Budget Tips – Page 5

December 10, 2021January 12, 2022

7 Ways to Avoid Overspending this Holiday Season

Tis the season to be giving, right? Christmas seems to be a time where people go well over their spending budget because they get caught up in the excitement of the holidays, and they want to give the very best. With the year we have had, it is difficult to imagine us not wanting to spoil everyone by spending a little more this Christmas season.

What if instead, you took a step back and decided to not overspend this holiday season?

Here are 7 great ways to make sure you don’t overspend.

October 20, 2021October 20, 2021

How to Give Every Dollar a Purpose

Every dollar you bring in should have a purpose or a ‘job.’ This is the premise behind the zero-based budgeting model, and it works for millions. It helps you not only pay your bills on time, but also makes sure you save money every month, something many of us plan for the end of the month only to find that our money is gone.

So how do you give every dollar a purpose? Follow these steps.

October 6, 2021

Time to ‘Return to Normal’ for Spending

If you’re like millions of others, you spent a lot less during the pandemic. The stay-at-home orders and the spread of the virus made it easier for us to spend less and save more. Sure, there was plenty of online spending, but much less spending on food and entertainment.

Now that we’re headed back to ‘normal’ what does it mean for our spending? How do you avoid the bad spending habits you had before the pandemic and keep your finances on track?

September 15, 2021

Did you Spend too Much this Summer?

If you lost control of your finances this summer, you aren’t alone. After the year we had in 2020, many of us felt like letting loose and living life to its fullest. After all, the pandemic showed us just how short life can be.

But as you tally up your finances and get ready for the upcoming holidays, you might find that you spent too much this summer.

Now what?

You’ve taken the first step, admitting there’s a problem, and now it’s time for the solutions.

July 7, 2021July 7, 2021

Managing Your Summer Vacation and Debt

Summer is a time for fun and vacation, but bad habits can quickly put you into debt for temporary fun. If you’re trying to stay out of debt, there are plenty of ways to have summer fun while staying within your budget.

Have a Staycation

Becoming tourists in your hometown is one of the best ways to have the best of both worlds. You can have fun and save money. You don’t have to pay the high hotel costs or even need money to eat out. You have the comforts of your own home, yet can venture out and be ‘tourists’ in your area.

You can even keep it free by visiting national parks, hiking local trails, visiting museums on ‘free museum days,’ and using your library’s resources (many offer free passes to local attractions).

Stay with Friends

If you want to head out of town for a true vacation feel, travel to areas where you have friends and see if you can bunk at their place. If you don’t have friends who live out of town or at least where you want to visit, consider traveling with friends and splitting the cost of a rented house versus paying inflated hotel costs.

Look for Coupons before you Travel

You don’t have to be a resident to take advantage of local deals, and do your research before you go. Many tourist service centers have coupon books for travelers, but you can also look on Groupon or the area’s local chamber of commerce page.

Find out where the deals are, including Happy Hour, buy one get one free deals, or even free times to enter attractions (sometimes going to attractions a couple of hours before they close) are all great ways to save money.

Budget your Vacation

June 22, 2021

Budgeting for Back to School

Back to school spending is inevitable. As parents, we do it every year, and yet every year it sneaks up on us, right? Even in 2020, most parents had extra expenses to send their kids back to school, even if it was at home.

This year, let’s do something different and budget for the return to school spending so it doesn’t catch you off guard.

June 8, 2021June 8, 2021

Summertime Staycation Planning & Budgeting

Parents can’t wait until the days of no more alarms or harping on kids about homework, but then there’s all the free time summer creates. Without schedules and structure, it can feel overwhelming and if you aren’t careful, you may forget about budgeting and spend money just to keep your kids occupied.

Rather than throwing all caution to the wind this summer, plan a staycation. This way you’ll have fun planned for your family without the expenses of a vacation and the rest of the summer won’t feel as unstructured.

Before you plan a staycation, though, learn the top budgeting techniques to make it affordable.

April 28, 2021April 14, 2021

Canadians on the Brink of Bankruptcy – Here’s what to Do

If you’re feeling financial stress, you not alone. Over half of Canadians are within arm’s reach of financial insolvency thanks to the COVID-19 pandemic. The numbers are at a five-year high and don’t seem to be falling anytime soon.

Millions of Canadians wiped out their savings accounts during the heart of the pandemic and others relied on credit cards to make ends meet. But where does that leave them today?

If you’re coming off a job loss, shuttered business, or increase in bills, bankruptcy may seem like the only answer, but it’s not. Here’s what to do instead.

April 22, 2021April 14, 2021

Consider This When Preparing your Tax Returns During a Pandemic

If you’re used to getting a large tax refund at tax time, you may be surprised to see this year’s return. Many taxpayers aren’t getting the refund they’re used to, and millions aren’t getting a return at all.

To maximize your tax refund, make sure your taxes include these deductions, if applicable to your situation.

Home Office Expenses

If you worked from home in 2020 as an employee, you may write off some expenses incurred. If you’ve never claimed a home office expense before, you have two options:

March 24, 2021

Preparing for Tax Season When you Don’t get a Refund

Tax time can be exciting or overwhelming, depending on whether or not you get a refund. If you get a refund, you feel like you’re on top of the world. If you owe money, it can send your budget into a tailspin.

Relying on a refund is not the right choice. Everyone should be prepared to NOT receive a refund, by planning and budgeting throughout the year.

At Creditaid, we want our clients to be prepared for the tax season financially, rather than letting it derail their finances and cause financial destruction. It’s not as hard as it seems. You just need to budget and plan long before tax season begins.