Making A Budget

Make a budget and learn how to manage your mortgage money better.

We already looked at the costs outside of securing a low mortgage rate, the purchase price that you should expect to pay, and the costs associated with moving in. Now it's time to take a look at your ongoing monthly expenses, how to pay off your Canadian mortgage sooner, and the renewal process.  This handy checklist will help keep you organized.

Budgeting for Home Expenses

Budgeting for home expenses requires organization and some degree of restraint. You will want to have money set aside for unexpected maintenance costs, as well. 

Monthly expenses include:

  • Property taxes
  • Maintenance and upkeep
  • Insurance
  • Mortgage payments
  • Heating and cooling
  • Hydro
  • Condo fees (if applicable)
  • Internet
  • Water
  • Cable
  • Telephone
  • Appliance rental (if applicable)

Budget Your Monthly Expenses

Beyond the cost of your monthly best mortgage rate, it's important that you know what you're spending and where you can cut expenses. Budgeting can be time consuming and tedious! Using an online budgeting tool like Mint.com can help you save time and money as it automatically tracks your expenses and allocates them against your budget.

How Can I Save Money?

High Interest Savings Account

Make your savings work harder for you.

Save Money on Credit Cards           

Changing your credit card can save you money by giving you a lower interest rate.

Paying off Your Mortgage Faster          

Owning your own home is both exciting and rewarding.  Take some time to put together a plan to pay it off as quickly as possible. There’s no freedom like financial freedom.

 

FamilyLending.ca is near you.

FamilyLending.ca is expanding in order to serve you better! At FamilyLending.ca, we are committed to providing you with the knowledge and understanding of financial products that are right for your particular situation. Click on the map markers to learn more about the FamilyLending.ca mortgage brokerage office in your community.

FamilyLending.ca has access to best rate mortgages from coast to coast. Why pay more when you can have the lowest mortgage rate out there? So what are you waiting for - how can FamilyLending.ca help you?