Avoid Filing for Personal Bankruptcy by Sticking to Your Budget

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Avoid Filing for Personal Bankruptcy by Sticking to Your Budget

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Four out of ten Canadians say they are not saving enough for retirement. Similar numbers of Canadians don’t feel they have enough saved for a rainy day. In an American study, nearly 50% of respondents stated that they would have to borrow money or sell something to cover an emergency if it cost $400.00.

Part of the problem is that saving is often seen as overly complex and challenging to do. We all have the best of intentions, but often we just don’t get around to doing anything about it. With modern technology and online banking, there are ways to set up the saving so it is automatic and easier to do than ever before.

This blog post will focus on how technology can be used to make saving for retirement or a rainy day far easier. However, if you or someone you love requires personalized debt advice, contact McLennan and Company Ltd. today to schedule a free consultation. McLennan and Company Ltd., has two decades of experience helping those in London with personal bankruptcy, debt solutions and consumer proposals.

Automatic Transfers

One of the older technologies on this list, automatic transfers allow you to pay yourself first, before you pay your bills, expenses and have discretionary spending. Whether you are paid bi-weekly or semi-monthly, through direct deposit or by cheque, you can set up your banking so that a fixed amount is immediately withdrawn and moved to an RRSP or other savings account.

The benefit of using these automatic transfers is that you can set it and forget it. Once the transfers are set up, you can adjust them once or twice a year to reflect changes in your income, savings needs or investment opportunities, but you don’t need to think about it on an ongoing basis.

The Daily Budget App

This is a free smartphone application that allows user to create a budget based on recurring expenses, an allocation to miscellaneous or discretionary spending and savings. When creating savings goals, it allows the user to allocate a percentage of his or her income towards savings. Once the app has this information it then breaks down that number to amounts per day or per month. Part of what makes this app so successful, is that often savings appear to be an overwhelming amount. By breaking it down into daily and monthly amounts the app allows you to see how saving small amounts each day adds up over time. Currently, this app is only available for iPhone and iPad users.


Mint.com is a regular favourite in the personal finance blogosphere. It is usable across a variety of platforms including smartphone applications, although it also has web browser and email based services as well. Mint.com was created by the makers of tax software TurboTax and has a similarly user friendly interface. It is free to use, accessible across all platforms and allows the user to plan all aspects of their finances, including savings. It allows users to create a budget, track expenses, savings, etc. It analyzes this information and creates recommendations to help you save based on your goals and lifestyle.

Contact McLennan & Company Ltd. in London, Woodstock, & Ingersoll to Avoid Personal Bankruptcy

While these technologies will help you with your savings and financial needs, you may require additional personal financial help with debt issues. McLennan and Company Ltd., has two decades of experience helping those in London with personal bankruptcy, debt solutions and consumer proposals. At McLennan and Company Ltd., we focus our work on helping individuals and families who want to start over financially. Contact our head office in London, Ontario at 519-433-4728 or fill out our online form and someone will contact you within one business day to schedule a consultation.

We know that this is a difficult time for you and your family and we offer free initial consultations. For your convenience, in addition to our office in London, we also have satellite offices in Ingersoll and Woodstock and offer flexible appointment times.