August 14th is National Financial Awareness Day, and our team has come up with 5 different ways you can improve your financial health, which overall will improve your life!
1. Make a plan for your money:
Set a written budget at the beginning of every month and give every dollar a job. Knowing where every dollar goes not only helps you to cut expenses, but can give you a sense of freedom with your money. Your budget is permission to spend!
2. Save an emergency fund of 3-6 months worth of expenses:
In the event that you have an emergency home repair or have an unexpected decrease in your income, it is important have have a “rainy day” fund so that your day to day expenses do not become a burden.
3. Be smart with your credit card:
Using your credit card for small purchases, and making the monthly payments on time will increase your credit score. Sticking with one credit card will also reduce your chances of abusing credit.
4. Pay off high-interest debt:
If you have built up a large amount of credit card debt, it might be wise to speak with a mortgage agent to discuss refinancing your home to decrease your monthly interest payments. This will free up extra cash in your budget to put towards paying off the principle sooner.
5. Track your progress:
You should review your financial plan at least once a year. As part of the review, set attainable targets, such as increasing your regular monthly RSP contribution, or paying off your mortgage more quickly. Major changes to your situation, such as marriage or the birth of a child, should also prompt a review of your plan.
We are confident that if you follow these simple tips, you will be on the path to financial freedom sooner than you think! If you have any questions about any of these suggestions, or about how refinancing can assist in freeing up extra cash in your budget, please contact our team directly: info@boldmortgagegroup.com
