What do a minimum wage worker, a Fortune 500 executive and a successful entrepreneur all have in common?

They all NEED a budget.

When should you start taking your C

A budget is the starting point and catalyst that allows our clients to get where they want to go. It also gives us, their financial advisor team, a financial road map as to what is important to our client, where money is going and what is available for savings.  As financial advisors, our job is to know our clients well enough so that we can understand their short and long-term goals in order to help them achieve them. The one roadblock that we almost always run into with clients is… EFFECTIVE BUDGETING.

According to a study through Canada Credit, “The average Canadian household debt remains near record high levels with the average Canadian owing close to $1.78 for every dollar earned (July 2019). To put that into perspective, in 1990 Canadians owed $0.90 for every dollar earned.” We often get asked, “How can you save when every dollar earned is accounted for?” A good exercise we encourage clients to participate in is to look at the last 6 months of credit card spending, then diarize each transaction to see where the money is going. Almost every time, discretionary spending is the leading cause of overspending. Most people justify spending $20-$100 a day on “items” that have no return on investment. These types of pitfalls can be solved through diligent, intentional budgeting habits.