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How to Create a Basic Budget: A Step-By-Step Guide

by | Aug 1, 2024 | First Nations | 0 comments

How to Create a Basic Budget: A Step-By-Step Guide

Do you find yourself wondering where all your hard-earned money keeps going every month? Do you have certain financial goals in mind, like taking a trip next year or buying a car? Maybe you want to save for a rainy day or fund your retirement? If any of these sound like you then it might be time to create a budget.

But what is a budget and how does it work?

A budget is a plan you create that keeps track of your income vs. your spending within a certain time frame (like a month). You can then use this plan to help achieve your short-term (i.e. building up an emergency fund) and long-term goals (i.e. saving for your retirement). Typically, you track your spending and measure it against your income and make sure you are living within your means.

If you aren’t living within your means, your budget can help you decide where you need to cut back to have extra left-over cash at the end of the month to put towards those short-term and long-term goals.

So how do you go about creating a budget?

Well first you need to decide what budgeting style works for you. If you haven’t read it already, you can check out our blog post “7 Kinds of Personal Budgets and How They Work” to find the right one for you. But in this blog, we will go over step-by step-how to create a “traditional” or “basic budget”.

1. Find out your total Net Income

This is the amount you take home from all income sources after taxes (if you pay taxes), EI and CPP are deducted.

2. List all your Fixed Expenses

These are all your monthly “must have” expenses that don’t typically change very often month to month. Like your rent, hydro, car loan, other utilities, and subscriptions.

3. List out all your Variable Expenses

These will change every month like groceries and gas, etc. It’s a good idea when listing these expenses to look at your bank and credit card statements to make sure you list your frequently purchased items and how much they cost. While these items vary, you can get a sense of an average monthly cost for each item and work with that. If you primarily use cash, keep the receipts, or take notes in a journal as you spend, or use a budgeting app.

4. List your “nice to have” expenses

These will be items that you would like to have in your budget like takeout, date nights, getting your nails done or going to sporting events.

5. Decide on both your Short-Term Goals and your Long-Term Goals

Next you want to set out your financial goals for the immediate future and the long-term. This could be for things like funding a trip you want to take in a few months, or building an emergency fund, to paying off debt, to saving more long term for retirement.

6. Add up all your Fixed and Variable, (“must haves” and “nice to haves”) Expenses and compare them to your Net Income

Are your expenses higher than your income? Then you can look in the list of expenses to see where changes can be made as soon as possible to get your finances in line. If your income is higher than your expenses that is fantastic. But ask yourself, is the money left over enough to put towards your short-term and long-term financial goals? If not, you can then go back to your list of expenses and see where changes can be made to bring your cashflow in line with those goals.

7. Revisit your Budget Regularly

We recommend keeping track of your spending along the month to make sure you’re in line with your budgeting goals. Especially as things can change over time or sometimes spending unconsciously can happen. So, in addition to monthly tracking, it can be good to have a birds-eye view of your budget every few months to make sure you’re on track with your goals.

Now you understand the basics of a budget. So, you’re thinking thanks for the steps, but where do I keep all this information? I am so glad you asked. There are lots of tools you can use to create your budget and keep track of spending. You can use something manual like Google Sheets or Excel or a journal to track everything. Or if you want to go more automated you can download a budgeting app to help track your expenses in real time by linking your accounts. Any tool is the right tool so long as you use it and use it consistently. So be sure to pick one that sounds easy or fun and give it a try.

Resources

Here are some calculators and templates to help you on your budgeting journey. You’ve got this!

 

Ida and Nick – Next Phase

by | Jul 17, 2024 | First Nations | 0 comments

Ida and Nick - Next Phase

Dear Clients, Friends and Relations

After more than 25 years Ida and I are pleased to announce that we are entering our next chapter and will be leaving Eagle Bay.

We will continue to be strong advocates and work tirelessly for our Indigenous communities albeit in a different way.

We are leaving the business of Eagle Bay in the capable hands of whom we regard as the best team of professionals in our business in partnership with People Corporation Indigenous Practice. Our team remains committed to continuing the service to our clients and will serve with respect to Custom and Culture, always.

I will continue to serve in my capacity of Board of Directors of First Nations Societies and Advisory Councils. I hope to continue to provide meaningful insights of our industry with Indigenous needs in mind.

It has been a privilege and honour for Ida and I to have served more than 130 Communities throughout British Columbia and we will always remember the experiences and teachings of the Customs and Cultures of our Indigenous relatives.

We will, to be sure, cross paths again and we will forever be grateful to our friends, relatives and clients.

With Many Thanks,

Ida and Nick

Huy’ Chexw

The Benefits of Disability Insurance – Short Term and Long-Term disability

by | Jul 15, 2024 | Benefits, First Nations, Group Benefits Plan, Health & Wellness | 0 comments

The Benefits of Disability Insurance – Short Term and Long-Term disability

We all strive to never become seriously ill or injured, however things happen, and it is better to be prepared than not. One way you can prepare yourself and your family is to have short term or long-term disability insurance in place through an employer or as an individual.

