Saturday, July 27, 2013
for the unknown rate hikes is such so you like the comfort of the long term security ( if that's the case, take the 10year fixed as it is usually just a few tenths of a % point from the 7 year and sleep at nights) but all of this comes at a price with higher interests rates and of course more money out of your pocket. In closing, you know yourself best and your comfort zone so pick what options are better for you and enjoy your new abode stress free.
Saturday, June 15, 2013
We as Canadians are riding a wave of self destruction if we don't get our debt under control. As a society we have "grown" comfortable with the fact of owing back and forget that there is a cost of borrowing.....its call interest. Today we are at historical low rates but like any cycle it has to increase so now is the time to reel in those IOU'S. Here is a list how to save more and get out of debt faster A) Set up an automatic transfer of money into a high interest savings account every time you get paid...out of sight, out of mind as they say. B) Ask your lender if you can increase your mortgage payments by 10% and save huge amounts of interest owing to them. C) Increase your regular contributions to your RRSP ( Registered Retirement Savings Plan) or TFSA (Tax-Free Savings Account) by the same amount your take home pay goes up each year. D) Pay off any Credit Cards or Lines of Credit within 20 months and save on its high interest charges. E) How is it possible you might ask with the above list? Track your monthly household expenses and cut down your biggest non-essential payouts......remember our previous blog on wants and needs people and lets start controlling our own destiny.