Marriage
Divorce & Credit
After going through a divorce, it is essential to establish your own credit if you have not in the past. Here are some tips for building your own credit history:
- Establish a steady work record.
- Pay all bills promptly.
- Open a chequing account, and don't bounce cheques.
- Open a savings account, and make regular deposits.
- Apply for a local store credit card, and make regular monthly payments.
- Apply for a small loan using your savings account as collateral.
- Get a co-signer on a loan, and pay back the loan as agreed.
Budgets are necessary to achieve financial freedom. You and your new spouse must agree on what you are going to spend your money on. People who can account for their money are people who are in control of their finances. A plan is essential to success. Imagine a business running without a financial plan, or building a home without blueprints. Not very safe.
Would you risk your investment without knowing the game plan? Yet thousands, maybe millions, of Canadians live paycheque to paycheque without investigating where they are putting their money, what their spending habits are, or when they will be out of debt.
The Truth About Budgets...
"A budget is restraining and limits my freedom."
No, the very opposite is true. A budget grants you more independence and freedom to achieve lifetime goals. "
"I can not solve my money problems unless I make more money."
You may be able to solve your money problems earning your current salary with an appropriate budget.
"Budgets are complicated and take too much time."
With proper instruction, anyone including children can start and maintain a budget. After you have completed the initial work, maintaining your record system takes approximately 30 seconds per transaction.
Budget Analyzer
Use this worksheet to help figure out your budget. Compare what you actually spent to the amount you budgeted. This will give you a clear picture of how realistic the amounts you budgeted are for each item and will allow you to be more accurate when doing your next monthly budget.
Month/Year:______________ Monthly Income: ____________________
| Expenses | Budgeted | Actual |
| Mortgage/Rent | $ | $ |
| Hydro | $ | $ |
| Gas/Oil | $ | $ |
| Taxes | $ | $ |
| Insurance | $ | $ |
| Telephone | $ | $ |
| Repairs/Upkeep | $ | $ |
| Groceries | $ | $ |
| Supplies | $ | $ |
| Self Care | $ | $ |
| Toiletries | $ | $ |
| Clothing | $ | $ |
| Accessories | $ | $ |
| Dry Cleaning | $ | $ |
| Life Insurance | $ | $ |
| Medical | $ | $ |
| Dental | $ | $ |
| Spiritual | $ | $ |
| Therapy | $ | $ |
| Financial Counselling | $ | $ |
| Child Care | $ | $ |
| Parental Care | $ | $ |
| Pets | $ | $ |
| Care Payments | $ | $ |
| Insurance | $ | $ |
| Gas | $ | $ |
| Parking | $ | $ |
| Bus/Trail | $ | $ |
| Movies | $ | $ |
| Video Rentals | $ | $ |
| Concerts | $ | $ |
| Sporting Events | $ | $ |
| Dining Out | $ | $ |
| Savings Account | $ | $ |
| Emergency fund | $ | $ |
| Retirement | $ | $ |
| Stock/Mutual Funds | $ | $ |
| Petty Cash | $ | $ |
| Allowance | $ | $ |
| Gifts | $ | $ |
| Periodicals/Magazines | $ | $ |
| Dues/Donations | $ | $ |
| Other | $ | $ |
| Other | $ | $ |
| Other | $ | $ |
| Other | $ | $ |
| Other | $ | $ |
| Other | $ | $ |
| Grand Total | $ | $ |
