Recognizing the importance of budgeting

When an individual sets a budget they will look at the total for the month, they then make sure they have enough income to cover bills such as mortgages, food and house supplies but what they have left over can then be used for personal use.

 

Sarah Jane, 42, is a single mother of three children ages eight, 10 and 15. In Windsor, she runs a landscaping company and a dog walking business.

 

“First of all, I make sure that I earn enough money from my landscaping and dog walking businesses to enable me to cover all my outgoings and expenses,” said Jane. “My main expenses each month are mortgages, vehicles, food shopping and clothes.”

 

According to the Department of Finance Canada, since 2015, the government has been helping Canadians and their families save money, invest and help the economy.  The government’s federal budget will build on the success this year with replacement of the working income tax benefit, this included more generous workers benefit which will give back to low-income workers.

 

Having a set budget can make life easier and more efficient without worrying about savings and not having money when it’s needed according to Karmie Sidhu.

 

Karmie Sidhu is a financial planner in Windsor and she said it is important to have a budget and advises people to set goals with their budget.

 

“You always have steady expenses and sometimes you have ones that you didn’t expect. It’s important to have a backup for those surprises,” said Sidhu

 

Sidhu said the end goal of a budget is to have stability and better forecasting for future projects making someone’s life easier.