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Five smart ways to start a budget

June 19, 2024

Written by Stephanie Walden

Five smart ways to start a budget

Did you know that nearly half of Canadians say they're living paycheque to paycheque?

Whether you're part of that statistic or not, learning the basics of budgeting can be helpful for anyone.

Here are five simple steps to get you started.

1. Select a "system" like the 60-30-10 rule (a realistic alternative to the popular 50-30-20 rule), zero-based budgeting or the envelope method.

2. Save up an emergency fund for unplanned expenses.

3. Pay yourself first with automatic transfers into savings every time you get paid.

4. Enlist tech tools and apps to help set goals and track progress.

5. Celebrate the wins and reward yourself for meeting goals.

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