Canadians are lucky if they save 5% of their income, and a new report suggests most actually spend more than they make. And one in six Canadians live paycheque to paycheque!
Following are a few tips to help you get off the hamster wheel and make a positive impact on your finances:
- 1. Take advantage of today’s low interest rates by reviewing how a debt restructure may work for you. For instance, a $10,000 credit card debt may be able to be reduced from a $300 monthly payment to just $50 – freeing up $250 a month in cash flow. This, coupled with the right financial strategy and time limit, will help you pay off debt much quicker.
- 2. Take advantage of small adjustments while long-term rates are at all-time lows. This can make a BIG difference long term. For example, rounding your payments up to the nearest $100 dollars will shave years off of your mortgage, which is consistent with a good time strategy to pay your mortgage off quicker.
- 3. Keep on track with a budget tool available at (www.angelacalla.ca) and don’t make excuses. Remember that making the wrong decisions or delaying reviewing your mortgage is time that you can never get back. Taking the time now to review your options truly can save you a lot of money in the future!
The Angela Calla Mortgage Team can help you see how much you can save!
Angela Calla, AMP
Host of “The Mortgage Show” on CKNW AM980 Saturdays at 7pm