We all know that things do not magically change at the stroke of midnight on New Year’s Eve.  Any financial problems that you may have had in 2022 will unfortunately still be there in the morning when you wake up on January 1^st in 2023. There are ways though to make the new year better.

1) Inflation got you down? Everyone can see that prices everywhere and on everything have gone up. Here are a few things to consider when thinking about grocery shopping:

·         Join the store loyalty plan so you can earn points that can be redeemed for free groceries at a later date.

·        Plan your meals around what is on sale each week.

·         Buy in bulk to reduce overall costs.

·        Switch to less expensive food items/options.

2) Are you prepared for an emergency? Set a goal of saving $1000.00 this year. It seems like a big amount but if you can manage approximately $84.00 per month, you can reach your goal. Saving money each month helps you tackle new expenses that may pop up unexpectedly without sacrificing your debt repayment.

3) Do you have items lying around your home that you do not use or need anymore? Declutter and sell any unwanted items at a garage or yard sale. You may be surprised at how much money you can make by finding new homes for your pre-loved items! This money can be added to your savings account, emergency fund or debt repayment fund.

4) Do you have a budget? If not, now is the time to start one. Budgets are easier now than ever to create and can range from a simple Google spreadsheet to using apps on your phone. Find a system that works for you and get started. This will help you see where your money is going in an age where so many of our payments are automated. Have you heard the expression “set it and forget it?” It works in some cases, but not in others. Forgot about that subscription that you no longer use or need? Cancel it. Spending a lot more money on food delivery apps than you thought? Scale back.

5) Do you have a mortgage? 2022 was a bit of a roller coaster in many ways. The Bank of Canada raised interest rates seven times since March in an effort to reign in inflation. The overnight rate is now at 4.25 per cent and many of those with variable rate mortgages have hit their “trigger rate.” The Bond Market also saw many changes and this resulted in fixed rates rising from historic lows. Use the start of the new year as an opportunity to check and see if your mortgage reflects your current financial situation. To determine what your best mortgage options are, contact a One Link Mortgage Broker for a complimentary consultation.

With a little bit of planning and using tips like the five above, you can make 2023 a better financial year!