The cost of living is rising quickly, and people everywhere are readjusting to the new conditions. How can you make ends meet when groceries are getting more expensive, interest rates are skyrocketing, and inflation seems to keep making things worse?
If like many people you’re worried about such questions, please keep reading for some helpful tips.
Borrowing Using Home as Collateral
If you’ve been a homeowner for years, you’ve built up considerable equity with each mortgage payment. The longer you’ve owned your home, the more equity you have. This is even truer in markets like Toronto and the GTA, where homes purchased for hundreds of thousands might go for millions today.
Speak to a leading mortgage broker about refinancing a mortgage in Ontario to get a second mortgage that frees up capital. The best ones can help you get a home equity loan, home equity line of credit, or a second mortgage that can yield up to 90% of the value of your home.
You should expect flexible terms, no matter your income, credit, or debt level, even if you’ve been denied by a bank. Whichever path is right for you, homeowners can find money at home by literally using their property as collateral.
Saving on Groceries
Everybody needs to eat, but you can be careful about where you buy groceries. Some tycoons in the food industry are raising prices and blaming it on “inflation,” even though they have been caught red-handed fixing bread prices in Canada for 15 years.
Be mindful about where you buy your groceries. You need to eat full, balanced meals! But you don’t need to spend more than necessary. Perhaps switch brands, if there is a less expensive option you find appealing. Short of that, switch grocery stores.
Changing what you eat at home could lead to some considerable savings.
Active and Public Transportation
Millions of people rely on their own private vehicles to get to where they’re going, which is needlessly expensive. Not only do cars cost a lot of money to buy or lease, but drivers must pay for fuel, parking, insurance, and our cities devote a shocking percentage of their budget to car infrastructure. After all this money, people still sit in gridlock traffic.
Consider making as many trips as you can by foot, bike, e-bike, or even scooter. You will get exercise, enjoy hanging out outdoors at a slower pace, and you’ll save a lot of money.
Cars are useful for long drives in far-flung places and hauling cargo, but you are better off using active transportation for local trips. Riding the bus also prevents wear and tear on your vehicle, and you can sit there and read instead of worrying about directions or navigating traffic.
Ultimately, you can find money at home each time you leave your property by commuting smarter.
Economizing is never a bad idea, but it’s extra important when times are tough. If you need to save a little money around the home, keep the above tips in mind.