If You’ve Ever Tried and Failed at Budgeting

Diane Buchanan • August 4, 2017

This article was written by Sandi Martin from Spring Personal Finance and was originally published on Spring the Blog July 21st 2015, but it was so good we wanted to share it on our blog as well!

If you’ve ever tried and failed at budgeting, or if you’ve never tried at all because it sounds so hard and boring, this post is for you. Those of you with a budgeting system that works and that you possibly even love and want to have babies with are excused for the day. Those of you who are convinced that budgeting doesn’t work are kindly asked to leave the room and do a little more thinking on that subject.

Okay, now that it’s just us, let me tell you a secret: I’ve tried (and failed) at budgeting so many times that it would be embarrassing if I sincerely thought that it was easy (it isn’t) and everyone else knew how to do it (they don’t). The truth is, budgeting is hard and boring. Anyone who tells you different has a book to sell.

But it’s still worth doing. 

Budgeting is worth doing if you have limited income and lots of commitments. It’s worth doing if you spend more than you make and have been for years. It’s worth doing if you’re naturally frugal, if you have joint accounts, if your income is hard to predict, or if you have more money than God.

The cloud of tv shows and books and blog posts (probably even this one) that swirls around the concept of budgeting obscures its value, which is:

  • To know how much we have available to spend right now, given the commitments we’ve made for the immediate future
  • To set aside money we don’t need now for things we know or think we’ll need in the future
  • To base our future spending decisions on a documented (rather than estimated) past
  • To know if a sudden or contemplated change to our income or expenses will be sustainable over the long term, and whether we should adjust our spending before it becomes a crisis

And finding a budgeting system that works for you , whatever your circumstances, is a matter of deciding why you’re budgeting in the first place …and only then deciding on a system to do it.

Starting with a system without thinking about what it has to do for you is one of the two reasons people fail at budgeting. (The other reason is that they’re using too many categories, btw.)

For example: You’re self-employed, with irregular income, joint expenses with your spouse, and a little bit of debt you’d like to get out from under. A particularly painful month makes it very clear that you’ve got to do something about your money, so you sign up for Mint. You enthusiastically set up your accounts and create a budget, logging in on your cell phone throughout the day and categorizing transactions enthusiastically…until your bank balance doesn’t quite match your Mint balance, and you realize that you forgot to budget enough for food but budgeted too much for shoes, and you were sick that week so you stopped checking whether Mint was categorizing your transactions properly, and now you’ve finally found a good deal on an almost-new freezer that you’ve been looking for for months on Kijiji and are flipping between your bank account and your Mint account trying to figure out if you can afford to take out the $400 to pay for it without throwing a major wrench into the next few weeks before your clients pay you, so…you think you’ve failed at budgeting.

Or: You and your partner work full-time at great-paying jobs, but have limited free time to do all of the million and one things you need and/or want to do, like spend time with your kids and cook at home. Every once in a while you think “we make lots of money…shouldn’t we have more to show for it?”, so one day you sign up for YNAB , take a few evenings to watch the videos, and begin assigning a job to every dollar you earn. You faithfully enter your transactions for a week, but realize your partner hasn’t been, and – given the punishing deadlines at work – probably won’t. You know you’re really supposed to enter those purchases manually, and feel kind of guilty every time you download them from the bank, and then your team starts a really exciting project, your kids finish the school year, and it’s not like you can’t pay off your credit card bill every month, and – besides – you make lots of money, so…you think you’ve failed at budgeting.

You aren’t wrong to get discouraged (although in each case you could conceivably have succeeded by dint of sheer bullheadedness). You’re just using a budgeting system not particularly well-suited for your circumstances. You’re spending your time solving a problem of lesser significance than your real problem. You’re using a rolled-up newspaper to fight off a bear, or a bazooka to get that damned chipmunk off your lawn. 

Those people that we dismissed earlier? The ones who were in love with their budgeting system? They’re not us. What works for someone willing to helpfully share their opinion on reddit might not work for you for any number of very legitimate reasons.

So here’s what I propose: before you read another budgeting book, or test-drive another system, think about the most important problem you’re trying to solve. Is it really important to know how much you can spend now, and of lesser importance that you know how you spent last month? Are you trying to plan for the future and need to know what your normal and comfortable spending patterns are, but don’t have any real reason to change them?

(Some people can’t even answer this question right away. If you genuinely don’t know where to start, don’t sweat it. You’ll get there.)

I’ve failed at budgeting in the past. Many long years of trial and error, punctuated by brief bursts of book-inspired inspiration and longer bursts of discouragement have taught me this: the books aren’t necessarily wrong, anybody can make any budget system work (eventually), and chipmunks can be scared off with bazookas, but budgeting works best if you know why you’re doing it in the first place, and only then choose a tool that’s appropriate for the task.

