Budgeting: Another New Year’s Resolution Broken

Benny Mendlowitz: Bankruptcy Trustee and Consumer Proposal Administrator

I was watching TV with my family on New Year’s eve. I think we were tuned in to Dick Clark’s New Year’s countdown from New York City’s Times Square. What caught my attention was a list of the top New Year’s resolutions. I did a little research on this after the fact, and here is what I found to be the most popular resolutions:

Lose weight and get fit
Eat healthier and diet
Quit smoking
Drink less
Get out of debt and save money / budgeting
Spend more time with family
Travel to new places
Learn something new
Be less stressed
Volunteer

Well, I don’t know about you, but I have tried most of these and have failed miserably at many of them. I think the biggest reasons may be that either my expectations are too high or I am not an expert in what I am trying to fix.

So let me focus on one item that I am an expert on: Get out of debt and save money / budgeting. My colleague, Doug Hoyes, has posted some very interesting material on budgeting. His basic message is “don’t” budget. It is hard. It is difficult. It requires discipline. So what does he suggest? Simple: pay your bills when you get paid. Weekly, bi-weekly, semi-monthly, whatever your pay cycle is, set up your bill payments to match your pay cycle. He presents his ideas in a 2 part video series which you can watch here:

The Secret to Budgeting – Part 1

The Secret to Budgeting – Part 2

After all of the above, if you feel like you are in over your head with your debts, give us a call to review your options, which could include a consumer proposal or personal bankruptcy.

If you want to meet with me, here is my standing invitation: