{"id":5146,"date":"2019-05-15T11:34:38","date_gmt":"2019-05-15T15:34:38","guid":{"rendered":"http:\/\/caissealliance.absoludev.ca\/?p=5146"},"modified":"2024-11-18T10:07:34","modified_gmt":"2024-11-18T15:07:34","slug":"draw-up-a-monthly-budget","status":"publish","type":"post","link":"https:\/\/www.caissealliance.com\/en\/personal\/investment\/draw-up-a-monthly-budget\/","title":{"rendered":"Draw up a monthly budget"},"content":{"rendered":"<div id=\"mastercardhead\">\n<p>It\u2019s important to assess the pace at which you spend and identify the areas where you could be saving for future projects you really care about.<\/p>\n<\/div>\n<h2>Do you really know where your paycheque is going?<\/h2>\n<p><strong>If you skip the monthly budget step, you\u2019re probably either lazy<\/strong>\u00a0or simply not ready to face reality and take a hard look at your spending habits. There\u2019s no miracle solution, only you can draw up your own budget. This is something even your financial advisor can\u2019t do for you.<\/p>\n<h2>1. Draw up a budget<\/h2>\n<p>A budget is simply a detailed estimate of expenses in comparison to monthly income.<\/p>\n<p><strong>List your income and expenses<\/strong><\/p>\n<ul type=\"disc\">\n<li><strong>Print out your monthly account statements <\/strong>(available on Allia) or request them from your branch. You\u2019ll need the information they contain about your expenses, the bills you\u2019ve paid and the cheques you\u2019ve written.<\/li>\n<li><strong>Pull out all of your receipts<\/strong>. They\u2019ll allow you to determine how much you\u2019ve spent on purchases over the last few months.<\/li>\n<\/ul>\n<h3>Find out more<\/h3>\n<p>For more information about the statements available to members on Allia, see <a href=\"https:\/\/www.caissealliance.com\/en\/personal\/youth\/monthly-account-statement\/\">Monthly statements of account<\/a>.<\/p>\n<h2>2. Compare your budget with your real expenses<\/h2>\n<ul>\n<li data-gc-list-depth=\"1\" data-gc-list-style=\"bullet\">If\u00a0<strong>your income is greater\u00a0<\/strong>than your expenses, consider saving or investing the monthly surplus towards your goals.<br \/>\nSee\u00a0<a href=\"https:\/\/www.caissealliance.com\/fr\/particulier\/epargne\/les-raisons-depargner\/\" target=\"_blank\" rel=\"noopener\">Save for future projects<\/a><\/li>\n<li data-gc-list-depth=\"1\" data-gc-list-style=\"bullet\">If\u00a0<strong>your expenses are greater<\/strong>\u00a0than your income, you are in debt. It\u2019s time to think about ways to reduce your expenses or increase your income to rectify the situation.<br \/>\nSee\u00a0<a href=\"https:\/\/www.caissealliance.com\/fr\/particulier\/epargne\/etape-3-remboursez-vos-dettes\/\" target=\"_blank\" rel=\"noopener\">Pay off your debts<\/a><\/li>\n<\/ul>\n<h3>Did you know?<\/h3>\n<p>Having several accounts in the same financial institution can help you track your income and expenses more effectively. Some people have as many as 5 accounts (one for monthly bills and expenses, another for annual bills, a third for medium-term savings, etc.).<\/p>\n<p>Find out how to\u00a0<a href=\"https:\/\/www.caissealliance.com\/fr\/faq\/ouvrir-un-compte-et-devenir-membre\/\" target=\"_blank\" rel=\"noopener\">open and account and become a member<\/a>.<\/p>\n<p><strong>If your expenses are greater than your income<\/strong><\/p>\n<p>You\u2019ll need to find money to at least bring your expenses in line with your income. Here are a few possible solutions:<\/p>\n<p><strong>Cut out everything that isn\u2019t a necessity<\/strong>. Ask yourself these questions: Do we really need a second car? Can I cut back on fixed expenses, such as cable, cell phone, phone bills? Would I be willing to quit smoking or cut out coffee to save money?<\/p>\n<p><strong>Simply put, get rid of everything you can\u2019t afford<\/strong>. And if that isn\u2019t enough, you\u2019ll have to find a way to earn more money (ask for a raise, get a second or better paying job, etc.).<\/p>\n<p><strong>Save on banking fees and charges.<\/strong><br \/>\nSee\u00a0<a href=\"https:\/\/www.caissealliance.com\/en\/personal\/budget-and-financial-management\/how-to-reduce-your-service-charges\/\">How to reduce your service charges<\/a>.<\/p>\n<p><strong>Put money aside by regular instalments.<\/strong>\u00a0This is a very effective way to save. You can accumulate capital gradually and without having to make deposits in person.<\/p>\n<p>See\u00a0<a href=\"https:\/\/www.caissealliance.com\/fr\/particulier\/epargne\/les-raisons-depargner\/\" target=\"_blank\" rel=\"noopener\">Save for future projects<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.caissealliance.com\/fr\/particulier\/epargne\/idees-payantes\/\" target=\"_blank\" rel=\"noopener\">ideas that pay off<\/a>.<\/p>\n<h2>3. Create an emergency fund<\/h2>\n<p>This fund, to be used\u00a0<strong>only in case of emergency<\/strong>\u00a0(e.g., your refrigerator dies, your car needs unexpected repairs), will help you avoid falling back into the credit trap. And when your emergency fund is empty, it\u2019s important to start building it back right away.<\/p>\n<p>Find out more about\u00a0<a href=\"https:\/\/www.caissealliance.com\/fr\/particulier\/epargne\/constituez-un-fonds-durgence\/\" target=\"_blank\" rel=\"noopener\">emergency funds<\/a>.<\/p>\n<h2>Can\u2019t stay on budget?<\/h2>\n<p>You say you\u2019re not the type to budget? You don\u2019t have enough discipline? See\u00a0<a href=\"https:\/\/www.caissealliance.com\/en\/personal\/savings\/why-some-budget-dont-work\/\" target=\"_blank\" rel=\"noopener\">Why some budgets don\u2019t work<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s important to assess the pace at which you spend and identify the areas where you could be saving for future projects you really care about. If you skip the monthly budget step, you\u2019re probably either lazy\u00a0or simply not ready to face reality and take a hard look at your spending habits. There\u2019s no miracle [&#8230;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[116],"tags":[],"class_list":["post-5146","post","type-post","status-publish","format-standard","hentry","category-investment"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Draw up a monthly budget | Caisse Alliance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.caissealliance.com\/en\/personal\/investment\/draw-up-a-monthly-budget\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Draw up a monthly budget | Caisse Alliance\" \/>\n<meta property=\"og:description\" content=\"It\u2019s important to assess the pace at which you spend and identify the areas where you could be saving for future projects you really care about. 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