Six Tips For Financial Fitness
As the world moves towards the end of the current global pandemic, it’s the right time to take control of your financial health by proactively incorporating healthy habits in maintaining your money. Moreover, achieving financial freedom can benefit you today and down the road. Therefore, it is essential to establish certain practices that can put you in a position to be able to reach your financial goal.
To help you set yourself on the right financial path and make sure your finances are fit and stay that way, MASS Mortgage Group has put together a list of six tips for financial fitness.
Tip #1: Spend just a little
It’s okay to spend money on celebratory days or shopping. But as long as these purchases fit into your budget. Make sure these spendings don’t detract from your saving goals.
Tip #2: Revisit or start your budget
Budgeting might not be the most thrilling task, but it is one of the most important ways to achieve a solid financial future. At the same time, it will give you a clearer picture of where you stand and how much you can truly spend. Through budgeting, you’ll also be able to determine how much money you can allocate to your “live a little” fund.
So while preparing your budget, take a new look at your monthly bills and go through them thoroughly. You may have signed up for services you never really use or perhaps don’t remember requesting. Look for small, unexplained charges, fees, and add-ons, and the services that you can live without.
Tip #3: Maintain your credit
Make sure to monitor your credit score regularly as it is your passport to financial opportunities. It can mean the difference between getting approved or denied for any kind of credit and can prevent you from getting the lowest mortgage rate. That’s why it’s crucial to have good credit behaviors. A wise way of keeping a good credit score is by paying your bills on time and not borrowing more than you can afford. Also, don’t be tempted to apply for store cards just to save on your purchase that day, and before you cancel a credit card, seek advice.
Tip #4: Focus on high-interest debt
Always keep an eye on your high-interest debt and pay down your credit cards as much as possible. If you continue to accumulate more debt, it will take even longer to pay off. Luckily, you can get out of debt by moving that debt to your lower-rate mortgage if you have enough home equity. You could save thousands in interest, have one lower monthly payment that greatly improves your cash flow, and enjoy much reduced financial stress.
Tip #5: Spend time, not money
We’ve all gained a new appreciation for the value of being able to spend time with loved ones in person and that it’s something to treasure. Focusing on this may keep you from spending money you might not have or want to spend!
Tip #6: Help others
Many weren’t very fortunate during the pandemic. Therefore, consider committing some money to donate to charities, shop local, tip restaurant workers, and others generously.
For more tips to get financially fit so you can build wealth for the long term, reach out to MASS Mortgage Group. We are licensed mortgage brokers or agents based in Ontario with a team of experts who will work alongside you to identify your financing needs and provide you with the best possible solution in the market. We have more than two decades of experience and a multitude of strong business relationships with our lenders. Our residential and commercial mortgage services are extended to clients across Scarborough, North York, Toronto, Newmarket, Richmond Hill, Aurora, and Markham, Ontario.