<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=375088249364044&amp;ev=PageView&amp;noscript=1">

Money Management

Managing money is a skill that requires practice to perfect.

With the right financial tools, you can attain your goals and plan for the future, no matter what your level of income may be.

Learn More

Get Debt Help Now!

Learning How to Manage Money Wisely

Are you struggling to pay bills on time, and always feel like you're running out of cash? These are telltale signs that you need a solid goal-oriented plan for managing your money. Not having goals means your money doesn't have a purpose, which can lead your budget astray from investing in what’s most important to you.

Here are a few steps on how you can manage your money, get on the track, and finally free yourself from financial worries:

Step 1: Identify Your Goals

Good money management starts with identifying and setting goals.

Why? Because goals give you purpose, and not just for the way you live but also for how you spend your money. Goals are dreams – and if specific enough, they can motivate you to balance saving and spending to achieve them. It also helps you keep the things most important to you in perspective.

Take a moment to think about your financial goals. Then, once you’ve done that:

  • Determine the timeframe for each goal (e.g., less than a year, 1-2 years, or 5+ years)
  • Determine how much money you’ll need to reach each goal 
  • Determine how much money you'll need to set aside every week or month to achieve each goal within the desired timeframe 

Next, it’s time to create a realistic and workable budget.

Step 2: Develop a Realistic Budget

For the planned period of your goals, you need to know what money you’ll have available.

This includes compiling all household monthly net income – from wages, pensions, commissions, and more.

Contrastingly, you’ll need to estimate your expenses – including fixed payments, contributions and all other predictable expenditures. If this isn’t easily accessible, look at receipts and old bills for a refresher. As a baseline, if budgeting is new for you, keep a record of your spending for a few months and revisit it.

By compiling your daily expenses, you establish a baseline so, moving forward, you can re-evaluate as you go for a happy balance between saving and spending!

Step 3: Evaluate

Your budget may need to be adjusted and change over time based on goals as you reach them.

Included in this may be expenses of all shapes and sizes – from candy bars to emergency medical trips. For the best money management and budget, make sure you’re listing everything in your budget booklet (Monthly Budget Tracker).

Money Management Tips

Here are some other ways you can stay vigilant on money management:

  • Have at least 2 bank accounts – personal and savings – to help you balance expenses and goals
  • Leave cards at home where you can get instant cash; that way, you’ll be discouraged from constantly withdrawing
  • Use a piggy bank to help save
  • Compile spare change to help save for small ticket items

 Get a Free, 0 Obligation Debt Assessment

Take Control of Your Money Management

Want to know the 10 basic rules of money management? Look no further than our Money Management & Budgeting guide. You’ll be able to assess your money management skills, as well as create financial goals that are realistic and attainable for you. 

Start Managing Your Money

Client Reviews

See how we've helped so many others become debt free.

Tyler Webster

A few years ago I had some debt issues and approached Credit Canada and Randolph Taylor for some help with consolidation. Randolph was very informative of all of my options and what course of action we should take. He took the time to explain all options and made feel like everything was going to be ok. At first I was very nervous to seek out any help but with Randolph's help and kind nature everything got resolved in a timely and professional manner. I would highly recommend Credit Canada and Randolph Taylor to anyone feeling the burden of debt. Since clearing up all of my debt a few issues came to light and when feeling overwhelmed I contacted Randolph and he helped me to figure everything out and has always been open to any follow up questions. I really appreciate everything Credit Canada and Randolph Taylor have done for me.

Martine Saldsman

Debt sucks, and it often feels insurmountable. It's so much easier to deal with when there is someone to help guide you through it. Credit Canada has helped so much, and I couldn't have done it without them. There's a one time, nominal service fee, and that's it. For the quality of service I've received and peace of mind I feel, I can say it's a huge bargain and soooo worth it. Right off the bat, I felt comfortable and reassured. My counselor, Randolph Taylor, has been consistently helpful and accommodating. It's such a relief to have someone in your corner to help you get you past the goal post.

M. Hamilton

I'm glad I discovered Credit Canada Debt Solutions. Four years ago I had an ever increasing high interest debt load that had gotten out of hand and was causing me stress and concern, as I didn't know where to begin, and then the phone calls started. Upon contacting Credit Canada I was connected with Randolph Taylor who was very understanding, professional and a calming influence. His expertise and experience soon had me on the way to becoming debt free, without further harassment from creditors and with a program that I was comfortable with. I highly recommend Credit Canada for your debt solutions. The service was excellent.

Get a Free Debt Assessment

It's easy! Just fill out the form below and one of our credit counselling experts will contact you to begin discussing your personalized debt management options:

Free Debt Assessment