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There are so many tasks and activities that we keep have to tend to on a daily basis. From picking up the kids for soccer practices to taking the dog for a walk, who has time to keep track of the more mundane things, such as spending habits and finances?

With these simple and helpful tips, staying on top of your finances and managing your spending habits will be a piece of cake!

Write it all down.

Get yourself a journal/ledger and physically write down everything that you are spending. Studies have shown that actually writing, as opposed to typing, has a better tendency for recall and therefore, you will be able to have a better understanding of where most of your money is going.

Check your credit statements weekly, and credit score annually.

With the increasing use of web banking, it is very easy to simply pay off the monthly statements without checking the actual statement items. Make it a point to go through the items on a weekly basis. If you need, get a print out of the items and check them off as you go down the list. In addition to this, it is equally as important to get a credit score update each year to ensure you are staying on the right financial track. This way, you will be able to anticipate your financial standing and there will be no unwarranted surprises.

Budget.

The word that everyone dreads…budget. However, making one and sticking to it is something that will definitely aid in keeping your finances on track. Remember to be reasonable – prioritize your habits, figure out what is essential, and go from there.

Use your savings account.

It is easy to forget that we have a savings account at times. However, most banks have systems in place that automatically places money into your savings account, each time you dip into your chequing account. It’s the easiest way to save and you’ll be amazed at how much you will save by doing so.

We are Licensed Insolvency Trustees and have extensive experience in addressing financial challenges and all the questions you may have. Feel free to email us at info@dodicklandau.ca, call us at 416 736 4357 (HELP), or fill out the contact form on this website, to book a free, no obligation consultation with one of our debt solutions’ experts.

Make an appointment today, and we will provide some solutions specifically tailored to your situation. We look forward to assisting.