{"id":116516,"date":"2022-12-01T07:52:16","date_gmt":"2022-12-01T12:52:16","guid":{"rendered":"https:\/\/canadianbudgetbinder.com\/?p=116516"},"modified":"2024-12-18T06:02:03","modified_gmt":"2024-12-18T06:02:03","slug":"budget-preparation-tips-for-the-new-year","status":"publish","type":"post","link":"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/2022\/12\/01\/budget-preparation-tips-for-the-new-year\/","title":{"rendered":"Budget Preparation Tips For The New Year"},"content":{"rendered":"\n<p>The <strong>budget preparation process <\/strong>should begin at least one month before ringing in the new year. <\/p>\n\n\n\n<p>I&#8217;ve always been passionate about budgeting and treat it like a job to keep myself accountable.<\/p>\n\n\n\n<p>For our family, Mrs. CBB and I set aside a couple of hours at the beginning of December to start our budget preparation process. <\/p>\n\n\n\n<p>Although we all use various means to budget, the undertaking is quite similar and one I recommend for everyone.<\/p>\n\n\n\n<p>Today I will review our budgeting preparation process to ring in the new year. <\/p>\n\n\n\n\n\n<h3 class=\"wp-block-heading\">Setting Financial Goals<\/h3>\n\n\n\n<p>I know discussing money goals seems daunting for anyone who is not a budget nerd, as I consider myself. <\/p>\n\n\n\n<p><strong>How have finance goals helped us?<\/strong><\/p>\n\n\n\n<p>Better yet, what would not have been accomplished without setting financial goals? <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>We would still have a mortgage payment.<\/li>\n\n\n\n<li>I wouldn&#8217;t have been able to pay cash for my truck.<\/li>\n\n\n\n<li>Our emergency savings account would be lacking sufficient funds.<\/li>\n\n\n\n<li>We would have an open investment room wasting time waiting for cash.<\/li>\n\n\n\n<li>Stress-free debt-freedom<\/li>\n<\/ul>\n\n\n\n<p>If becoming debt-free and building your retirement savings are goals, don&#8217;t let them become just a dream. <\/p>\n\n\n\n<p><strong>Dreaming about a goal requires no action. <\/strong><\/p>\n\n\n\n<p><strong>Accomplishing a goal is action-based.<\/strong><\/p>\n\n\n\n<p>Please list well-thought-out financial goals and visit them monthly to ensure you&#8217;re meeting or exceeding them. <\/p>\n\n\n\n<p>I will warn you that if you overstep your goals, you may become disappointed and motivated to quit.<\/p>\n\n\n\n<p>Set <strong><a href=\"https:\/\/canadianbudgetbinder.com\/2020\/09\/22\/5-budgeting-goals-that-keep-us-debt-free-free-budget-binder-printable\/\">realistic goals<\/a><\/strong>, such as saving an extra $50 a month towards <strong><em><a href=\"https:\/\/canadianbudgetbinder.com\/2018\/01\/04\/credit-card-balance-transfer\/\" target=\"_blank\" rel=\"noreferrer noopener\">credit card debt<\/a><\/em><\/strong>. <\/p>\n\n\n\n<p>Long-term goals are great, but short-term baby steps will help get you to the rainbow.<\/p>\n\n\n\n<p><strong>Related: <a href=\"https:\/\/canadianbudgetbinder.com\/2021\/02\/25\/how-to-create-a-realistic-budget\/\" target=\"_blank\" rel=\"noreferrer noopener\">How to create a realistic budget<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Review Budgeting Process For The Current Year<\/h3>\n\n\n\n<p>The great thing about using a budget is that you can review your financial health for the year.<\/p>\n\n\n\n<p>If you&#8217;re <strong><a href=\"https:\/\/canadianbudgetbinder.com\/2018\/06\/30\/beginner-budgeting-ultimate-guide\/\" target=\"_blank\" rel=\"noreferrer noopener\">beginning to budget<\/a><\/strong>, don&#8217;t fret because the first year of budgeting is always a <strong><em>learning experience<\/em><\/strong>. <\/p>\n\n\n\n<p><strong>Related: <a href=\"https:\/\/canadianbudgetbinder.com\/10-step-mini-budgeting-series\/\" target=\"_blank\" rel=\"noreferrer noopener\">Canadian Budget Binder 10-Step Mini-Budgeting Series<\/a><\/strong><\/p>\n\n\n\n<p>Finishing off a year of budgeting allows the user to tally up how much money was spent in each budget category. <\/p>\n\n\n\n<p>The excel budget spreadsheet I designed automatically does this for me, but many other budgeting options offer the same. <\/p>\n\n\n\n<p><strong>Related: <a href=\"https:\/\/canadianbudgetbinder.com\/2021\/07\/27\/how-to-create-a-detailed-budget\/\">How to create a detailed budget spreadsheet<\/a><\/strong><\/p>\n\n\n\n<p>Using a <strong><a href=\"https:\/\/canadianbudgetbinder.com\/2018\/06\/14\/basic-budget-worksheet\/\">paper-and-pencil budget <\/a><\/strong>approach, you&#8217;ll have to add the figures for the year manually. <\/p>\n\n\n\n<p>Remember that numbers can change during the budget preparation process for the new year.