Successful home purchases and renovations start with a budget
Wednesday Feb 08th, 2017
Spring is the time for house sales and renovation projects. Besides deciding what neighbourhood is best for your family or what tile pattern matches the kitchen, there are lots of costs to consider and often many unexpected expenses.
Creating and sticking to a budget is key to keeping your finances on the right track. A budget will show you where your money is going and whether you have enough to cover your expenses. It will also help you allocate funds for unexpected expenses.
The Financial Consumer Agency of Canada has a tool to help. Their Budget Calculator is a free tool designed to give you a snapshot of where your money is going based on how much you spend in a selected time period.
“A budget is the best way to deal with the number one stressor: money,” says Jane Rooney, Canada's Financial Literacy Leader. “A budget is like a GPS and shows you the best way to get to where you are going.”
A budget is key, no matter how you spend your money. But if you don't have a budget yet, you're not alone. Only 46 per cent of Canadians have a budget. Of those who do have one, 93 per cent stay within it most of the time and are in control of their finances.
Find more tips and information online at itpaystoknow.gc.ca.