10 Ways to Plug Money Leaks
October 21, 2022 | Posted by: Sharon Patton
10 Ways to Plug Money Leaks
It can sometimes be hard to keep track of your finances. Now more than ever we need to be on top of where our money is going. To avoid having no money left at the end of the month let's review your financial situation and plug unwanted money leaks!
Be Wary Of Impulse Spending
While it can be easy to think picking up a few extra items won't affect your budget, it does. When your purchase $10 here or $8 there, it all starts to add up. Therefore it is so important to track your spending on groceries, gas, and other essential items. Make a list and stick to it!
It can be way too easy to spend money unintentionally or over budget when you're simply tapping your debit or credit card. For some, taking spending money out as cash is a much easier way to manage your budget and know when you used up your weekly funds!
Examine Your Bills
As money leaks go, the best way to avoid spending extra funds or paying too much for a service is by examining your bills. Perhaps there are some that you can get rid of entirely or some you can reduce (by changing your phone plan, for example).
Ask the Question
If you're making a new purchase (whether a new internet bundle or car), it is a good idea to always ask 'is this the best you can do'? In some cases, you may get a further discount. In addition, be sure to always do your research before any large purchases.
One of the biggest places where you will find financial leaks are with high-interest rates. If debt is getting in the way of your cash flow (and you still have equity in your home), you may be able to refinance your mortgage and consolidate your debt for one easy monthly payment and a lower interest rate.
Renew With Confidence
When you receive the letter from your lender about your mortgage renewal, reach out directly to us, your mortgage expert before signing the renewal. We will shop the market for you and find you the best option that fits your financial needs.
Renovate vs. Relocate
If you’re finding yourself falling out of love with your home, consider a renovation!
It is much more cost-effective than moving and can be a great way to breathe new life into your spaces.
Don't Leave Money on the Table
Be sure to take advantage of rebates and incentives at your disposal! From first-time homebuyer tax credits to energy rebates, there are plenty of opportunities. We know the money-saving options that will work for you!
Change Your Mortgage Payments
Depending on your monthly cash flow situation, you might also want to consider switching up your mortgage payments. Moving from weekly to monthly can help you reduce your overall monthly bills. If you have extra income, moving to a weekly or accelerated biweekly payment schedule can help you pay off your mortgage faster.
Know Your Pre-Payment Penalties
Avoid spending unnecessary money on your mortgage by knowing your pre-payment terms and penalties! If you ever find yourself needing to get out of your mortgage early, you’ll want the option of pre-payment.
We are here to offer solutions to help you plug your money leaks. Whether you are looking to refinance, renovate, renew or purchase we have options specifically for your financial plan.
Let’s chat today to explore your options.
I look forward to connecting with you.
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