<\/p>\n\n\n\n<p>You may be notified that your telecommunications bill will increase at the last minute.<\/p>\n\n\n\n<p>Often if you look at the fine print on your recent bills, it should disclose upcoming increases. <\/p>\n\n\n\n<p>Always read your bills, even the boring fine print, because as dull as it is to read, it can increase your expenses. <\/p>\n\n\n\n<p>For example, our Rogers bill might state that in January 2023, your mobile phone will increase by $5.  <\/p>\n\n\n\n<p>As long as it&#8217;s documented, it doesn&#8217;t matter if you miss it because it&#8217;s there. <\/p>\n\n\n\n<p>Although five dollars doesn&#8217;t seem like much when every dollar is allocated during budgeting preparation, there must be somewhere to pull the money. <\/p>\n\n\n\n<p><strong>Related: <a href=\"https:\/\/canadianbudgetbinder.com\/2020\/09\/10\/how-to-budget-and-plan-for-irregular-expenses-free-budget-binder-printable-august-2020-budget-update\/\" target=\"_blank\" rel=\"noreferrer noopener\">How to budget and plan for irregular expenses<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Finding Money To Fund Unexpected Budget Increases<\/h3>\n\n\n\n<p>An <strong><a href=\"https:\/\/canadianbudgetbinder.com\/2012\/03\/03\/emergency-savings-fund-in-canada-how-much-why\/\">emergency savings account<\/a><\/strong> will most likely take the brunt of the hit because that&#8217;s where the savings are being fed.<\/p>\n\n\n\n<p>For this reason, we have <strong><a href=\"https:\/\/canadianbudgetbinder.com\/2022\/03\/17\/why-married-couples-need-four-bank-accounts-february-2022-net-worth-1-20\/\">multiple bank accounts<\/a>,<\/strong> so we know how much savings we have to work with when and if needed. <\/p>\n\n\n\n<p>Another area to review if you need to funnel cash due to unexpected increases is investment savings.<\/p>\n\n\n\n<p>I&#8217;m not saying to withdraw funds from your investments but rather reduce what you invest. <\/p>\n\n\n\n<p>For example, if you <strong>invest $500 a month<\/strong> into a tax-free savings account, you can call your financial advisor to reduce the amount to<strong> $450 to free up cash<\/strong>. <\/p>\n\n\n\n<p>Funnel the extra money into your monthly budget to balance the unexpected utility increase. <\/p>\n\n\n\n<p>If you earn extra money throughout the year, you can top-up your TFSA by lump sum.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Choosing A Budget That&#8217;s Right For You<\/h3>\n\n\n\n<p>There are free online budgets and budgets you must pay a fee to use. <\/p>\n\n\n\n<p>Not everyone wants their personal financial information stored on a mobile app, but there are alternatives. <\/p>\n\n\n\n<p>For example, we have used an excel spreadsheet since 2012 and updated it yearly. <\/p>\n\n\n\n<p>You can download the same budget from our <strong><a href=\"https:\/\/canadianbudgetbinder.com\/free-tools\/\" target=\"_blank\" rel=\"noreferrer noopener\">Free Downloads Page<\/a><\/strong> along with a printable basic budget. <\/p>\n\n\n\n<p>Check with your financial institution, as they may offer a free mobile budget for you, or Mint.ca provides a free mobile budget. <\/p>\n\n\n\n<p>You can read more about <strong><a href=\"https:\/\/canadianbudgetbinder.com\/2022\/11\/17\/5-benefits-of-an-economical-budget-october-2022-budget-update\/\">various types of budgets<\/a><\/strong> in my recent post. