New Year : Financial Planning for Homeowners

With 2021 right around the corner, this is usually the time when most of us reflect on the past years and look at ways to improve ourselves and set new goals. While many people focus on developing new year resolutions that revolve around fitness and dieting, it may be a smart decision to put your focus on setting financial goals. 

It is safe to say that 2020 was no walk in the park. Depending on how your 2020 went, now is a great time to evaluate your financial strengths and weaknesses so you can make 2021 your best year yet! 

Here are some tips and tricks to get you started with your homeowner’s 2021 financial plan!

Holiday Credit Card Balances

After the holidays have come to an end, your credit card statement begins to roll in. With a higher credit card balance and lower savings, you could start feeling a little overwhelmed. If that wasn’t enough, your thermostat is working into overdrive because of the cold Canadian winters. 

Now is an excellent time to look through your annual bank statements to fully see where your money is going. 

Things to look for in your bank statement are apps or subscriptions you are paying for that you no longer use. Even if they are as little as $10.00 a month, these things begin to add up! Bite the bullet and make sure you unsubscribe and stop payments on things that aren’t useful for you or you simply don’t use anymore. 

Overall, the key here is to track where your money is going! There are many tools and apps that can help you keep track of your money, and our experts at The Mortgage Station can also guide you in the right direction.

Another way to take advantage of your expenses is to get rewarded when you do spend money. We have partnered with Verico on their credit card program! If you’d like to start getting rewarded for money you’d be spending on everyday essentials, there’s a credit card for you.

Internet, Cell Phone and Cable Plan

During the holiday season, your cell phone, internet and tv providers are almost always offering promotions. This is the perfect time to give them a call and see what they can provide you with. This is a great way to decrease your monthly expenses and put more money in your pocket.

Refinance Your Mortgage 

 Do you have an interest rate higher than 4% and aren’t looking to sell anytime soon? Then refinancing your home could be an excellent option for you. Reducing your monthly mortgage rate through refinancing is a great way to start the new year and start saving.

Before you decide to refinance, talk to the mortgage experts at The Mortgage Station, and they can ensure that this is the right move for you. 

You can also use our free mortgage calculator to crunch the numbers and see how refinancing can benefit you!

Shop Around For Better Insurance Rates

We know insurance is unavoidable, but there is no problem shopping around for better rates. To maximize your savings, you should be shopping around for insurance every year. This will help you get a better price and allow you to take a look at your current plan and determine what you need and don’t need to be covered. 

 Make Your Home More Energy Efficient

Homeowners can save money by adding energy-efficient lighting, solar panels, windows and by maintaining their home appliances. 

• LED Lighting:

 According to Hydro One, by simply switching to LED lighting, you will be using 75 percent less energy! LED lights are also recyclable, do not emit heat and last more than 25,000 hours.

• Appliances:

By allowing your appliances to live after their average life span, you will be forced to pay more on your energy bill. Consider replacing them with a newer, more efficient model. Since most of your household appliances are continually running, making fixes can help you save in the long run.

This also means keeping up with annual servicing to ensure all your appliances are not overworking and costing you extra money.

• Phantom Power:

This means unplug devices when you’re not using them, and you can save up to 10% on your overall energy usage.  To learn more tips and tricks on how to make your home more energy-efficient, click here. 

You don’t have to start investing thousands of dollars to save money. Start by making the smaller fixes in your home that allow you to save in the long run. By talking to a professional at The Mortgage Station, we ensure you are making the most budget-friendly decisions with your money.

Our mission is to educate our clients by providing sound options, so they control their own financial future.

Contact us today to get a hold of your financial future!