Mortgage Watch

Your income is not increasing at the same speed as the cost of living, your grocery cart costs you more and more each week, as are taxes, back to school expenses (books, school supplies and clothing), registration for your car or your motorcycle, insurances, etc..


The list is long and the money flows away from you. If you're not in control of your finances, your debt will rapidly increase and you are likely to find yourself in an uncomfortable situation.

So, what to do, what are the necessary steps to gain control? You've tried to keep a budget, but you find it arduous and complicated. Nevertheless, it is necessary so, to help you, we offer a fairly simple and effective method to record your income and expenses.

To establish a budget, a first decision is required. You must choose the period covered by your budget. It may be a week, a month, a year or another period suitable to your situation.

A classic is to make a monthly budget. Indeed, revenues are easy to calculate for a month, as is spending. The rent or mortgage payment and utility bills, telephone, cable television - among others - are often monthly. For these reasons, we will set a monthly budget you can adapt to suit your needs (see Appendix at the end of this document).

Step 1: Income

Do not make the mistake of inflating your income; you will gain nothing counting an illusory or uncertain income. You must live with reality.
Be honest. Remember that the purpose of a budget is to grasp, at a glance, your financial situation. If you inflate your income and minimize your expenses, your budget will be useless.

Revenues are recorded. The time has now come to calculate your monthly expenses (spending).