We often use credit cards for their convenience and to buy things even when we don’t have enough cash on hand. But have you ever thought about their other benefits—the ones that may not come to mind right away? There are many such perks to using credit cards, but today, let’s focus on three of…
Is it just me, or do you spend a lot more money during summer than you usually do the rest of the year? There are more things to do, more places to be, and more friends to be with. This all requires more money than you would otherwise normally spend. I am not necessarily talking…
Last week, I wrote about how a simple switch of insurance providers has helped me save $100 per month. This week, and as promised in my aforementioned article, I am going to cover in more details about how I am spending this saved money. While $100 may not seem like a lot to some, when…
Recently, I did the math and realized I was saving just about 21% of my net income. While this is good considering my living situation, family expenses, and other factors, I thought it would be even better to increase my savings rate to 25%. However, without making major changes or sacrifices, I couldn’t just boost…
Emergency Fund is one of the most discussed, and often very confusing topic for a lot in personal finance. Not only do some people not have one, those who do often fail to understand its basic premise and how to best use it. First, let us try and define what an emergency fund is in…
Are you a financial hermit? You know, the alternative to being labeled as cheap or frugal – someone who avoids socializing, going out, or engaging in activities that involve spending money. While maintaining such financial discipline requires hard work and dedication, it can also be draining and unsustainable. Instead of embracing financial hermitage, consider more…
When was the last time you said to yourself: ‘I am spending too much; I better start saving’? On the other hand, when was the last time you said to yourself: ‘Man, I am saving too much money and need to start spending more’? The first question is not only more likely for the vast…
Have you fallen off and given up on your 2024 resolutions yet? Whether you have or not, we have an easy challenge for you to follow, even if the year is already close to one month old. In fact, it’s a good idea to start this one now to get back on track in case…
The holidays are officially over, and it is time to get back to routine, work, school, saving money and paying off debt accumulated last few weeks. As we do every year, we spent December acting as personal charity with our time and money, giving to family and friends, helping those in need, attending parties and…
There is one extremely simple strategy you can use to get you up and running early in the new year, while giving your financial confidence and momentum a huge boost. The strategy is to commit to saving for something new, even if the saving goal is simple. For example, you can commit to a new…
We covered a lot in 2023 – from budgeting and paying down debt to forming good financial habits, addressing inflation, discovering new ways to save, and much more. With so much valuable information throughout the year, it might be a lot to digest. If you missed our posts or prefer a quick crash course, we’ve…
Have you experienced the exhilarating emotion of saving money, discovering that it’s not just joyous but can become borderline addictive? The journey begins with the initial thrill of saving, and as your consistency grows, witnessing your savings increase becomes an addictive delight, pushing you to strive for even greater financial milestones. Interestingly, as your savings…
Was my app glitching when the price shown on the screen was just over $12? It wasn’t unfortunately, as a McDonald’s 10 chicken nuggets meal does indeed cost that much, effectively what two burger meals would have cost a few years ago. Or how about my shock when a chicken sandwich combo for my son…
Salary increases are indeed a blessing that I never take for granted, especially in today’s uncertain economic times where job security is a luxury. Receiving a salary increase feels like a bonus, and even though there’s no assurance of it, I’ve already planned how to utilize any potential increase. Firstly, I won’t be frivolously spending…
We’ve all encountered the idea of sleeping on a decision before making a purchase or committing to a significant financial investment. Many of us have found ourselves caught in the ‘buyer’s remorse’ conundrum, regretting a decision shortly after making a purchase. But how about going out of your way to find a reason not to…
Your life or someone’s life may just be one advise or lesson away from being completely different. When it comes to financial management and freedom, never shy away from advising others, or accepting advise from someone else, as obvious as the advise may be
Embracing a lifestyle of cost-effective home practices and strategic outsourcing can yield significant financial and time savings. From establishing a home gym for convenient and affordable fitness routines to brewing your own coffee, these small changes accumulate into substantial annual savings.
When it comes to making substantial investments in big ticket items, a thoughtful and informed approach can make all the difference. Balancing cost considerations with the long-term value, warranties, and reviews can help you find the perfect fit for your needs and budget.
We all have goals, whether small ones like making it to the weekend without quitting our job, or big ones like graduating college. But what sets true goal setters from those who end up quitting and not achieving their goals? Simply putting it on paper! And yes this is backed by science , so why…
Inflation has become a reality in every facet of life in the last 12 months or more, but it is nowhere as evident than at the grocery store. It is almost depressing to know that for the same budget, you are getting much less than what you used to do back in 2021 or beyond….
The COVID-19 pandemic has fundamentally changed the way we live our lives, forcing us to stay at home and rely on technology more than ever before. While platforms like UberEats, Amazon, and TikTok were already popular, they have become ubiquitous during the lockdowns, to the point where they are now virtually synonymous with the pandemic…
Getting an income tax refund is great, but deciding what to do with that refund is even more important. What to do with it and how to save it, depends on personal cirmrutances, but some combination of saving for RRSP, paying down debt, general savings, would be preferable.
We have all heard of popular sayings and expressions like “Win Win”, “Two birds with one Stone” and other similar ones. The idea here being that we should be more efficient in life, careers, finances, by doing more with less. In other words, use one hand to do two different things and 2 hands to…
As it should be clear by now, our personal budget is a way of controlling our unlimited wants to match our limited incomes. We only have so much money to spend, save and enjoy. But what if your budget just can’t accommodate your excessive spending? So much so that your paycheck doesn’t cover your spending,…
Financial efficiency is key to achieving financial freedom and climbing the wealth ladder, but it seems to be lost on many on what it means.
In 2022, I implemented a resolution to cut down on junk food spending and save that money instead. I succeeded in sticking to my goal of only buying fast food once a week, resulting in 24.5 lbs weight loss and $625 savings. Better yet, I continued this success in 2023. This resolution proves that one effective decision can have a positive impact on multiple areas of life.
There are many powerful concepts in the personal finance literature to get you to financial freedom, but none are as important as that of paying yourself first (PYF)
As inflation eats into our hard earned and saved money, it is time to fight back by making these simple but necessary cuts to our spending.
One of my goals for 2022 is to get active with push-ups. To be more specific, I set to do 10 push-ups a day and increase that by 1 extra push-up per month. So for January, I started with 10 a day and I have since increased that to 11 a day for February. For…
In your budget, a ‘savings’ category is essential for emergencies or general savings. But what if you want to purchase something pricey, like a vacation or new furniture? Instead of dipping into savings, create a new category dedicated to the specific item…
Welcome to BudgetSense.ca! Unlock Your Financial Potential. Here is how! In a world where prices soar and wages struggle to keep up, mastering your finances has never been more crucial. We’re here to guide you through the art of smart budgeting and wise spending, ensuring you stay ahead of the curve. Our approach combines personal…