Use buckets? What we’re talking about here is a great strategy for controlling your habits and getting your debts paid down. This is an option before turning to bankruptcy trustees in the GTA, Cambridge and Waterloo areas.
A classic. It started with saving (save for a down payment, save for a car, for a rainy day or emergency), but it can work with spending too. Can you set a realistic budget for groceries? For entertainment? Find out what you spend money on and set a realistic but sensible goal for spending. Then move money into that account or put the cash directly into that bucket. From there, you spend that amount. If you’re frugal one month, you can bank a little extra next month. But you can’t ever borrow into your bucket. This will force you to spend sensibly.
Once you’ve been executing this strategy for several months, you may love it and stick by it or you can try making it digital. If not, maybe tips from www.hoyes.com can help. Maybe you have a few chequing accounts and avoiding using credit? Even with all of the software to track spending, it’s definitely easy to report or where your money was spent but it’s still challenging to control where you spend your money. The physical money makes it easier. But an empty bank account also sends a clear message. You could use your chequing account (if you only have one) as the current pay period’s spending. And just spend that money that pay period (harder to control if you decided to spend more on eating out than groceries itself). At least this way you can automatically transfer money to where you want it to go then only spend what you can afford.
There are people and firms that can help you if this method doesn’t work. Using a bankruptcy trustee Mississauga firm can help if you’re in the GTA area.