HOME RATES ABOUT SERVICES VIDEOS BLOG CONTACT ME TEAM
AGENT LICENSE ID
M15000487
BROKERAGE LICENSE ID
10238
Samuel Li Mortgage Agent

Samuel Li

Mortgage Agent


Phone:
Address:
885 Progress Ave. Upper Penthouse #3, Toronto, Ontario

BROWSE

PARTNERS

COMPLETE

THE SURVEY

REFER

A FRIEND

Tips to take charge of your finances and live within your means

11/6/2017

(NC) Are you stressed about money? Being in control of your spending is one way of reducing stress in your life.

According to Statistics Canada, most of us are burdened with high levels of household debt. Simply put, too many people are spending more than they earn. They are saving less and not saving enough for retirement. At the same time, people are living longer.

Living within your means is not always easy, especially when money is tight, but it is the best way to avoid excessive debt. A heavy debt load makes you vulnerable if you lose your job, have unexpected expenses or interest rates go up on your loans.

Here is how you can start:

Make a budget. Having a budget that lays out sources of income and monthly expenses can help you commit to a spending plan.

Know the difference between your wants and needs. Put your needs first; your wants can wait.

Choose your credit card wisely. Pay off the balance in full each month so you can build a good credit history and avoid high interest charges.

Think ahead to retirement. Canadians are living to an average age of 86. If you retire at 65, that could mean you are living off savings for 21 years or more. Start saving as soon as you can.

Find more tips from the Financial Consumer Agency of Canada online at canada.ca/it-pays-to-know.

www.newscanada.com

MY LENDERS

TD Bank Scotia Bank First National B2B Bank Home Trust
MCAP Merix Industrial Alliance Optimum Canadiana Financial
Equitable Bank ICICI Bank Fisgard Capital  RMG Mortgages Street Capital