Guest Blog3 min readJanuary 25, 2024

Part 4 – Budgeting SUCCESS – Tips, Tools, and Resources

In this four-part budgeting series, I used tools to track my income and spending, I’ve estimated income and expenses, I’ve compared the results to my estimates, and I have learned more about where my money comes from and where it goes.

How did this go for me?

It went well but not without some challenges. At the end of the second month, I found that tracking income was the easiest part. I was surprised by how much physical cash I spent. I was under the impression that I didn’t use much cash – how wrong I was! Tracking my spending made me aware of this. Spending cash is not wrong but it showed me a gap in my financial knowledge. Over several months of tracking and budgeting I was able to find ways to spend less so I can keep contributing to my emergency savings account and retirement savings plan.

I had to make some tough choices. I noticed a pattern of excessive spending on takeout meals that I wasn’t accounting for, so I made a goal and a plan to reduce spending on this. I also noticed that groceries are the second-largest expense I have after rent. To save money in this area I started using coupons and referenced flyers for in-store discounts. I also found a few other areas that I could cut back on in the future if I had to, and that makes me feel better prepared.

In the end, it all worked out. My income is still not what it used to be, but I am able to live a good life, stay on top of my expenses, and prepare for the future.

Check out the tips below for more ideas on how to save money and improve your budgeting skills!

To earn additional income you could:

• Check to see if there are any government benefits you may qualify for
• Sell any items that you don’t use
• Finish or upgrade your post-secondary education
• Look for odd jobs or part-time work

Focus on what you can control – spending less. Look for places in your budget where you can save money.

• Shop with a grocery list
• Review and/or cancel unused online subscriptions
• Set a monthly budget for your children’s online games

Consider some of the following points when working on budgeting:

• Budgeting takes time to master.
• You will likely spend more money than you expect until you understand your spending habits.
• Your spending needs change from month to month.
• It is a good idea to set a time to review your budget each month.
• Everyone’s budget is different. Find a method and process that works best for you!

When evaluating your budgeting goals, ask yourself the following questions:

• What are your budgeting goals for the next month? Example: Reduce the number of times you eat out
• What can you do to reach your goals? Example: Make a meal plan for the week. Buy only what you need
• At the end of the month ask yourself:
  • Did I meet my budgeting goals: Why or why not? What will you do differently next month?
  • Did I have money left to save?

Thank you for sharing in my budgeting journey. Wishing you the best as you set a plan to better manage your personal finances.

~Jeff Patteson
Recognition Counts Loan Coordinator
SEED Winnipeg Inc.