As the holidays begin to fade into a distant memory, make sure your New Year’s resolution includes getting your personal finances in order. Unfortunately, it is extremely easy to let go of your budget during the season of gift-giving, putting you in an even greater financial strain. Whether you want to tackle your debt, begin saving for retirement, or earn extra money, your goals are within reach. Learn about a few easy tips to help you bounce back and make smarter financial decisions in the future.
5 Healthy Financial Habits
By practicing a few healthy habits, you can finally control and manage your money. Here are 5 helpful ways you can get your finances back on track this year :
- Create a Budget – If you have not done so already, it’s time to re-evaluate how and where you are allocating your income each month. Creating a strict budget will help you cut down on gratuitous spending and provide some financial stability. To help you formulate a budget, separate your expenses into two categories: fixed and variable. Fixed expenses include necessary items such as your mortgage, groceries, and household utilities. However, activities like dining out and entertainment are examples of variable spending and areas where you can reduce your spending and save.
- Pay off Debt –Tackling your debt does not have to be a daunting task. Commit to making this the year that you get your credit cards and loans paid off. Try consolidating any outstanding balances on your credit card into lower rate loans or use the money you save from your budget and apply it to your debt. Begin by paying off your lowest balance and move onto the next lowest. This strategy is effective since it will give you extra encouragement as a result of eliminating one of your debts quickly.
- Cut Unnecessary Expenses – Sacrificing daily luxuries is often a challenge but it can be easy to do with a little practice. Luckily, there are small ways you can reduce your monthly expenses that can add up to significant savings over time. For instance, there are little changes you can make in your home that have a big impact on your utility bills such as turning down your hot water heater, avoid leaving unnecessary lights on, and eliminating your landline in favour of cell phone plans. Other ways to trim fat off your bills is to prepare food at home, install energy efficient light bulbs, avoid impulse buys, and more.
- Build Savings – Getting your finances back on track does not only involve working towards reducing your debt. Open a savings account and put aside enough cash to get you through an emergency if necessary. Operating without this safety net will ensure that you feel the negative effects of paying for unexpected expenses. Furthermore, it is always better to pay from your own savings account than relying on a loan.
- Consult a Financial Advisor – Accredited counsellors who have specialized training in budgeting, consumer credit, and financial management can help you navigate your way out of these murky waters. For mortgage help, consult a mortgage professional to provide you with accurate information and additional guidance.
Contact a Professional for Financial Help Today
Taking the first step towards financial independence is not always easy. Nevertheless, you can achieve your mortgage goals by working with a professional broker at Accumetrix Mortgage Alliance. Every decision you make concerning your mortgage can save you thousands of dollars and reduce your expenses. However, these decisions are not always straightforward. Luckily, our friendly and knowledgeable team can provide you with mortgage tips and help you make informed decisions that suit your needs.
To get mortgage help or see what financial help is available for your situation, contact the brokers from Accumetrix Mortgage Alliance. Call us today at 905-481-9082 to consult our team of trusted mortgage professionals or contact us online with your questions.