The key to sound financial management: making a budget
Yes, the best habit to get into to stay financially healthy is to draw up a budget.
Why?
A budget allows you to understand your true financial position, control your debt and reach your financial goals.
How to do it
Make a list of your regular income and ongoing expenses. Take into account that some expenses recur on a monthly basis while others, such as your automobile registration, only come once a year.
Even though creating a budget is important, it's even more important to know how to interpret and react to it. A surplus means you'll be able to save for a special goal. A shortage means you'll need to figure out what changes you need to make to balance your budget Budget: Complete list of all the estimated spending and income of a business or an individual. .
Some tips
- Draw up a simple and complete budget.
- Set some money aside for unexpected expenses.
- Choose savings by instalment products so you can save while staying on budget.
- Make sure your financial goals are realistic, specific, measurable and time-specific.
- Ask your caisse for advice.
Use our simulator to make an online budget. (PDF format, 189 KB)
