Money is already tight and if oil prices keep going up and it makes everything else more expensive, I will have to budget. I’ve already tried several mobile applications and none of them have helped me. Is the problem the applications or maybe my approach to budgeting?

— Aurelia.

Dear Aurelia,

Before committing to a budget, you need to understand a few things:

  • Budgeting is a solution with diminishing returns.
  • A budget must reflect your household’s needs and values.
  • Budgeting works best when paired with long-term financial strategies.

Read the full column, here:

Valle: Personal budgets should focus on goals, not restrictions
What spending brings joy and meaning? What should you spend less on? Understanding this reduces the risk of lifestyle creep.
Montreal GazetteCarlo Valle

Bonus video: