Consolidated Credit Canada » Videos » Building a Budget – Maintaining Your Budget Long-Term

Building a Budget – Maintaining Your Budget Long-Term

The budget you’ve constructed is only going to be useful if it can stand the test of time. You need to maintain and adjust your budget periodically to make sure it continues to work. Watch this video to learn how to do routine budget maintenance.

Once you have your budget set, it’s important to maintain the financial structure that you’ve built.

Your financial house needs regular maintenance.

You want to check in periodically to make sure that the structure is sound and that everything still fits together like it did when you originally set it.

If you see that things aren’t fitting together quite right, then you need to make some adjustments. If this happens, don’t be alarmed, your budget changes over time, just like you do.

If one expense building block turns out to be bigger than you thought it would be, other expenses around it may need to be reduced to make everything fit together soundly.

And if you have a new expense that you need to add in, look to remove or scale back some discretionary expenses first.

Don’t forget, the needs of your financial house will change based on the season and your situation. So, check that your budget is ready for the different weather.

<ON-SCREEN TEXT: holidays, birthdays, vacations, school, marriage, children, retirement>

As you expand your financial house with more income over time, make sure to be smart about what you build on the new foundation, so it stays stable.

And always build in additional savings first.

If you have debt, set new income to pay it off first before you start adding in more trimmings and discretionary expenses you and your financial house don’t really need.

Once you have a solid house with well-stacked savings and no debt, you can start indulging in those luxury additions that you want.

Finally, if you see your financial house is unstable, don’t be afraid to call in a team of professionals that can help you construct a more solid structure, such as a nonprofit credit counselling service.

Because with the right team behind you, you can build the best financial house for your needs.

What is your total credit card debt amount?

Provide a few details about yourself.

First Name

Last Name

Email Address

Phone Number

Postal Code

Voulez-vous parler en français?

¿Quieres hablar en español?

I consent to receive electronic messages via email and to my mobile device (including SMS and MMS – charges may apply depending on your carrier, not by us, messaging frequency varies; text HELP for help, text STOP to cancel) from Consolidated Credit regarding products and services (including tips, newsletter and promotions). See Privacy Policy and Terms of Use. You can withdraw your consent at any time.

##first_name##, here are your next steps...

Get a clear picture of your spending vs. your income. Begin your online budget and financial analysis now by clicking the button above.

Our experts are here to help you understand your options and reach your goals. After you complete the easy-to-use online budget, one of our trained counsellors will reach out to you and provide recommendations.

Everything shared is 100% confidential and secure.

I understand and agree that by choosing “Start your online budget now”, I am voluntarily providing certain personal financial information in order to educate myself as to my current financial position. I understand that this budget tool is educational in nature, and that none of the information received in the form of a budget constitutes financial advice, nor does it constitute a counselling session. I understand and agree that the budget depends on the information I input into the fields, and that Company does not represent or guarantee the accuracy of the budget. I understand that this tool may collect information and should I choose not to provide such information, I am not to proceed further. If I choose to abandon the tool midway through the process, I understand that the information will not be maintained and I would be required to start providing the information from the beginning. Company disclaims all warranties associated with the budget tool herein. I understand and agree that Company may use the contact information provided herein to contact me through various means of communications, including automated messages, and that I expressly consent to receive these messages.