DIANE BUCHANAN
 Mortgage Broker

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First-Time Buyer? Here’s How to Tell If You’re Ready

By Diane Buchanan • January 21, 2026
Ready to Buy Your First Home? Here’s How to Know for Sure Buying your first home is exciting—but it’s also a major financial decision. So how can you tell if you’re truly ready to take that leap into homeownership? Whether you’re confident or still unsure, these four signs are solid indicators that you’re on the right path: 1. You’ve Got Your Down Payment and Closing Costs in Place To purchase a home in Canada, you’ll need at least 5% of the purchase price as a down payment. In addition, plan for around 1.5% to 2% of the home’s value to cover closing costs like legal fees, insurance, and adjustments. If you’ve managed to save this on your own, that’s a great sign of financial discipline. If you're receiving help from a family member through a gifted down payment , that works too—as long as the paperwork is in order. Either way, having these funds ready shows you’re prepared for the upfront costs of homeownership. 2. Your Credit Profile Tells a Good Story Lenders want to know how you manage debt. Before they approve you for a mortgage, they’ll review your credit history. What they typically like to see: At least two active credit accounts (trade lines) , like a credit card or loan Each with a minimum limit of $2,000 Open and active for at least 2 years Even if your credit isn’t perfect, don’t panic. There may still be options, such as using a co-signer or working on a credit improvement plan with a mortgage expert. 3. Your Income Can Support Homeownership—Comfortably A steady income is essential, but not all income is treated equally. If you’re full-time and past probation , you’re in a strong position. If you’re self-employed, on contract, or rely on variable income like tips or commissions, you’ll generally need a two-year history to qualify. A general rule: housing costs (mortgage, taxes, utilities) should stay under 35% of your gross monthly income . That leaves plenty of room for other living expenses, savings, and—yes—some fun too. 4. You’ve Talked to a Mortgage Professional Let’s be real—there’s a lot of info out there about buying a home. Google searches and TikToks can only take you so far. If you're serious about buying, speaking with a mortgage professional is the most effective next step. Why? Because you'll: Get pre-approved (and know what price range you're working with) Understand your loan options and the qualification process Build a game plan that suits your timeline and financial goals The Bottom Line: Being “ready” to buy a home isn’t just about how much you want it—it’s about being financially prepared, credit-ready, and backed by expert advice. If you’re thinking about homeownership, let’s chat. I’d love to help you understand your options, crunch the numbers, and build a plan that gets you confidently across the finish line—keys in hand.

Divorce and Your Mortgage: What You Need to Know

By Diane Buchanan • January 14, 2026
Going Through a Separation? Here’s What You Need to Know About Your Mortgage Separation or divorce can be one of life’s most stressful transitions—and when real estate is involved, the financial side of things can get complicated fast. If you and your partner own a home together, figuring out what happens next with your mortgage is a critical step in moving forward. Here’s what you need to know: You’re Still Responsible for Mortgage Payments Even if your relationship changes, your obligation to your mortgage lender doesn’t. If your name is on the mortgage, you’re fully responsible for making sure payments continue. Missed payments can lead to penalties, damage your credit, or even put your home at risk of foreclosure. If you relied on your partner to handle payments during the relationship, now is the time to take a proactive role. Contact your lender directly to confirm everything is on track. Breaking or Changing Your Mortgage Comes With Costs Dividing your finances might mean refinancing, removing someone from the title, or selling the home. All of these options come with potential legal fees, appraisal costs, and mortgage penalties—especially if you’re mid-term with a fixed-rate mortgage. Before making any decisions, speak with your lender to get a clear picture of the potential costs. This info can be helpful when finalizing your separation agreement. Legal Status Affects Financing If you're applying for a new mortgage after a separation, lenders will want to see official documentation—like a signed separation agreement or divorce decree. These documents help the lender assess any ongoing financial obligations like child or spousal support, which may impact your ability to qualify. No paperwork yet? Expect delays and added scrutiny in the mortgage process until everything is finalized. Qualifying on One Income Can Be Tougher Many couples qualify for mortgages based on combined income. After a separation, your borrowing power may decrease if you're now applying solo. This can affect your ability to buy a new home or stay in the one you currently own. A mortgage professional can help you reassess your financial picture and identify options that make sense for your situation—whether that means buying on your own, co-signing with a family member, or exploring government programs. Buying Out Your Partner? You May Have Extra Flexibility In cases where one person wants to stay in the home, lenders may offer special flexibility. Unlike traditional refinancing, which typically caps borrowing at 80% of the home’s value, a “spousal buyout” may allow you to access up to 95%—making it easier to compensate your former partner and retain the home. This option is especially useful for families looking to minimize disruption for children or maintain community ties. You Don’t Have to Figure It Out Alone Separation is never simple—but with the right support, you can move forward with clarity and confidence. Whether you’re keeping the home, selling, or starting fresh, working with a mortgage professional can help you understand your options and create a strategy that aligns with your new goals. Let’s talk through your situation and explore the best path forward. I’m here to help.