increased rent as their landlords’ mortgage costs increase.

It’s a difficult time for everyone, so digging deep into financial numbers is essential.

The great news is that budgeting control begins with a positive outlook and options.

Manifest exactly what you want from your budget with these 7 control tips.

There are many budgeting options and expert tips for someone wanting control back.

Understanding Budgeting Control

What is budgeting control?

Budgeting control means spending less than you earn or what your budget for.

It also means having the power to influence yourself or others’ behaviour to achieve a goal.

It’s not the budgeting tool; it’s the procedure ensuring a budget doesn’t get out of control.

Controlling A Budget Is Not Set And Forget

You’re not alone if you’ve ever thrown your hands up in defeat with a budget.

However, budgets are essential especially given today’s economic situation.

Slackers, I’ve been where you are because budgets can be confusing.

You’re not alone if you or a spouse are not handling a budget.

I made excuses, but my wife had my back and was on my side.

We’ve done it, you’ve done it, and we aren’t the last to continue being stuck.

Importance Of Budgeting Control

Why is budgeting control important?

Creating a budget in Excel was the highlight of creating a Canadian Budget Binder nearly 12 years ago.

As time passed, I realized that not everyone used Excel and preferred different budgeting methods.

If budgeting control can’t be achieved, it’s easier to forget about the process than it is to push through it.

Money, or lack thereof, can be so distressing for someone that the dark pit of despair outshines motivation.

I had to design other forms, including methods such as the zero-based budget we use.

Budgeting Control vs. Earning More Money

You’ll find many ways to earn more money on this blog, but making more won’t solve your problems if you can’t manage money.

Waiting until you’re forced to ask friends, family, or banks or take a Payday loan for cash to pay bills is not good enough.

Canadians need to be proactive and avoid last-minute emergencies they are unprepared for.

Dipping into emergency savings is a relief, but not everyone has the spare cash.

Furthermore, savings are not a long-term subsidy, such as to fund a mortgage or rent increase.

Budgeting Control Tips From An Expert

I’m not a professional, but I’d like to think I have some expertise in budgeting control.

If you’re new to budgeting or have been slacking at fulfilling your goals, perhaps I can motivate you.

Budgeting control doesn’t come easy, especially in the face of debt and forcing yourself to manage money.

Below are ways we have found balance in controlling our budget to ensure it works for us instead of against us.

1. Create A Routine

Budgeting willy-nilly won’t cut it, and neither will making excuses for an unfinished budget.

Create a budgeting routine that works for yourself or, if a couple, the both of you.

Here’s a snapshot of our finance routine:

• All receipts go into our budget binder.
• I create budget charts and enter data into the Excel budget spreadsheet weekly.
• Mrs. CBB organizes the receipts and pays all of the household bills.
• I pull the investment numbers and review them with Mrs. CBB monthly.
• Both of us manage our bank accounts to ensure we get paid.
• I manage all aspects of the blog’s income and expenses.

2. Set Budget Guidelines

I’ve highlighted a few examples of setting guidelines for a budget.

Create a list of guidelines that fit your needs and stick to them.

Remember to visit them often to evaluate whether they are working.

Also, guidelines will change based on your financial situation.

• I will not spend x amount of dollars without prior research.
• We will discuss all expenses over x amount of dollars.
• A grocery list is a must when we buy food and household items.
• Paying ourselves first is critical.
• Set aside money for emergency savings of x amount each month.

3. Practice Self-Control

Probably one of the most challenging aspects of budgeting control is self-control.

Almost always, financial situations are turned upside down because of something we did or didn’t do.

I mean, what else is there?

Take a hard look at how you live your life and decide what you can change or improve.

Make it meaningful, achievable, and motivational otherwise, you’ll fail.

4. Open-Minded To Money Management Options

Just because you fail at keeping up with one budget doesn’t mean they all suck.

There are various budgeting tools and apps online and at Canadian Budget Binder.

Although not all money management options online are free, many are, so explore your options.

• Try a paper-and-pencil basic budget instead of an Excel budget.
• Stuff money envelopes with cash instead of using a debit card to budget.
• Add cash and coins to budgeting jars instead of envelopes, apps, or spreadsheets.
• Explore free online budgets from banking institutions or paid apps.

Often you might find a budget your bank offers for free to their customers.

Scotia Bank, for example, offers to teach its customers how to make a household budget.

Set up a meeting with an advisor, and they will help create an online or mobile budget.

On Canadian Budget Binder, I share a sample budget for anyone who wants to see how they are created.

Either way, find what works for you but don’t give up on becoming debt-free.

I can assure you that you will find a budget to which you’ll warm up.

5. Budgeting Control Communication Meetings

If you’re single, you must meet with yourself and your budget monthly.

The same goes for couples, and it must be done together.

Even if only one of you manages the money, you must communicate.

There’s no sense in managing money if you’re not on the same page.

For example, you may want to review or chat about these topics.

• Where are you at with debt management?
• How well the budget is performing based on user control. (are you following the rules of budgeting?).
• Are there budget categories that need improvement?
• Discuss any budget failures or successes.
• Go over any changes that need to be made. Perhaps you need to reduce your telecommunications bill, and one of you needs to call Rogers to negotiate a new plan.

6. Seek Budgeting Control Support

Budgeting used to be something people didn’t talk about because it meant you had debt.

Even today, some people won’t disclose that they use a budget for fear of being judged.

If that’s you, find someone who you trust that budgets where you can motivate and learn from each other.

Other options for assistance controlling your budget are a family member, financial advisor, banker, professor, or trusted online sources.

7. Create A Motivational Saying

Instead of trying to convince yourself why you can’t budget inspire yourself.

Grab a piece of paper and a pencil and jot down words that would encourage you.

Create a motivational saying that will inspire you to reach your financial goals.

Keep a copy in your budget binder, purse, wallet, office, or on the refrigerator.

Here’s our motivational saying that we’ve stood by since day 1 of this blog.

Overall Thoughts

Canadian inflation rates affect all of us, and if you’re looking for budgeting control, leap.

Empower your mind with financial knowledge and put it to good use.

Being left without options to pay bills or afford life’s necessities is no way to live.

Best,

Mr. CBB

Discussion: What budgeting control tips have helped you manage your finances efficiently?

Please leave me your comments below.

• Master Your Finances In 5 Steps
• Daily Rewards Review: Earn Extra Money Online
• How To Create A Personal Finance Mind Map
• How Much Should My Grocery Budget Be?
• March 2023 Budget Update CBB Family

Subscribe To Canadian Budget Binder

The post 7 Budgeting Control Tips For Canadians appeared first on Canadian Budget Binder.