Budgeting Basics for British Columbia Families

Budgeting Basics for British Columbia Families

Credit: Josh Willink via Pexels

Life on the west coast is a unique experience, from the mountains of Whistler to Victoria Island and everything in between. British Columbia offers families a welcoming living experience with activities to keep families engaged all year long.

When it comes to living on the west coast, the financial aspect can be challenging for families to navigate as living costs increase. Learning how to budget is more essential than ever, and it’s important families know what their options are.

These are our budgeting basics for families in British Columbia.

1. Figure Out Your Priorities

Before you look at the details of your finances, have you thought about the reason behind your desire to build a robust budget? Some families are concerned with consolidating their debts which means they’re looking at payday loans in Surrey or wherever they’ve planted their roots to help minimize their outstanding payments. Understanding your goals and your short-term and long-term financial goals will help you select the appropriate budgeting resource.

2. Find the Tool That Works For Your Family

Budgeting and finances look different to every family — several variables determine what budget tool will work for your lifestyle and your long-term goals. The size of your family, your current income and expenses, and your plans for the future will ultimately determine which tool is best.

Young families are turning to modern budgeting resources like mobile apps for help. A budget app is a convenient way to monitor your spending, allocate income, and track your investments — its portability and efficiency are often helpful for young working families in British Columbia and throughout Canada.

3. Avoid Multiple Credit Cards

While it’s tempting to pay for those school supplies and clothes for the kids on your credit cards, owning multiple lines of credit can hurt your overall score and lead to debt. Adopting a more cash-friendly approach to spending will help you keep track of the items you’re buying and help you think more strategically when it comes to spending.

4. Enjoy Free Local Activities

One of the most significant advantages of living on the west coast is the abundance of free outdoor activities available. British Columbia is famous for its sprawling parks and waterfront beaches, and walking trails. Finding things to do with the family can often lead to more spending than you realize. Instead, commit to spending more time outside and save those dollars for your essentials.

5. Secure Your Safety Net

No matter how large or small your family might be, unexpected expenses are likely to affect you in one way or another. The good news is if you’ve taken steps to build your safety net early on, you’ll be more financially prepared to handle that burst pipe or sudden car trouble.

Raising children isn’t always easy on your wallet, and your emergency fund is a vital part of your family’s financial health. The most important thing is to start contributing, even if it’s a minimal amount to start. Eventually, approximately 15 percent is recommended to have enough to truly make an impact and relieve the burden of accessing a line of credit or finding an alternative lender.

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