What is Disability Insurance?

Disability insurance can provide financial assistance to you and your family if you were ever to become seriously ill or injured. Disability insurance can protect you by replacing a portion of your income. You receive this benefit if you were ever diagnosed with a covered medical illness, mental health issue, or injury that prevents you from working. 

While Disability insurance is a type of health insurance like critical illness insurance, it is different in that it is directly tied to your ability to work and produce an income. There are many different types of disability insurances, from group plans to individual plans to government provide plans like ones covered under CPP, we will be focusing on the differences between Short-Term and Long-Term Disability Insurance and how they can benefit you.

Short-Term Disability Insurance

Short-term disability covers a portion of your income, usually up to a maximum of six months if you were to become ill or injured. The waiting period before receiving benefits is typically shorter than other types of disability benefits like long-term.

Long-Term Disability Insurance

Long-term disability has a longer waiting period before benefits start, and usually only begin when one of the following ends:

  • short-term disability insurance
  • sick leave from your employer
  • EI sickness benefits

Many long-term disability benefits pay between 60% and 70% of your normal income. While each policy is different, some will pay up to 2 years while you recover from your injury or illness and unable to work.

So how could disability insurance benefit you?

Disability Insurance can help pay the bills when your income stops due to illness or injury. Even if you don’t work a physically demanding or risky job, disability insurance can help you in the event of other conditions. For example, let’s say you are diagnosed with serious depression and are unable to work because of it. You could receive a portion of your income from your policy which will allow you to take time off work and focus on your mental health. Another excellent example of how Short-term and long term benefits can help you and work in tandem together is provided by Benefits and Design. Click the link here for the detailed infographic.

Things to consider before getting Disability Insurance

If you are self-employed, it may be a good idea to get an individual disability insurance plan. However, if you are employed, check with your employer or plan administrator to see if you already have short-term or long-term disability insurance.

Some things to look out for if you are searching for an individual plan:

  • how much the policy will cost
  • if you still need to pay premiums while living with a disability
  • the amount of money you’ll get each month
  • if the benefits are taxable
  • if the insurance company adjusts benefits for inflation
  • how long you need to wait before receiving benefits
  • if the plan includes partial disability benefits
  • if the insurance company allows you to increase your coverage without a medical exam

Also, each insurer may define disabilities a little differently. The definition may vary from different plans from the same insurer, so be sure to look over each one before purchasing.

If you have any questions, would like some guidance on finding an individual plan for you or to check if your health benefits currently include LTD or STD insurance, please reach out by contacting us here.

Shingles and the Shingles Vaccine

Shingles and the Shingles Vaccine

by | Jul 2, 2024 | Blogs(Newsletter) | 0 comments

Shingles and the Shingles Vaccine

If you had chickenpox as a kid, you may remember hearing that if “you catch it once and you won’t catch it again”. Well, that is partially true. Once you have had chicken pox, you might not catch the virus again, but that’s only because it never really went away.
The virus that causes chicken pox (varicella zoster virus) stays dormant within the nerve cells and can become active again later in life in the form of Shingles.
What is Shingles? How do you get it? How do you treat it? Can you prevent it? Not to worry, we will go over everything and more in this newsletter:
  • What is Shingles?
  • Symptoms of Shingles
  • How it’s Spread
  • The Risks of getting Shingles
  • Treatment and Prevention
  • What is the Shingles Vaccine?
  • Who Should get the Shingles Vaccine?
  • Where and how to get the Shingles Vaccine
  • The Cost of the Vaccine and Coverage

What is Shingles?

Shingles is a painful disease characterized by a painful rash with blisters. It is caused by the varicella zoster virus, the same virus that causes chickenpox. The virus remains latent inside people’s nerve cells after contracting chickenpox and is sometimes reactivated later in life causing shingles.
Symptoms of Shingles
Some of the symptoms include tingling, itching of the skin that can turn into a rash with blisters. Usually all in one strip in the body, however it can appear anywhere in the body often being confused for a muscle condition at first. Early onset symptoms can also include headache, fever, chills and nausea. The rash itself can last for 2 to 4 weeks.
How it’s Spread
You cannot get Shingles unless you have had chicken pox. Shingles cannot be spread by coughing or sneezing. However, if you have never had chicken pox, or the chicken pox vaccine, you can get Shingles if you come into contact with opens blisters of the Shingles infection. Once the blisters crust over, the person can no longer spread the disease.
The Risks of Getting Shingles
Some people, approximately 1 in 5, will have pain even after the rash goes away. This pain is called “post-herpetic neuralgia” and can last months and in some cases, years. Another complication of Shingles is that it can affect the cornea, impairing vision.

