Spring finally arrived after a long winter, and with inflation and the rising cost of living on everyone’s mind, there’s never been a better time to do a little spring cleaning… of your finances. A few quick and easy adjustments can make a difference to your bottom line each month.
Here are a few items for your spring-cleaning checklist:
- Start with a self-audit. Look back over the last six months to see where your money went. Has your online spending slowly crept up? Is the food or grocery delivery service that used to be a once-in-a-while convenience now a regular staple? These little indulgences seem inconsequential but a couple of small habit ‘corrections’ could make a significant difference for your wallet. It’s important to set yourself a budget and stick to it. If living on a budget is something you’re not used to, challenge yourself to do it for a short time period – a month, or maybe over the summer – and work your lifestyle into it. It’s never too late to develop good financial habits.
- Review all your subscriptions. It’s easy to subscribe to services or order something ‘on repeat’ with the intention of cancelling later. Before you know it, you have multiple recurring payments for goods or services you may not even be using. So, take stock of all your recurring expenses and decide if that mobile app is still useful to you; if the gym membership is necessary since you’ve gotten into a routine of working out at home during the pandemic or; do you really need 2, 3 or 4 streaming services? Trimming the excess not only saves you money, it’s a great way to declutter your finances!
- Negotiate for the best rate. Call your internet, cellphone and cable company and ask if your current plan provides the best value for your specific needs. Very often, you can negotiate a better price for the same plan or upgrade your plan and get more service for the same price. You may even find out that your current plan is far more than you need based on your usage. A downgraded plan could meet all your needs, and it’ll save you money each month.
- Find out what might be hiding in your credit report. Reviewing your credit report is something everyone should do at least once a year as part of having good financial health. It’s very common and very easy to miss a bill payment and have it show up on your credit report. Ensure you don’t have any skeletons in your credit report that could prevent you from getting the best interest rates from lenders when applying for a mortgage. Here is a link to the Government of Canada website with information on how to order your free credit report.
- Your home equity could be your best financial tool. Get in touch with the team at MiMortgage.ca for a free mortgage review. We’ll take a look at the equity in your home as a possible way to save on monthly interest payments through debt consolidation. By doing something as simple as a refinance and rolling your high-interest debts into one lower monthly payment, you can create some real cash flow into your household bottom line.
Taking a few easy steps may save you money every month. Get in touch with the team at MiMortgage.ca at 1.866.452.1100. Let’s talk about how you can leverage your home equity to help you save money and take the heat off your finances this summer.
