How a calendar can help you budget!

Trying to budget is something that can be overwhelming for some and can easily fall through the cracks. The good news is that there are many methods that are quite simple, easy to follow, and help keep you on track. A budget calendar is an underrated budgeting method that is exactly what it sounds like, a simple budgeting technique with use of a calendar to keep track of the inflow and outflow of income. It is a great tool for many who feel overwhelmed by technology or may have certain preferences when it comes to viewing a budget.  Many budget calendars typically include:

- Days you receive your income – whether you receive a regular salary or have irregular income, its good to have those deposit days noted so you can plan income accordingly.

- Bill due dates – Add each of your household monthly expenses such as rent, mortgage, vehicle, utilities, monthly subscriptions, etc. Its good to include your infrequent expenses as well, such as yearly or semi-annual car insurance.

- Debt payment dates – Any monthly debt payments that are outside of typical household expenses, or extra payments that you are able to include on an irregular basis. This may include line of credits, loans, or credit cards. In addition to including the payment on the calendar, its good to include the balances so you can keep track of your progress.

- Dates you plan on contributing to your savings – Saving money may seem difficult, but with a focus on paying yourself first and by adding reminders on your calendar, contributions are more likely to be made. This will help towards building an essential emergency fund, as well as saving for any large or small goals you may have. 

By having these budget categories on a calendar, you can eliminate the majority of surprises that could arise and have a better understanding of your cash flow. The calendar has many uses and benefits:

- Track your spending by day.
- See where potential cuts could be made in the budget. 
- Asses your income. Are you living pay cheque to pay cheque? Is another source of income needed to supplement your current one? Could you be saving more than you currently are?
- Use as an aid to pay down debt by keeping track of the balances left owing. 
- Manage credit card usage.
- Learn how to control your living expenses better.
- Prevent missed payments which can have all sorts of adverse effects, such as late fees, interest, and possibly a decrease in credit score. 
- Use to create a long-term plan.

 
Budgeting using a calendar is also a highly customizable budgeting method where you can really focus on the budget aspects that are important to you. To ensure the calendar acts as a visual reminder, some find using highlighters to color code each category to be effective and helps to know what’s coming up with a quick glance. This also gives the opportunity to review your budget on a monthly basis which will increase the likelihood of success with your financial goals. 

If debt is too overwhelming to take advantage of budgeting techniques, it might be a good time to consider looking at your options to get you back on track!

If you are looking for advice, or a second opinion about your debt, it does not cost anything to talk about your options. Every financial situation is unique and viable options can differ from person to person. A conversation free of judgment and cost, is the first step to determine options for debt that make sense for you. For a free consultation, please call or text (506) 645-1814 or email jaime@tackledebt.ca; or visit www.tackledebt.ca.