you ever find yourself wondering where your paycheck went? Does it ever feel
like you just got paid and already you’re relying on your credit card to get
you through until your next payday?
time of year, we hear a lot about goal setting, diet fads and new fitness
trends. In my opinion, one of the most meaningful changes anyone can make in
their life is getting their finances in shape.
of the biggest impacts debt has on our lives is stress. By making small, but
measurable changes to the way you spend money, you can regain control of our
finances and achieve our short and long term financial goals. This year, why
not shift your resolutions to focus on your personal finances?
about all the times you tap your
debit or credit card throughout the day. Between coffee runs, grabbing supper
on your way home from work and trips to the grocery store, it’s extremely easy
to lose control of how much you’re spending. All the $2, $10 and $20 purchases can really
add up and before you know it, half of your paycheck is gone.
a cash diet is a lifestyle change that will transform the way you make spending
decisions. What is a cash diet? Simply put, a cash diet means only spending the
available cash you have for that pay period. No credit or debit cards are
you have some financial goals you want to hit in 2018, like paying off debt or
saving for retirement, a cash-only budget can be a great way to keep your
spending on track.
easy steps to start your cash diet today:
Calculate your family net income for one month.
Deduct all your fixed expenses, which would include mortgage/rent,
utilities, insurance, child care, auto loans, etc.
Calculate the money you have left each pay period. That is the
cash you can withdrawal and use for all your non-fixed expenses, such as
groceries, gas and entertainment.
The physical act of having to take money out of your wallet and
seeing your balance diminish will make you think differently about needs versus
wants. In today’s plastic world, it is faster and easier to spend money than
A cash diet can help you:
Become accountable for where your money is going
Avoid interest charges and bank fees
Better manage your budget
I invite you to email me at firstname.lastname@example.org with questions you would like answered in this article, or just to chat more about your debt relief options.
For more than 30 years,
MacKenzie, Gillis, MacDougal Inc., Licensed Insolvency Trustee, operating as
MGM Trustee, has helped thousands of people take control of their finances.
With multiple locations throughout Cape Breton, our compassionate,
knowledgeable and experienced team is here for you.