New Year, New You: Financial Plan for Homeowners

The new year is often the time where most of us reflect on the past years and look at ways to improve ourselves and set new goals. While many people focus on developing new year resolutions that revolve around fitness and dieting, it may be a smart decision to put your focus on setting financial goals. 

Here are some tips and tricks to get you started with your homeowner’s 2023 financial plan!

Holiday Credit Card Balances

After the holidays have come to an end, your credit card statement begins to roll in. With a higher credit card balance and lower savings, you could start feeling a little overwhelmed. If that wasn’t enough, your thermostat is working into overdrive because of the cold Canadian winters. 

Now is an excellent time to look through your annual bank statements to fully see where your money is going. 

Things to look for in your bank statement are apps or subscriptions you are paying for that you no longer use. Even if they are as little as $10.00 a month, these things begin to add up! Bite the bullet and make sure you unsubscribe and stop payments on things that aren’t useful for you or you simply don’t use anymore. 

Overall, the key here is to track where your money is going! There are many tools and apps that can help you keep track of your money, and our experts at The Mortgage Station can also guide you in the right direction.

Another way to take advantage of your expenses is to get rewarded when you do spend money. We have partnered with Verico on their credit card program! If you’d like to start getting rewarded for money you’d be spending on everyday essentials, there’s a credit card for you.

Internet, Cell Phone and Cable Plan

During the holiday season, your cell phone, internet and tv providers are almost always offering promotions. This is the perfect time to give them a call and see what they can provide you with. This is a great way to decrease your monthly expenses and put more money in your pocket.

Home agents are using a calculator to calculate the loan period each month for the customer.

Refinance Your Mortgage 

 Do you have an interest rate higher than 4% and aren’t looking to sell anytime soon? Then refinancing your home could be an excellent option for you. Reducing your monthly mortgage rate through refinancing is a great way to start the new year and start saving.

Before you decide to refinance, ask me about your options to ensure that this is the right move for you. 

You can also use our free mortgage calculator to crunch the numbers and see how refinancing can benefit you!

Shop Around For Better Insurance Rates

We know insurance is unavoidable, but there is no problem shopping around for better rates. To maximize your savings, you should be shopping around for insurance every year. This will help you get a better price and allow you to take a look at your current plan and determine what you need and don’t need to be covered. 

Make Your Home More Energy Efficient

Homeowners can save money by adding energy-efficient lighting, solar panels, windows and by maintaining their home appliances. 

  • LED Lighting:

 According to Hydro One, by simply switching to LED lighting, you will be using 75 percent less energy! LED lights are also recyclable, do not emit heat and last more than 25,000 hours.

  • Appliances:

By allowing your appliances to live after their average life span, you will be forced to pay more on your energy bill. Consider replacing them with a newer, more efficient model. Since most of your household appliances are continually running, making fixes can help you save in the long run.

This also means keeping up with annual servicing to ensure all your appliances are not overworking and costing you extra money.

  • Phantom Power:

This means unplug devices when you’re not using them, and you can save up to 10% on your overall energy usage.  To learn more tips and tricks on how to make your home more energy-efficient, click here. 

You don’t have to start investing thousands of dollars to save money. Start by making the smaller fixes in your home that allow you to save in the long run. By talking to a professional at The Mortgage Station, we ensure you are making the most budget-friendly decisions with your money.

Our mission is to educate our clients by providing sound options, so they control their own financial future.

Cory Hubbard, Mortgage Broker

Cory Hubbard, Mortgage Broker

Verico, The Mortgage Station, #11707

As a young father of two, Cory’s personal experiences with flipping houses, new-builds and rental properties ignited his enthusiasm to become a Mortgage Agent. For Cory, it’s about building genuine relationships with his clients, to make the process of obtaining a mortgage seamless. As a Toronto Firefighter, he prides himself on his compassion to help others during one of the most stressful times in their lives.

Whether you’re a First-Time Home Buyer, Renewing, or Refinancing their mortgages, Cory will take the time to ensure you feel comfortable and confident during every step of the process. During his down-time, Cory enjoys watching football, cheering on his Leafs (as they lose), and loves watching his sons run wild. Cory looks forward to helping you focus your time and energy on the things you love, too!

Get a Free Consultation

Whether you’re a First-Time Home Buyer, Renewing, or Refinancing your mortgages, I will take the time to ensure you feel comfortable and confident during every step of the process.

Cory Hubbard
Mortgage Broker
Verico, The Mortgage Station, #11707
p: 877.512.0007 x 280  |  c: 705.229.2293