In addition to your annual real estate expenses, your hard-earned income goes towards your day to day spendings and other personal expenses. Daily expenses can add up easily when you factor in the rising prices of gas and groceries. If you have children, expect to spend even more. Making a few changes to your daily routine can reduce costs and save you money. Outlined below are some tips to lower your expenses and save more money - so you can pay off your mortgage faster than ever before!
1. Opt to eat at home instead of dining out
Cooking at home not only saves you money, it saves you calories too. A meal at home is healthier because you know that you’re actually eating real food without preservatives or unnatural flavor enhancements. Eating at home also guarantees less distractions and more privacy for you and your family.
2. Shop smart
Be on the lookout for sales in flyers and newspapers. Sometimes, by signing up for a frequent shopper program, you are entitled to extra discounts too. If you have a small family, do not buy products in bulk but instead, buy only what you need.
3. Buy generic
Buying generic products will save you a lot of money and most of the time, give you the same quality. Basic essentials are ok to use generic or drugstore brands. For instance, a drugstore ibuprofen's performance is not that much different from Tylenol or Advil brands.
4. Sign up for a rewards program with your credit or debit card
There are a lot of great rewards programs that have tie ups with major Canadian banks. Decide which one is the right one for your lifestyle. If you spend a lot on gas and groceries, a cash back rewards program may be for you. Meanwhile if you travel frequently, a travel rewards card may be more suitable.
5. Spend on experiences, not material items
A lot of people make the mistake of spending their money on useless items because they think that you can buy happiness and make yourself feel better this way. When in fact, experiences make for long-lasting memories that bring about positive feelings. It is better to spend on experiences that happen every once in a while because you’ll not only have something to look forward to; you’ll also have more people to share it with.
Saving money can help you pay off your mortgage faster. If you would like to know more about any of our listings or would like to know more about how to pay of your mortgage faster, give us a call - we'd be happy to help.