home improvement

4 Tips to Make Life More Affordable

Now that the holiday season is over, people are looking at their bank statements and bills, and the stress is mounting. Banks are raising interest rates, making mortgages more expensive, depending on the terms. Plus, grocery executives are raising prices on dietary staples.

If you’re looking to make the new year more affordable, read on for four helpful tips.

1. Tap into Your Home’s Equity

Homeowners in the GTA can access Toronto home equity loans or a HELOC and take advantage of all the equity they’ve built up over the months and years. You may not own 100% of your home, but the share you do own has serious value you shouldn’t neglect. 

Depending on when you bought it, your home could be worth a lot more today than it was at the time. If you need money today for things like a home renovation or home repairs, consider tapping into your equity. With the right mortgage broker, you can find the right financial path forward, no matter your level of income, credit, or debt. 

2. Change Grocery Stores

Everybody needs to eat, and delicious food is one of life’s great pleasures. However, you can be careful about where you purchase it. Switching to a different grocery store with lower prices can add up to significant savings!

If you plan and prep your meals carefully and buy your ingredients strategically, you can stuff your mouth with tasty food without dropping as much money at the grocery store. Try to avoid shopping at chains owned by pandemic profiteers raising prices by shocking amounts despite making record profits.

3. Walk, Bike, and Public Transit

Even a modest personal car costs an obscene amount of money when you factor in the price of fuel, parking, insurance, repairs, and the purchase price of the actual car. Get around town cheaper by taking alternative options you may find surprisingly enjoyable!

Walking and biking force you to slow down, and you’ll see your neighbourhood differently, noticing and appreciating details that sped by when you were in a car. You’ll get exercise during the commute instead of speeding through  

Public transit allows you to read while you commute because you don’t need to keep your eye on traffic or worry about navigation. You’ll save a lot of money quickly, and you’ll be surprised how much you enjoy it.

4. Cut Some Spending

Finally, you may have to adjust your leisure budget if the ends just don’t meet. You can still have a lot of fun! But frugality can be helpful and, hopefully, temporary. 

Hobbies like chess or playing a musical instrument can occupy a person for a lifetime. Going out for dinner has become shockingly expensive as of late, so try to find ways to have a good time that doesn’t cost as much.

The time for holiday shopping and big parties is over for now. Those were fun days, but they cost a lot! Keep the above tips in mind, and your new year should be enjoyable and more affordable. 

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