Home Budgeting

According to a recent study, Canadian household debt has climbed to a record 145% of income, from around 95% 20 years ago, and could exceed U.S. levels in the next three years. This is an average Canadian household debt of $96100. Personal debt is obviously an increasing problem with the study showing a 50% increase in mortgages running 90 days or more in arrears and a 40% increase in credit card holders who were behind at least three months in their payments.

Amid what seems like an uncertain economy and rising interest rates, I think we all can agree that it is our responsibility to go back to the basics, and that is Budgeting. Managing a monthly budget can be difficult and frusterating, especially since money is a sensitive topic and a common cause for arguments. One of the most important aspects of controlling your budget is to determine where your money is going. By establishing a worksheet, a budget can help you determine:

• Where your money comes from
• Where your money goes
• How much is left over for you to save

By completing a budget, you can review what expenses you currently have and perhaps how to make some small changes to free up extra savings. Please review the caluculators below to get you back on track. And remember, no matter what type of mortgage financing you are looking for, it makes sense to speak to me first.

Home Budget Calculator

Cashflow Worksheet

Sincerely,
Josephine Ng
www.tdmortgage.wordpress.com