5 budgeting tips to keep you on track

Before you go shopping, make a list of exactly what you need and double-check it'll fit in your budget. When you get to the store, try not to get distracted by displays and sales on things you don't need. If you're shopping online, ignore the suggestions to add more items to your cart. It takes a bit of discipline, but it'll pay off in the end.

Having a goal in mind will give you extra motivation to stay on budget. Want to vacation in Europe? Hope to buy a car? Save for a wedding?

Whether it's big or small, remember your goal so you don't waste money on things that aren't important to you. Want to speak with a pro about your budget and how you can adjust it to meet your short- and long-term financial goals? Schedule a chat with a CIBC advisor Opens in a new window..

It might be tempting to use a credit card to buy things you can't afford. But you don't want to get caught in a cycle of interest charges and debt. Any purchases you make on credit should still fit within your monthly budget.

Life happens and unexpected expenses come up. Your budget should be flexible enough to capture any additional one-off expenses. Consider creating a line item in your budget for a rainy-day fund that'll help you save for unexpected expenses, such as health or dental bills and car or home repairs.