Having dealt with a whirlwind economy in the past year, most Canadians are already thinking about how they can make their finances work for them as we head into 2023.

The following are a few suggestions for making your finances work for you in the coming year:

The new year is an excellent opportunity to purge those expenses that you didn’t work as hard for the last year and to make sure you eliminate all those expenses that didn’t work the previous year. Even though we are not referring to your utility bills, such as your water or electricity bills, you can still reduce your costs in various ways. I would like to ask you a question. Have you recently reviewed your phone plan? There are many ways to lower expenses vs. getting the same functionality or decreasing the services, such as comparing costs. Would you consider yourself someone who goes out for lunch once a week or buys a cup of coffee in the morning? Do any of those streaming services catch your attention regularly? Consider where and how you spend your money to determine where you can cut costs to save money.

Once you have established your budget and reviewed your current expenses, the next step is to list your goals to see if there are any areas where you can save money. For example, some people can take advantage of this by paying off their credit card or loan, but others may save up for a family holiday they would like to take in the next five years. No matter your goals, don’t be afraid to be clear about them and resolve to achieve them!

Consolidating Your Debt:

Is there more than one source of debt that you have to deal with? It is not uncommon to have several monthly payments, such as a car loan or a credit card bill, which quickly add up and becomes more than you can handle. Consider consolidating your debt into your mortgage if you are struggling with high bills and high-interest rates on your credit cards or other accounts so that you can make a single monthly payment

– often at a lower interest rate!
– one payment
– credit improves
– options the refinance your first mortgage with a good credit, for the best rate possible
-the result is you turned 29% debt into a 4-5% mortgage debt in a year or two

It is good advice to manage your finances to pay fast and buy slowly, which is a great way to help you build wealth over the long run. It is highly recommended that you pay your bills as soon as they come in, rather than putting them off, as this will give you a clearer picture of where you are financially at any given moment. The late fees and compounding charges will also be avoided in the process. Along with this, you will also want to start buying slower and reduce any impulse purchases you make to work towards reducing your spending.

No matter how impossible it may seem, looking for ways to increase your income can’t hurt in the New Year. Look for promotion opportunities at work, discuss a potential raise or even consider a new job to ensure that you are financially covered!

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