6 Financial Fitness Tips To Get You Back On Track In Fall 2021

Somehow, our long-awaited summer has turned into fall - Happy September!

And with the end of summer comes our back-to-regular-life routines. Although these systematic activities might look slightly different this year, it is such a relief that some of our pre-pandemic normalities are coming back!

As we head back to in-person events, offices and brick and mortar schooling, there is a definite and noticeable optimism that we may be moving towards the end of this pandemic era.

Are you a goal setter, an organizational enthusiast or simply looking to focus this school year on healthy intentions that benefit your life and budget? Fall time has always been a great time to get back into the swing of things - including your financial fitness! And 2021 might just be the most important year ever to put these healthy financial activities in motion.

Keep reading for practical finance tips from our finance experts at The House Team. We can help make sure that your finances are fit this fall - and that they stay that way! Providing you with the flexibility and intentionality you need to reach your goals.

1. Splurge...Just a Little!

You might be thinking, “why is spending money included in this list?”. Well, over the last year, many of us dealt with difficult, and unexpected, challenges and stressors. Ones that we didn’t even know could exist - including not having the freedom to see our loved ones.

Now that we are beginning to emerge from that very difficult season, we all want to live a little! To experience some of that spontaneous adventure and enjoy our lives more fully.

Essentially, we all want to live a little - and that’s okay! In fact, it’s expected. However, we encourage you to do this strategically, in order to not break the bank.

Example: Maybe have some celebratory days with a set amount that you can spend where you go out and do the things you’ve really missed (ie. going to the movie theatre!).

2. Revisit (Or Establish) Your Realistic Budget!

Having a budget is one of the most important ways to achieve a solid financial future - that goes without saying! It might not be the most thrilling task, but it’s one that will give you a clearer picture of where you stand and how much you can (or should) truly spend. You’ll also be able to determine how much money you can allocate to your “live a little” fund!

When you begin preparing your budget, it’s important to first take a new look at your monthly bills. Go through them line by line. You may have signed up for services you very rarely use or, perhaps, don’t even remember requesting.

What To Look For In Your Monthly Bills:

• Small, unexplained charges.
• Fees.
• Add-ons.
• Services that you can now live without.

3. Maintain a Good Credit Score.

Your credit score is essentially your passport to financial opportunities! It can mean the difference between getting approved or denied for any kind of credit and can prevent you from getting the lowest mortgage rate.

The good news, however, is that you have a lot of control over your credit score! That’s why it’s important to always have “good credit behaviours”.

3 Ways To Maintain a Good Credit Score:

1. Paying your bills on time.
   The biggest contributing factor to having a good credit score is a timely bill payment history. Meaning, never letting a bill go past the set due date.
    
2. Never requesting more credit unnecessarily.
   A limit increase request can hurt your credit score, especially if you don’t have a long credit history.
    
3. Keeping your credit card balance low.
   Know your credit limits and try not to use more than 30% of the available amount!

We also recommend not applying for store cards in order to save on your purchase that day. And, before you decide to cancel a credit card, always ask for expert financial advice.

4. Focus On Your High-Interest Debt.

If you find that your debt is increasing your stress, debilitating your opportunities and preventing you from reaching your goals, it’s time to make a change!

If you have enough home equity, you may be able to move that debt to your lower-rate mortgage.

Benefits Of Transferring Your Debt To Your Lower Rate Mortgage:

• You could save thousands of dollars in interest.
• You could have one lower monthly payment that greatly improves your cash flow.
• You can experience reduced financial stress.  

PRO TIP: Always keep an eye on your high interest debt and pay down your credit cards as much as possible in order to avoid further debt ensnarement in the future.

5. Spend Time, Not Money.

We can all agree that, over the past year, individuals have gained a new appreciation of being able to spend time with loved ones in person. The value of this time has drastically increased!

Focusing on spending time, instead of money, may keep you from spending what you might not have or might not want to spend.

6. Help Others.

Although this pandemic allowed the world to pause, reflect and re-evaluate - all healthy things - it also caused mass panic, fear, stress and unexpected financial loss.

There are many that weren’t very fortunate during the pandemic. Consider committing some money to help give back, support and encourage  – ie. donate to charities, support local shops, tip restaurant workers etc.

The House Team Can Help You Maximize Your Financial Fitness This Fall

Are you ready to start this year off strong? It’s time to get back in control of your finances! The House Team can help you maximize your financial fitness, build wealth and reach your goals.

Get in touch with your knowledgeable mortgage broker from The House Team today and learn how you can start working out your finances and attaining your financial goals. Call us today at (866) 559-5016!