Consolidating debts net

Spending more in one category may mean that you'll have to cut back in another category to make your budget balance.If you live in Canada's far north or in a city where homes are very expensive, you may have to cut back more than an average Canadian would in certain categories in order to afford your higher living costs.In this article, we will outline some tips to help you save money by doing a simple personal loan comparison. Contrary to popular belief, loans do help you with your savings if you play the cards right.Consider consolidating your debts with a personal loan.Debt consolidation loans allow borrowers to roll multiple debts into a single new one with fixed monthly payments and, ideally, a lower interest rate.

Go for that and pay off the debt by absorbing the higher interest rate with the lower one.In these cases, you will most likely exceed the suggested maximum guidelines for Food or Housing.To make budgeting easier, we've built these budgeting guidelines into an Excel Budgeting Calculator Spreadsheet provided through our educational website, My Money A lot of people wonder how much of their income they should spend on their home, vehicle, groceries, clothes, etc.Below are some guidelines to give you a general idea and provide you with a starting point for your budget.