Mortgage Renewal Benefits

After our whirlwind economic year, making your finances work for you is already top of mind for most Canadians as we head into 2024. Here are some ideas to make your finances work for YOU in the New Year:

Purge Expenses

One of the best goals for the New Year is cutting out all those things that didn’t work the previous year. While we are not referring to your water or electricity bills, there are still many ways you can cut down on costs. For instance, have you recently looked at your phone plan? Consider decreasing services or comparing prices for a cheaper plan with the same functionality. Are you buying coffee each morning or going out for lunch once a week? Are you regularly watching all those streaming services? Consider where and how you spend your money to determine areas to reduce costs!

Make a List of Goals

Once you have made your budget and reviewed your existing expenses for any opportunities to reduce costs, the next step is to make a list of goals! For some people, this will include paying off that credit card or loan, but for others, it could be saving up for a family holiday you want to take in the next five years. Whatever your goals are, be transparent and resolve to achieve them!

Consolidate Your Debt

Are you dealing with multiple debt sources? From a car loan to a credit card bill, having numerous payments each month can add up and quickly become more than you can manage. If you are struggling with lofty bills and hefty interest rates on your credit cards or other accounts, consider consolidating your debt into your mortgage for a single monthly payment – typically at a lower interest rate!

Pay Fast, Buy Slow

Some great advice regarding managing your finances is to pay fast and buy slowly! If you pay your bills as soon as they come in, versus waiting, you will have a better idea of where you stand financially at any given moment. You will also avoid any late fees or compounding charges. In coordination with this, you will also want to start buying slower and working to reduce impulse spending.

Increase Your Income

While it may not seem possible, looking for ways to increase your income in the New Year can help. Look for job promotion opportunities, discuss a potential raise, or consider a new job to ensure you are financially covered!