Make a budget and find out the best ways to manage your mortgage money better
We recently took a look at the expenses beyond securing a low mortgage rate, the purchase price that you should anticipate to pay, and the expenses related to moving in. Now it is time to have a look at your ongoing month-to-month expenses, ways to pay off your Canadian mortgage faster, and the renewal process. This handy checklist will help keep you organized.
Budgeting for Home Expenses
Budgeting for home expenses calls for organization and some degree of restraint. Also, you will want to have funds reserved for unanticipated maintenance expenses.
Monthly expenses includes things like:
Property taxes
Maintenance and upkeep
Insurance
Mortgage payments
Heating and cooling
Hydro
Condo fees (if applicable)
Internet
Water
Cable
Telephone
Appliance rental (if applicable)
Budget Your Monthly Expenses
Beyond the expense of your monthly best mortgage rate, it is essential that you are aware of exactly what you are spending and where you are able to cut expenses. Budgeting can be time consuming and tedious! Making use of an online budgeting tool like Mint.com will help you save money and time as it automatically tracks your expenses and allocates them against your budget.
How Can I Save Money?
High Interest Savings Account
Make your savings work harder for you.
Save Money on Credit Cards
Altering your credit card can help save you money by providing you with a lower interest rate.
Paying off Your Mortgage Faster
Having your very own house is both thrilling and gratifying. Spend some time putting together a strategy to pay it off as quickly as possible. There’s no freedom like financial freedom.