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Locate Your Debt Information <\/h3>\n\n\n\n<p>Now is an excellent time to pull out all your debt documentation and have it readily available for budget preparation. <\/p>\n\n\n\n<p>When creating your budget, knowing how much debt you owe and your net income allows you to <strong>create a debt-repayment plan<\/strong>. <\/p>\n\n\n\n<p>Of course, there are debts that you can&#8217;t fiddle with, for example, rent\/mortgage, which is called fixed expenses. <\/p>\n\n\n\n<p><strong><a href=\"https:\/\/canadianbudgetbinder.com\/2018\/01\/04\/credit-card-balance-transfer\/\">Credit card debt <\/a><\/strong>and other loans often come with a minimum monthly payment. <\/p>\n\n\n\n<p>As the account holder, you can choose to pay the minimum or pay down the principal. <\/p>\n\n\n\n<p>For example, a popular debt repayment plan is the <strong><a href=\"https:\/\/canadianbudgetbinder.com\/2023\/01\/04\/how-to-use-the-debt-snowball-method\/\" target=\"_blank\" rel=\"noreferrer noopener\">Snowball debt repayment<\/a><\/strong>. The <\/p>\n\n\n\n<p>Not having all relevant debt documentation in front of you will challenge repayment. <\/p>\n\n\n\n<p><strong>Related: <a href=\"https:\/\/canadianbudgetbinder.com\/2018\/10\/18\/break-debt-cycle\/\" target=\"_blank\" rel=\"noreferrer noopener\">How to break the debt cycle once and for all<\/a><\/strong><\/p>\n\n\n\n<p>You must document everyone you owe a month, whether it&#8217;s fixed or variable expenses. <\/p>\n\n\n\n<p>Doing so will increase the success of the budget preparation process. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Prepare A Receipts Envelope<\/h3>\n\n\n\n<p>I&#8217;ve had readers tell me that <strong><a href=\"https:\/\/canadianbudgetbinder.com\/2012\/02\/10\/how-we-designed-our-budget-step-3\/\">asking for receipts <\/a><\/strong>is embarrassing, time-consuming, and not worth their while. <\/p>\n\n\n\n<p>Although I respect everyone&#8217;s views about budgeting asking for receipts is the cherry on top.<\/p>\n\n\n\n<p>Knowing where our money was spent often boils down to having available receipts. <\/p>\n\n\n\n<p>Unless every dollar you spend is on a credit card, it&#8217;s not easy to track breadcrumbs on the pavement.<\/p>\n\n\n\n<p>Not only that, but not all <strong><a href=\"https:\/\/canadianbudgetbinder.com\/2022\/01\/27\/four-expenses-to-consider-before-budgeting\/\">monthly expenses<\/a><\/strong> are paid via a credit card statement. <\/p>\n\n\n\n<p>Often you&#8217;ll find a credit card statement includes expenses part-way or ends a month into a new month.<\/p>\n\n\n\n<p>Never rely on remembering where you spend money because nine times out of ten, you&#8217;ll forget something. <\/p>\n\n\n\n<p>Ask me how I know.<\/p>\n\n\n\n<p>If there are certain places you don&#8217;t feel comfortable asking for a receipt, keep a journal in your vehicle or purse to write it down. <\/p>\n\n\n\n<p>For example, you spend $10 at the convenience store on lottery tickets. Usually, you won&#8217;t get a receipt unless you ask for one. <\/p>\n\n\n\n<p>Jot down the expense the second you get into your car or arrive home, so you don&#8217;t forget. <\/p>\n\n\n\n<p>My free excel budget spreadsheet allows us to document all receipts as they come into our home. <\/p>\n\n\n\n<p>The bottom line is that <strong>receipts are golden<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Document Net Income <\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"683\" height=\"1024\" src=\"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2022\/12\/why-you-need-a-net-pay-income-tracker-720x1080-1-683x1024.webp\" alt=\"Net income tracker \" class=\"wp-image-140390\" style=\"width:706px;height:1059px\" srcset=\"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2022\/12\/why-you-need-a-net-pay-income-tracker-720x1080-1-683x1024.webp 683w, https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2022\/12\/why-you-need-a-net-pay-income-tracker-720x1080-1-200x300.webp 200w, https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2022\/12\/why-you-need-a-net-pay-income-tracker-720x1080-1-280x420.webp 280w, https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2022\/12\/why-you-need-a-net-pay-income-tracker-720x1080-1-150x225.webp 150w, https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2022\/12\/why-you-need-a-net-pay-income-tracker-720x1080-1-300x450.webp 300w, https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2022\/12\/why-you-need-a-net-pay-income-tracker-720x1080-1-696x1044.webp 696w, https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2022\/12\/why-you-need-a-net-pay-income-tracker-720x1080-1.webp 