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thanks for joining us for our january 2021 mini series this month we're going to be covering off new year's resolutions the majority of us set new year's resolutions around finance or health we want to help you with the financial part of things so over the next four weeks we're going to be covering off content to help you take the next steps to reaching and conquering your new year's resolutions but we wanted to give you tools beyond this youtube mini-series so we've created a free course for you to download and become part of to get more information and step-by-step action plans to conquer your new year's resolutions the links below again the course is absolutely free there's five lessons that we go through that will give you tips tricks tools and kind of set the stage to reach your new year's resolutions to follow through with them and not have them fizzle out by the end of january early february like they usually do 80 of new year's resolutions fail and most of them fail because they're not written down and there's no action plan so our course again link below will help you walk through those steps to make sure that 2021 is a huge success and that you reach your new year's resolutions around your financial goals this week we're going to be talking about creating a realistic budget and saving more money within your budget canadians currently carry over 80 billion with a b in debt on credit cards 80 billion dollars in credit card debt you may fall into that category we need to fix that and step one is creating a budget and having a plan to pay down and pay off that debt one of the reasons that there's so much credit card debt in canada is that less than 50 percent of adults in canada live on a budget or have a budget that they follow that's a fundamental issue if there's 80 billion dollars in credit card debt in canada we need to have more budgets better spending and better saving tactics to better pay off that credit card debt and have goals and action plans and know how to save more money and pay off that debt so this week and the first week of this mini-series on new year's resolutions we want to focus on a budget a realistic budget and what i mean by realistic is something that works for you okay if you have twenty thousand dollars in credit card debt it's not very realistic to maybe have it paid off in a year so part of your budget needs to carve out money to pay off that credit card debt with a realistic goal within a realistic budget so everyone's going to have a different definition of realistic when they're putting their budget together so focus on what's realistic for you make sure you map out what you want out of your goal goals objectives and new year's resolutions and make sure that everything comes together within your budget so your budget should focus on a couple key things one is paying down debt so if you have any debt focus needs to be on paying down and eliminating your debt the other part of the budget needs to be saving more so once you've paid off your debt high interest debt especially you want to transition to kind of a savings motor and attack mode where you're saving for short-term midterm and long-term goals whether it's a trip you know maybe upgrading the house or retirement or combination of all three ideally so eliminate the high interest debt and then focus on savings a lot of us when we build a budget we focus on spending less but as we know spending less is maybe tough to do the transition needs to be on saving more if you can focus on saving more money you will naturally spend less money especially if you're on a set income so if your set income is let's say five thousand dollars a month if your goal is to save more you will naturally in turn spend less if you set a goal just to spend less money but don't have kind of a goal and a mindset for where that extra money is going to be going that you're now not spending you'll fall back into the spending mode whereas if you have a goal to save money and that goal is for again a trip or retirement whatever it is you know why you're saving that money so when you build your budget focus on savings not spending less that will really help you reach your goals it'll help you stay to your budget and it'll probably help you free up even more money as you move forward within your budget as we know 2020 was a very unexpected year a lot of us lost jobs had financial issues and had to use our emergency fund now if you're someone or know someone that's had to use their emergency fund you also probably know that their emergency fund may not have been big enough we've always recommended in the past to have three to six months of expenses saved up in accessible you know high interest savings account that is accessible for you if something happened like 2020. so what i encourage you to do is if you use your emergency fund start building the new one up we need to get that built up as soon as possible because we never know when the next catastrophe will happen if you didn't need to use your emergency savings plan in 2020 i want you to still work on building yours bigger so maybe you have three to six months and savings in emergency i want you to build that up to a nine to twelve month of expenses so if your expenses are five thousand dollars a month i want you to have about a fifty thousand dollar emergency fund that's going to help buffer any unexpected catastrophe that may come across your plate if it never happens down the road we can shuffle that emergency fund into your retirement savings or other long-term goal but in the short term while you're earning income we want to make sure that that's protected and that you don't run into high expenses when you have no income when you're creating your budget i want you to really focus in on your expenses how many expenses you have how high they are and start looking at what expenses you can trim down if your new year's resolution is to save more money you need to figure out