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From Budgeting Pro to Financial Freedom: Sarah’s Tale of Tracking Spending and Creating Big Savings

Meet Sarah, a budget-savvy individual who thought she had her finances under control. She created budgets regularly, and felt that on paper she was making ends meet. Little did she know that a simple shift in perspective would lead to significant changes in her financial habits.

Client Background

Sarah, an individual based in Hamilton, ON, with a penchant for budgeting, regularly created financial plans that seemed foolproof. However, a closer look revealed a common oversight – the importance of tracking daily spending.

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The Challenge

Sarah believed she had a handle on her spending, but the reality was quite different. The challenge lay in underestimating the impact of seemingly insignificant daily expenses. Spending – even on simple items like a daily coffee – can quickly add up.

Solution

Spergel, the ‘get rid of debt’ people, stepped in to emphasize the significance of tracking every dollar spent. Advising Sarah to maintain a meticulous record, whether through debit transactions or cash receipts, the goal was to shed light on the often overlooked areas of spending. Although Sarah was confident she knew all the details of her spending, it wasn’t until tracking and creating a paper trail that the lightbulb moment occurred.

Implementation

In the first counselling session with Spergel, Sarah begrudgingly agreed to track her spending for the next few months. What started as a slightly skeptical endeavour turned into a transformative experience. She used a paper trail and recorded each and every single spend – both in debit and cash – to keep a comprehensive record of her daily spending.

Results

After diligently tracking her expenses for three months, Sarah was astonished by the revelations. She identified numerous areas where she was overspending and promptly made adjustments to her lifestyle. When Spergel met Sarah for a second counselling session 3 months later, Sarah revealed that tracking her daily expenses was a lifesaver. She had been diligent with tracking every dollar and realized she was spending a lot more than she ever thought. 

By the second counselling session, Sarah had already saved $600 in her savings account from the previous 2 months just by tracking her expenses and cutting back on ‘small’ purchases like coffee and snacks. She was thrilled that she had money set aside for savings, as she’d never been able to do so before.

Conclusion

Sarah’s journey from budgeting confidence to financial awareness showcases the power of detailed spending tracking. Spergel’s approach not only transformed her financial habits but also empowered her to accumulate savings quickly.

Client Testimonial

“In just three months, tracking my spending became a game-changer. I thought I was budgeting well, but the reality was eye-opening. Spergel helped me realize that the ‘small’ purchases were adding up. Thanks to their guidance, I saved $600 in just two months!” – Sarah

How Spergel can help you

At Spergel, the ‘get rid of debt’ people, our expert Licensed Insolvency Trustees have been helping Canadians to gain debt relief for over thirty years. We help individuals in various ways to improve your financial wellbeing. In this scenario, our approach focused on detailed spending tracking in order to budget and live within your means. Here are some ways we can help you:

  • Debt consolidation and management – making debt easier to handle and reducing overall interest payments.
  • Budgeting – we help to create realistic budgets and financial plans tailored to your needs.
  • Credit counselling – we offer guidance on improving and maintaining a healthy credit score. 
  • Debt relief – for any individuals facing significant financial challenges, we provide advice on your options including bankruptcy and consumer proposals, guiding you through the process and helping you make informed decisions.

By offering a range of services and expertise, we aim to empower individuals to gain financial freedom and to take control of their finances to build a more secure future.

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