720w\" sizes=\"auto, (max-width: 683px) 100vw, 683px\" \/><figcaption class=\"wp-element-caption\">Net income tracker <\/figcaption><\/figure>\n<\/div>\n\n\n<p>Since I get paid by salary, I already know how much money I&#8217;ll net each month. <\/p>\n\n\n\n<p>Whether I <strong><a href=\"https:\/\/canadianbudgetbinder.com\/2012\/07\/21\/track-your-overtime-hours-or-potentially-risk-losing-money\/\">work overtime <\/a><\/strong>or not, it won&#8217;t make a difference to that number. <\/p>\n\n\n\n<p>At the end of the year, I don&#8217;t get any <strong><a href=\"https:\/\/canadianbudgetbinder.com\/2019\/12\/05\/should-employees-get-a-christmas-bonus-sample-christmas-bonus-letter-to-staff\/\">bonus or employer gift<\/a><\/strong>, which further smoothes our budgeting preparation. <\/p>\n\n\n\n<p>The same rings true for Mrs. CBB&#8217;s net income, where we know how much she will net.<\/p>\n\n\n\n<p>We don&#8217;t know how much money I will earn from my <strong><a href=\"https:\/\/canadianbudgetbinder.com\/2021\/08\/19\/starting-a-blog-in-canada-tips-to-consider\/\">blogging business<\/a><\/strong> or unexpected income during the year. <\/p>\n\n\n\n<p><strong>Related: <a href=\"https:\/\/canadianbudgetbinder.com\/2022\/04\/19\/can-you-make-money-blogging\/\">How I earn a 5-figure income blogging for Canadians<\/a><\/strong><\/p>\n\n\n\n<p>Believe it or not, I am still employed with my first employer from when I moved to Canada. <\/p>\n\n\n\n<p>They&#8217;ve kept me on the payroll if they need me to work for them due to illness. <\/p>\n\n\n\n<p>For all of the above reasons, we print a <strong><a href=\"https:\/\/canadianbudgetbinder.com\/2020\/07\/23\/why-we-use-a-net-pay-income-tracker-free-budget-binder-printable\/\">net income tracker<\/a><\/strong> for each of us and keep it in our budget binder. <\/p>\n\n\n\n<p>The importance of the net income tracker is to help guide us in yearly budget preparation. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Can we afford the 2023 Tax-Free Savings Contribution Increase?<\/h4>\n\n\n\n<p>For example, documenting how much money we each net helps build our monthly budget plus allows us to invest our money to maximize investments. <\/p>\n\n\n\n<p>In 2023 the Tax-Free Savings Account (TFSA) amount will increase from $6000 to $6500. <\/p>\n\n\n\n<p>We both have a TFSA, so we need to know whether we can afford the increase. <\/p>\n\n\n\n<p>Currently, we pay <strong>$500 monthly<\/strong> to our financial advisor to invest in our TFSA, which equals <strong>$6000 yearly.<\/strong> <\/p>\n\n\n\n<p>With the <strong>$500 TFSA increase<\/strong> to <strong>$6500<\/strong>, that amount will increase by <strong>$41.66 monthly<\/strong>. <\/p>\n\n\n\n<p>The total amount we need to have accounted for is an additional<strong> $41.66 each, or $1000 annually. <\/strong><\/p>\n\n\n\n<p>We mustn&#8217;t go over the annual contribution limit or risk being taxed by the CRA. <\/p>\n\n\n\n<p>A good financial advisor will let you know how much you can invest without being penalized.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>At any time in the year, if you contribute more than your available TFSA contribution room&nbsp;<strong>you will have to pay a tax equal to 1% of the highest excess TFSA amount in the month, for each month that the excess amount stays in your account<\/strong>.<\/p>\n<cite><strong><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/forms-publications\/publications\/rc4466\/tax-free-savings-account-tfsa-guide-individuals.html\" target=\"_blank\" rel=\"noreferrer noopener\">Canada.ca\/TFSA Contribution Room<\/a><\/strong><\/cite><\/blockquote>\n\n\n\n<p>If you&#8217;re worried about contributing, track each payment, so you always have a running total.<\/p>\n\n\n\n<p>Your&nbsp;TFSA&nbsp;contribution room information can be found by using one of the following services:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/e-services\/e-services-individuals\/account-individuals.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">My Account for Individuals<\/a>.<\/li>\n\n\n\n<li>MyCRA at&nbsp;<a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/e-services\/cra-mobile-apps.