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Financial Well-Being for 2020 

 

According to BNN Bloomberg, financial stress affects nearly half of all Canadians.  BNN reports 43% of Canadians live paycheque to paycheque while incurring growing debt levels – to read the full article, click here

The distress of poor finances is far worse than just an overextended bank account.  Money woes can lead to illness, mood swings, poor financial decisions, and divorce.  To make 2020 a year of economic well-being, create stability by implementing savings plans, smart budgets, and exploring refinancing.  With a little help in these areas, you will feel like you’re making a positive impact and preparing for your future.

 Saving money encourages healthy financial habits.

Putting away twenty-five dollars a month into a TIFSA or RRSP will create a healthy financial habit. When you see a savings account grow, regardless of the amount, you feel a sense of pride as you are preparing for your future.  Saving a little each month is how you will begin to increase your wealth.

 Smart budgets reduce financial stress.

Having enough funds to pay the bills will ease a significant amount of stress. It is essential to review all of your spending habits and eliminate any unnecessary bills, for example, NETFLIX, monthly subscriptions, daily coffees, meals out, and frivolous shopping.  For your mental health, you can’t remove entertainment all-together.  However, you can be smarter about your choices to ensure you never run short when it comes to the essentials like car payments, rent, and groceries. If necessary, look into a secondary income option for additional spending money.

 Refinance for piece-of-mind.

At Gail Sylvester Mortgages, we help our clients achieve financial well-being by discussing all of your options.  You may be eligible to refinance your home or open a line of credit to consolidate debt into a lower payment.  Refinancing or consolidation will often free up extra cash for savings or disposable income. 

Taking care of your finances is taking care of yourself.  The stress of a stretched bank account follows you everywhere you go.  At Gail Sylvester Mortgages, we aim to provide the best financial options allowing you to sleep better at night.  Contact us today and discover how we will make 2020 your best year yet!