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Very few Canadians enjoy coming up with a budget and sticking to it. It can feel like an unnecessary hassle, but it can also really help you stay aware of where your money is going. A survey by the Financial Consumer Agency of Canada showed that fewer than half of Canadians spend based on a budget, which can cause financial issues. If you speak to a 4 Pillars debt consultant in Victoria, you may hear a lot about a budget. Today we’re going to talk about reasons why some people have problems with their budgets after making one.

Planning Around Checks

Let’s say that you get paid once every two weeks. If that’s the case, you may schedule your rent, car payment, and other large payments based on when those checks come in. The problem is that it can lead you to run low when it comes to smaller expenses like gas or groceries. One recommendation we have is to divide your checks, so you pay things through the month instead of one big sum. Set aside some money so small things that come up can be paid as needed over the next week.

Not Having an Emergency Fund

Many people having trouble with finances will find this tip a little frustrating. If you have trouble paying your bills, setting up an emergency fund might seem laughable. However, setting aside even a few dollars is well worth it. It doesn’t have to be a big lump sum, instead round up some of your purchases and throw the extra in a piggy bank. Once you reach a certain amount, put it in your savings and the next time an emergency comes up, you’ll be ready to go.

Making Minimum Payments

Even if you’re only making minimum payments, if you make them on time, you’re doing ok. This is what is needed to keep your credit score high and be responsible. However, paying only the minimum can mean it takes a very long time to pay off your debts. Whenever you can add a bit extra to payment, it’s worth doing so. The quicker you pay down debts, the less time it will be until you have the debt paid down to a manageable level.

For more help with your financial needs, a 4 Pillars debt consultant in Victoria can cover all of your many options. You can learn more and get in touch with us by visiting

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