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Mobile apps \u2013 Canada Revenue Agency<\/a>.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/e-services\/represent-a-client.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Represent a Client<\/a>&nbsp;if you have an authorized representative.<\/li>\n\n\n\n<li>Tax Information Phone Service (TIPS) at&nbsp;<strong>1-800-267-6999.<\/strong><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Set Up A Meeting With Your Financial Advisor<\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"720\" height=\"481\" src=\"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2022\/12\/zoom-meeting-with-a-financial-advisor-for-budget-preparation-in-the-new-year-720x481-1.webp\" alt=\"Set up a meeting with your financial advisor\" class=\"wp-image-140391\" style=\"width:720px;height:auto\" srcset=\"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2022\/12\/zoom-meeting-with-a-financial-advisor-for-budget-preparation-in-the-new-year-720x481-1.webp 720w, https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2022\/12\/zoom-meeting-with-a-financial-advisor-for-budget-preparation-in-the-new-year-720x481-1-300x200.webp 300w, https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2022\/12\/zoom-meeting-with-a-financial-advisor-for-budget-preparation-in-the-new-year-720x481-1-629x420.webp 629w, https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2022\/12\/zoom-meeting-with-a-financial-advisor-for-budget-preparation-in-the-new-year-720x481-1-150x100.webp 150w, https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/wp-content\/uploads\/2022\/12\/zoom-meeting-with-a-financial-advisor-for-budget-preparation-in-the-new-year-720x481-1-696x465.webp 696w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><figcaption class=\"wp-element-caption\"><strong>Set up a meeting with your financial advisor<\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n<p>We are lucky that our Manulife Financial Advisor always contacts us to set up a yearly review. <\/p>\n\n\n\n<p>Typically this is done at the beginning of the year, and we chat throughout the year as needed. <\/p>\n\n\n\n<p>If you don&#8217;t hear from your financial advisor, I&#8217;d probably suggest finding one you can build rapport with. <\/p>\n\n\n\n<p>Call your financial advisor on the phone rather than email to set up an in-person or virtual annual review of your insurance and investments. <\/p>\n\n\n\n<p>Never let your future invest without knowing what&#8217;s happening along the way. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Benefits Of Budget Preparation<\/h3>\n\n\n\n<p>To reiterate what I&#8217;ve discussed about budget preparation, I&#8217;ll summarize it below.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>I am setting realistic budget goals for the new year.<\/li>\n\n\n\n<li>Review the budgeting process for the current year<\/li>\n\n\n\n<li>Choose a budget that is right for you.<\/li>\n\n\n\n<li>Print your <strong><a href=\"https:\/\/canadianbudgetbinder.com\/free-tools\/\" target=\"_blank\" rel=\"noreferrer noopener\">2023 Canadian Budget Binder<\/a><\/strong> <\/li>\n\n\n\n<li>Find all information about the debt owed. <\/li>\n\n\n\n<li>Create a <strong><a href=\"https:\/\/canadianbudgetbinder.com\/2012\/02\/10\/how-we-designed-our-budget-step-3\/\">receipts folder<\/a><\/strong><\/li>\n\n\n\n<li>Set up an annual meeting with your financial advisor<\/li>\n<\/ul>\n\n\n\n<p>Overall, getting budget-ready doesn&#8217;t take too much effort but what you put into budget preparation is what you&#8217;ll get out of it.<\/p>\n\n\n\n<p><strong>Discussion:<\/strong> What other processes do you have in place to get budget-ready for the new year? <\/p>\n\n\n\n<p>I&#8217;d enjoy reading your comments and any additional tips you may have for CBB readers. <\/p>\n\n\n\n<p>Thanks for stopping by CBB.<\/p>\n\n\n\n<p>Mr. CBB <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Subscribe To Canadian Budget Binder<\/h3>\n\n\n","protected":false},"excerpt":{"rendered":"<p>Budget Preparation Tips For The New Year which are essential for a successful budget. 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