Improving Your Finances Over Easter
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By Bromwich+Smith Staff | 554 words | Reading Time: 3 minutes | Date: 2022/04/15
With the Canadian budget being released recently and interest rates increasing it may seem like the economic prospects for the rest of the year will be challenging. So, the Easter break might be an ideal time to review your overall expenses and spending habits to apply some improvements to your finances.
To help you manage your finances and ensure that you are ahead of the expected rising costs this year; we are sharing a few tried and true tips with you.
Ways to improve your finances over Easter
Create a budget
Work out exactly what your income is - for example, mortgage, debt, childcare, insurance and utility bills. If the amount of money you need each month is more than the amount you have coming in, you can then work out a budget to cover your costs effectively.
Make managing debt a priority
There are many different types of debt with varying rates of interest, and it is often a good idea to make paying off expensive debts a priority. You may want to try out our debt advisor tool to help assess and guide how you resolve your debt.
Be a savvy shopper
By switching brands it might be possible for you to significantly reduce the price of your overall shopping outings. In addition, by planning for your weekly shopping in advance, you can search for deals that assist in reducing your costs on non-essential items.
Discount vouchers/coupons are also often available through discount websites, and can be very effective in saving costs on more expensive items like appliances, furniture etc. if you are in need of these as well.
Watch out for auto-renewals
Many insurance policies for cars, homes and travel, automatically renew each year and you may end up paying for more than you need if you aren’t reviewing these auto-renewals.
Make sure you find out when your contract is due to end, and put it in your calendar a few weeks earlier, so you have plenty of time to shop around and switch or haggle where appropriate.
If your expensive debts are paid off, and you can afford to save, it is often a good idea to do it as early as possible. This way your money has time to grow. There are many options out there in terms of savings accounts that can have good returns. Do your homework and find the best savings opportunities for you.
Beware of scams
Scammers can often sound completely legitimate when they contact you, so it’s easy to see why so many people are tricked.
If someone contacts you with an offer which seems too good to be true, it usually is. Before committing to anything, confirm with your Better Business Bureau of Canada on the organization’s legitimacy.
Don’t worry if you don’t know where to start as there is plenty of help available. Now is a great time to commit to understanding what your financial situation is and taking action now, will support you in the year to come. Also, remember to enjoy this Easter holiday with family and friends knowing that you are in charge of your financial future.
Regardless, if you are feeling financial stress we’re here for you. With Bromwich+Smith you are never alone and we ensure that our expertise will leave you feeling hopeful and confident. Call our Licensed Insolvency Trustees today for a free, no obligation, confidential consultation 1-855-884-9243. Let’s see you flourish!