Taking advantage of budgeting
Did you know that more than 50% of Manitobans don't use a budget system to track spending?
According to a 2017 report released by Credit Union Central of Manitoba (CUCM), 51.7% of Manitobans aren't using a budgeting system to manage their money.
A budget is a plan that helps you manage your money. A budget determines how much money you have coming in, how much you spend, and how much you save. Budgets allow you to balance your income with your expenses and can help guide spending so you can reach your financial goals.
Everyone should have a budget but they're especially important if you:
Budgets can set spending limits, reduce debts, reduce expenditures, and help you live within your means.
- Struggle to pay your bills or pay off debt;
- Are unsure of where your money is going;
- Aren't a regular saver;
- Want to save up for something specific or;
- If you simply want to get the most out of the money you have.
With so many options available today, budgeting doesn't have to be a huge undertaking. We've rounded up some of the most common ways to budget money here.