Friday, April 1, 2022

Stay Financially Flexible

Here’s how you can stay in the black when the economy is making you see red

The news has been peppered with predictions about growing inflation and upcoming interest rate hikes, affecting everything from gas prices to mortgages. Don’t let rising costs get you down.

Here’s how you can stay in the black when the economy is making you see red.

5 tips to protect yourself from rising costs

Frequent sites like gasbuddy.com to help you predict the best times and places to purchase fuel.
Afraid about the current real estate market? Things will get better. If you can hold off on purchasing, experts are saying that the average home price will flatten in the second half of 2022.
Keep an eye on your credit score. If you maintain a high score, you may be offered a lower interest rate on your mortgage than someone who has a low score. You can receive your detailed credit report for free from Equifax Canada or TransUnion Canada. Obtaining one has no effect on your credit score and can help you detect problems before they affect it. To obtain your credit score online, you usually need to pay one of the two credit bureaus. Visit equifax.ca or transunion.ca for more information.
If you have a variable rate mortgage, recalculate your payments using rate-hike scenarios to ensure your budget is on track for potential increases. A certified financial adviser can help.
Not much left on your mortgage? Consider refinancing now to lock in lower rates before they climb.

Sources: ctvnews.ca, macleans.ca, bankofcanada.ca, globalnews.ca, canada.ca

Stay Financially Flexible

5 tips to protect yourself from rising costs

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