Other issues that can arise, but are rarer, are an increase in the chance of a stroke, scarring,  pneumonia, loss of hearing or vision, swelling of the brain and superinfections of the rash caused by bacteria.

The Treatment and Prevention

Once you have developed Shingles, unfortunately there is no miracle cream that can make it go away. At best, if you have Shingles, your doctor may be able to prescribe you some anti-viral medication that can help lessen the symptoms if taken within the first 72 hours. Antihistamines can help lessen the itching as well as pain medication such as acetaminophen and ibuprofen. If you do have shingles, make sure to cover up your blisters so as to not spread it to anyone else.

The best way to handle Shingles is prevention. To prevent your children from developing Shingles as adults, make sure they receive the Chickenpox Vaccine. As an adult who has not received the chickenpox vaccine as a child or has been previously infected with Chickenpox, the Shingles Vaccine would help prevent you from developing the disease.

The Shingles Vaccine

Currently, the only available vaccine in Canada for Shingles is the Shingrix® vaccine. The vaccine prevents more than 90% of Shingles cases in adults 50 years and older. In adults who are 18 and older with compromised immune systems, the vaccine is 70-90% effective in preventing the disease.

Some side affects have been known to occur with getting the vaccine but are usually mild. Some of those symptoms are soreness and swelling at the area of the vaccine was given; headache, fever, chills, muscle fatigue, nausea, vomiting and diarrhea. These symptoms if they occur usually go away in a few days. Serious side affects are very rare.

Who Should get the vaccine?

Roughly 1 out of 3 people will get Shingles in their lifetime and it is more common in people who are over the age of 50 and those who have a weakened immune system due to medication or disease. However, anyone who has had chickenpox can develop Shingles. The Public Health Agency of Canada and Immunize BC recommends the following people should get the vaccine:

 

  • If you are 50 years or older and you have had;
    • Chickenpox.
    • Shingles.
    • Previously received the live Shingles virus (they are no longer available in Canada).
    • Are unsure if you have had chickenpox in the past.
    • Are immunocompromised.
  • If you are 18 years or older and are immunocompromised.

Before getting the vaccine, you should discuss with your doctor or nurse practitioner whether it is right for you.

Where and how to get the Shingles Vaccine

Most pharmacies and travel clinics carry the vaccine and can be purchased directly without a prescription. At the pharmacy or clinic, the pharmacist, nurse, or physician will dispense the vaccine to you. The vaccine comes in two doses usually taken 2 to 6 months apart, and both doses must be taken for it to be effective.

The Cost of the Vaccine and Health Benefits Coverage
Unfortunately, the Shingles Vaccine Shingrix® is currently not publicly funded in BC, Alberta or the Northwest Territories. However, the Shingles vaccine is fully covered in the Yukon. In BC, Shingrix® is about $160 per dose and some private health benefit providers may cover the cost of the vaccine. For First Nations and Indigenous individuals in BC, the First Nations Health Authority does provide coverage for elders 60 years and older.
How to Find out if the Shingles Vaccine is Covered by Your Benefits Plan

To find out if your private health benefits cover the shingles vaccine you can speak with your pharmacist to find out.

As always, if you have any questions or need some assistance, we are here to help. Click the button below to get in touch.
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National Indigenous People’s History Month – June 2024

by | May 31, 2024 | First Nations | 0 comments

National Indigenous People's History Month

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Indigenous People's Day

June 21 2024

June is National Indigenous People’s History Month and is also the month National Indigenous People’s day happens, on June 21st. In 2009, the Canadian House of Commons designated June as National Indigenous People’s History month as a time to learn and celebrate the many unique cultures of the Inuit, Metis and First Nations People across Canada. In 1996, June 21 was celebrated as Indigenous People’s day after it was proclaimed by the governor general of Canada, Romeo Leblanc.

This month we celebrate and reflect on all the unique and amazing cultures, traditions, and experiences of Indigenous, Metis, Inuit and First Nations people across Turtle Island. Without your wisdom, strength, resilience, and loving spirit, we would not have the country we have today.

To celebrate, here is a list of some of the events being held across the province:

Vancouver – Carnegie’s Community Centre Street Party – June 21 2024 1pm-4pm

Vancouver – Grandview Park – June 21 2024 12pm-4pm, 11am  Celebration Walk | starting at Vancouver Aboriginal Community Policing Centre Society – 1719 Franklin St

West Vancouver – Ambleside Park – June 21 2024 4:00pm – 8:00pm

Burnaby – Civic Square  6100 Willingdon Ave. – June 21 2024 3pm-7pm

Surrey – Bill Reid Millennium Amphitheatre June 21 2024 3pm-8pm

Kamloops – Special Events Arbour – June 21 2024 4:00pm – 10:00pm then light show from 10:00pm -10:15pm

Kelowna – Metis Society of BC Kelowna City Park – June 21 2024 11:00am – 4:00pm

Sechelt – Syiyaya Days – June 21 – July 1 2024

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