We know what it’s like; adventure is calling and you want to get out and feel the freedom of riding through the wilderness on your own ATV.

While Breeze Financial is here to help make your ATV dreams a reality, getting your finances in order first can go a long way towards getting you that freedom. That’s why we’ve put together some personal finance tips to help you out.

Make a budget

Money is a double-edged sword. It’s wonderful when we have it, but it can cause untold amounts of stress when we don’t. It can often feel like you constantly have money going out and very little coming in. That’s why it’s good to know where exactly your money is going and the best way to do that is to make a budget.

How to budget in 3 easy steps

While making a budget can sound like hard work, especially if you’ve never done it before, it’s actually quite manageable once you get the hang of it.

  1. Figure out how much money you receive from your salary and any other sources of income. 
  2. Make a list of all the monthly payments you have. This includes things like rent or mortgage payments, car payments, insurance, and utilities. These are often fixed payments that don’t vary too much. 
  3. Next, take a good long look at where the rest of your money is going, things like groceries, fuel, entertainment, subscriptions, and the like. 

After doing those steps, determine whether the amount you’re spending is more than what’s coming in. If you’re spending more than you’re making, it’s probably time to reevaluate your spending habits.

Spend less when possible

Once you know where your money is going, you can take the necessary steps to curb any unnecessary spending. 

Maybe you’ve got an app or gym membership you’re making monthly payments for? If you’re not using it, time to unsubscribe, delete, or quit. 

Are you eating out more than you realized? Buy the groceries needed to make your meals and actually do it. The ingredients to make a sandwich cost far less than buying one for your lunch. 

Consider using cash

It seems a little outdated in the day and age of digital wallets and card tap, but by switching to cash, you’re much more likely to spend less. If you take out a certain amount of money, that’s all you have to use. 

There’s no moments of ‘oh, I’ll just add a couple more things to my cart that weren’t on my list, no big deal’. because those little things add up much faster than you realize. 

You’re far less likely to overspend with cash, so make a trip to your bank’s ATM (avoid generic ones that change far more per transaction) and withdraw what you need and only that.

Put some money aside if you can

As much as we’d like to think that saving is as easy as just not spending, the truth is it’s hard for a lot of people to consciously not spend money when they have it. 

One solution is to put that money somewhere else. Your bank can set up automatic withdrawals from your chequing account to go into a wide array of accounts, from just a regular savings account to a Tax-Free Savings Account or an RRSP. It doesn’t have to be a huge amount, even $50 per paycheque will give you at least $1,200 after a year (assuming you get paid every two weeks). 

It doesn’t even have to be that much, but make sure it’s an account you can’t just access whenever you want. You’ll be less likely to dip into it if you have to physically go to the bank to withdraw. This can help you save for emergencies, retirement, or a big purchase you’ve been dreaming of.

Pay your bills on time

Most, if not all, lenders will look at your credit score to determine if you would be a good candidate for a loan. Credit scores are basically a way to let a bank or other lender know that you do in fact pay your bills and likely won’t default on any loans they could give you. 

You can carry a balance on your credit card, but if you’re making at least the minimum monthly payments on it, your score actually won’t be terrible.

If you’re looking to improve your credit score, check out our article “How to Build Your Credit Score Quickly”.

At Breeze, we’re here to help

Even if your credit score isn’t great, Breeze Financial can help you achieve your dream of owning a powersport vehicle. To learn more,  check out our article “Why Finance Your ATV?” or call us at 1-844-944-2644.




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