Chris Melnyk described the initial onset of inflation on his finances as a challenge.

But soon the Whitby, Ont.-based personal trainer was able to adjust his budget to account for the uptick in his expenses, and now he feels less stressed about the coming months.

Over the years, Melnyk says heB次元官网网址檚 learned that instead of following a rigid spending plan, what helps him stay trained on his financial goals is checking his budget on a regular basis and making adjustments as needed.

B次元官网网址淚 found that being a little bit more fluid B次元官网网址� it becomes a lot easier to manage,B次元官网网址� he said.

As inflation continues to take its toll, some Canadians may also start taking a closer look at their spending habits.

In 2019, only around half of Canadians said they had a budget, according to a survey by the Financial Consumer Agency of Canada.

The FCAC said non-budgeters were twice as likely to be falling behind on their financial commitments as budgeters. Budgeters were also less likely to spend more than their monthly income or use credit for day-to-day expenses.

Not having a budget makes it difficult to take control of your finances, said Charity Oisamoje, a money expert and founder of The Finance Key.

B次元官网网址淲hen you donB次元官网网址檛 have a budget, you might actually feel overwhelmed by your finances,B次元官网网址� she said.

One of the reasons budgets or plans often fail is because people donB次元官网网址檛 have goals in mind, said Money Coaches Canada financial planner Janet Gray.

ItB次元官网网址檚 harder to stick to your plan when you donB次元官网网址檛 know what youB次元官网网址檙e working towards, whether itB次元官网网址檚 paying off debt or saving up for a down payment, she said.

Gray said instead of budget, she prefers the term B次元官网网址減lan,B次元官网网址� as it has fewer negative connotations. After all, budgeting isnB次元官网网址檛 only about restricting spending, but also about planning it, she said.

You canB次元官网网址檛 set a spending plan until you know how much youB次元官网网址檙e working with and what your costs are, said Gray. She suggests tracking your income and spending for a month to see how much you actually bring in and where it goes. With that information, and some goals in mind, you can then set targets and make your plan, she said.

Desjardins Group financial planner Angela Iermieri said these days, with so many automatic payments and subscription services, itB次元官网网址檚 harder to track your spending.

Writing a budget helps you to visualize all these costs, she said, but you need to make sure youB次元官网网址檙e not underestimating your spending.

B次元官网网址淲e have to be honest with ourselves when we set up a budget,B次元官网网址� said Iermieri.

There are a variety of budget plans out there, such as the 50-30-20 plan B次元官网网址� where half your money goes to necessities, 30 per cent to discretionary spending, and 20 per cent to debt and savings.

But Gray said what matters most is that your plan works for you. It should, of course, cover your necessities first, allow for a realistic but sustainable level of discretionary spending, and include saving and debt-paying B次元官网网址� though if you have high-interest debt like credit card debt you should focus on paying that down before saving, she said.

If youB次元官网网址檙e overwhelmed by the idea of budgeting for the first time, Oisamoje said you should start simple. Use a ratio like 50-30-20, or another that fits your lifestyle better, and try to stick to it while tracking your income and expenses.

Eventually, she said youB次元官网网址檒l be ready to B次元官网网址済raduateB次元官网网址� to something more involved, like a spreadsheet or an app.

Oisamoje said including non-essential spending, or B次元官网网址渇unB次元官网网址� spending, is crucial for balance and mental health.

The discretionary spending is B次元官网网址渢he stuff that keeps you motivated to continue going on with that plan,B次元官网网址� Gray agreed.

Your plan also needs to account for seasonal differences, said Gray, such as extra spending around the holidays.

B次元官网网址淎 budget is not fixed forever. It can evolve,B次元官网网址� said Iermieri, adding that you should re-evaluate your budget and goals whenever your costs or income change.

Often people underestimate their expenses or fail to account for varying and unexpected costs, said Oisamoje. Those mistakes, plus overspending on non-essentials, are how the budget gets broken B次元官网网址� but itB次元官网网址檚 not the end of the world if that happens one month.

B次元官网网址淛ust try to stick to it as best as you can. But donB次元官网网址檛 be too hard on yourself.B次元官网网址�

Gray agreed, and cautioned not to use one misstep as a reason to forgo the budget altogether.

B次元官网网址淚tB次元官网网址檚 not a sprint, itB次元官网网址檚 a marathon.B次元官网网址�

B次元官网网址擱osa Saba, The Canadian Press