The cost of living is rising sharply for people in cities across North America. Homeowners are in the fortunate position to have a roof over their heads, but they still need to make mortgage payments and buy things like groceries, which are all becoming more expensive.
With inflation and the bank raising interest rates, homeowners could use a few financial resources to draw on. Here are a few ideas that may help.
Draw On Your Equity
Getting a home equity loan or HELOC from industry leaders like Burke Financial loans lets homeowners take advantage of the money they’ve invested into their home so far, so they can borrow against it at better rates than they could get otherwise. Using your home as collateral means the approval process is also much faster, so you can free up cash quickly if an emergency arises.
While you’re free to use the borrowed money how you choose, most experts recommend using it for things like a renovation since that re-invests money into the asset you’re borrowing against. You can also use it for things like a vacation, education, or car payment, but be careful — failure to make repayments can result in the loss of your home.
Industry-leading mortgage brokers can work with homeowners of all levels of credit, debt, and income. There’s always a path to stabilizing your finances, even if you’ve been denied a loan by the bank.
Changing Grocery Stores
Everybody needs to eat, but shaving some dollars off your weekly grocery bill can add up quickly and turn into some real savings. Look for an alternative grocery store near you that is a little less expensive.
Try to avoid the grocery chains of pandemic profiteers who tried to frame the industry-standard practice of freezing the prices of discount brands temporarily as a generous way to help Canadians save. You can still eat fantastic, flavourful meals. Just be mindful of where you buy your food.
Cut Back on Entertainment
Most people are understandably tired of spending so much time at home after staying in for a couple of years. However, the cost of restaurants and entertainment has soared, and diners aren’t always getting great value.
Pick your spots carefully. There are delicious eateries that aren’t fancy or particularly expensive, and there are overhyped restaurants with obscene markups. Try to find the former and steer clear of the latter.
Political leaders encouraged people to order takeout to save the economy at the height of the pandemic. Eat whatever you want, but prioritize your own budget, and don’t waste money on overpriced food and mediocre service.
If you’re going to eat or entertain yourself indoors, you should be mindful and wear a mask.
It doesn’t matter what type of ascetic you are. Life is getting more expensive, and you’ll probably find yourself hemorrhaging money soon if you aren’t already. Homeowners need to keep some of the above tips in mind, so they can afford to make ends meet.