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
- Mortgage payments
- Heating and cooling
- Condo fees (if applicable)
- 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.