The “bottom line” of household accounting? Money in (income) should be greater than money out (expenses). It’s called “living within one’s means,” and it can be a challenge, no matter what your income level.

As Canadians, we’re all struggling to do this. As a nation, we owe an average of $144.40 for every $100 in discretionary income.¹ That means a great many of us are accumulating debt and struggling to pay it off.

Whatever your financial situation or goals, know that you’re not alone, and congratulate yourself for taking the most important step: taking action today to manage your day-to-day finances and get them under control.

¹ From Statistics Canada, National Balance Account Sheets, fourth quarter, 2009.