Financial independence is an important goal that many Canadians aspire to - but achieving it can feel like an overwhelming task. However, with the right mindset and a few key strategies, it is possible to budget your way to financial independence.
We have listed several time-tested strategies below:
Understand Your Income and Expenses
The first step to budgeting your way to financial independence is fully understanding your income and expenses. You need to know how exactly much money is coming in and where it is going. We recommend creating a budget that includes all your income and expenses, including fixed costs like rent or mortgage payments, utilities, and car payments, as well as variable expenses like groceries, entertainment, and clothing. This data will help to identify any spending...