Got the spending blues? Track your expenses online
(NC) Feeling like your budget is getting a little out of control? You're not alone. As the holiday season approaches, it is not uncommon to get caught up in the excitement and to spend a little more than usual.
Considering how easy it is becoming to spend money – with debit cards, credit cards, online transactions – our budgets can quickly spiral out of control.
The good news is that there are tools available to consumers to track expenses - like the My Expenses Calculator – that help you see where your money is going and measure the impact that changing your spending habits could have on your budget.
For instance, let's assume that you buy a bottle of water every day. If you gave up that $2 bottle and drank tap water instead, you could save almost $1,500 in two years. (After all, according to Health Canada, drinking water in Canada is amongst the safest in the world!)
The savings you'd realize simply switching from bottled water to tap could help pay for a very nice vacation down south or even a brand new laptop. Over the longer term, at 1.5% interest, over 25 years, you could save approximately $22,000.
The spending calculator is quick and easy to use. Just input an estimate of your daily, weekly and monthly expenses. The tool instantly calculates the amount you spend on each item and shows how they add up over time. The calculator will display how much money you could have as a result of cutting back over one, two, five 10 or 25 years.
Give the calculator a try. Visit www.consumerinformation.ca and search for the My Expenses Calculator.
The calculator is one of many tools that help Canadian consumers find clear, concise consumer information, and resources from objective, trustworthy and reliable sources. It's a collaboration between federal, provincial and territorial governments, and non-government organizations.
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