how to eliminate or lower some of your expenses as i mentioned previous the focus needs to be savings okay create a savings goal create you know the angle what you're saving towards how much you need to save on maybe a weekly or monthly basis to reach that goal but where are you going to get the money from it's probably going to come out of a current expense what expenses in your budget can you either eliminate or reduce it might be your cell phone bill it might be you know your internet and maybe you have a home phone it might be eating out it might be a many things okay we all have different items in our budget find where you're spending too much money we have provided a budget template that's absolutely free you can download it below and when you put your income into our budget tool it will spit out exactly what we recommend you should be spending in each different category okay so again if you make five thousand dollars a month put that into our template and it will tell you what you should be spending in every category of your budget fill the budget in based on what you're spending in each category and you're going to be able to see where you're maybe spending a bit too much or maybe you're spending a bit less than you potentially could be as well so what that's going to do is going to highlight where you're spending too much work on reducing that expense to free up money again for savings and other long-term goals that you have with your finance now it's easy for me to say on this side of the camera you know lower your expenses save more money i know it's not always that easy we deal with clients all the time we work with them through their budget and goals and savings and all that it's not easy to come up with three 102 hundred dollars a month in savings when you're maybe going into debt every month we totally understand that so there's some other tools and i'm going to cover this off in the fourth week of this mini series more in depth but maybe we need to look at supplemental income what are some other incomes that we can bring in to help offset that budget maybe it's a second job a part-time job maybe it's delivery maybe it's skip the dishes delivery okay there's so many different ways that we can make an extra one two three five hundred dollars a month to maybe balance our budget or create some room to save money going forward and again having that extra savings it might take a commitment of picking up a second job part-time or maybe you have a skill or knowledge that you can actually monetize and again we're going to cover off that in the fourth week of this mini-series on new year's resolutions many people i've talked to have asked me like how can i monetize the knowledge i have the experience i have the skills i have they don't know how to do it so i want to go through in the fourth week of this mini-series how we've done that how some of our clients have done that and how you can do that in a few easy simple steps so if you're struggling with your budget and your expenses are higher than your income and you've tried to wind it down and you just can't you need to do one of two things you need to either pick up a part-time job to offset those extra expenses or we need to find a way to monetize your skill set and your knowledge at the end of the day when you create a realistic budget it needs to balance if it's not balancing out at the end of the day and you're not saving money for the future something needs to change either you need to spend less or you need to find some extra income or maybe a combination of the two so whatever your situation is set some goals sit down talk to an accountability partner your spouse your partner whoever it is that you trust that you can really dive into on this and create a strategy to again either lower those expenses somehow or find extra income again either through a second job or start monetizing skills and knowledge that you have moving forward as a reminder to get you started our free budget template link is below click on that it's absolutely free to download and it will give you the recommended spending based on your income so this is for average canadians like right across canada put in your five thousand dollar income it'll spit out what you have ten thousand one thousand doesn't matter what your income is it will spit out what you should be spending on each category now it's gonna give a big number for mortgage obviously so if you make five thousand dollars it might give you like a fifteen hundred dollar or two thousand dollar mortgage payment if you're mortgage-free i want you to allocate that money to savings to retirement planning okay so start allocating some of that stuff if you're mortgage-free to long-term retirement planning savings whatever it is so you know reallocate as you need but it's a great template and tool to use to get you on track with a realistic budget and as a reminder we've created a new year's resolution course it's absolutely free there's five lessons in there and we go through step by step how to reach and set your financial resolution so many of us will drop off after third fourth fifth week of a new year's resolution by march all the new year's resolutions that we've set for ourselves are out the door we've created a course to help that not happen it's absolutely free click below and it will walk you through from now all the way to december next year on the steps that you need to take to make sure that you conquer your new year's resolutions have a great 2021 and set yourself up for many years to come thanks for joining us in week one of the new year's resolutions mini course if you like the video make sure to hit the like button it really does help get our content out to more people and if you haven't already subscribed to the channel please do so and click the notification bell in 2021 we're going to be launching a new video every tuesday on a mini series and every friday on a hot topic of the week thanks again for joining us and have a great day