Our lives are extremely busy and anyone with children knows that theirs is even more hectic than those of single people. Because there is so little time in the day, we must be organized and plan our lives or else chaos will take over.
There are many tools available to calculate how much interest you will be paying on that credit card balance you are holding, or how much your payments will be on that new car you so desperately need. There are also many ways to calculate your daily budget so that you know how much you are spending on food, clothing, dining out, education, transportation, and every other aspect of your life. Having a good grasp on what you are spending each month is very important so that you don’t find yourself with thousands of dollars of credit card debt all of a sudden. Once you get into that situation it becomes a downhill spiral that is very difficult to get out of. Take a look at your credit card statement and you will see that the banks are required to tell you how long it will take to pay off the principle if you pay only the minimum payment. It is very revealing and shocking to see that a debt of five thousand dollars will take something like thirty years to pay off.
So, be organized and know what you are getting into whenever you make a big purchase. Communicate with your spouse on a regular basis and discuss your financial situation freely. Many couples leave the finances to one partner while the other is totally oblivious to what is going on. It can be tough because one spouse usually spends more freely than the other, but it is better to know how your finances are doing before you get into trouble.
Here is a site that the government of Canada maintains with plenty of tools and calculators that will help you plan your life financially.