One Stop Mortgage Corp Blog

Want to Lose Financial Weight in 2016?

January 8th, 2016

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It’s 2016 and the New Year’s resolutions are in full effect! We’re eating better, exercising and we’re well on our way to achieving our goals of losing weight and fitting into that pair of jeans that have been collecting dust in the closet for the past few years.

Now the trick is to keep the program going as the calendar turns over to February. There’s no doubt we’ll be tempted by food, the couch and the natural ebb and flow of our busy lives.

So how do we resist the urges to fall back into old routines?

We remind ourselves of the payoff at the end of the day.

That payoff is easy to see when it comes to resolutions based on losing physical weight. We’ve got good news: losing financial weight comes with tangible results as well. And while trimming your financial profile might not result in fitting into an old pair of jeans, it will nevertheless go a long way toward creating a new, healthier outlook for a new year.

So how do we do it?

 

Downsizing

A lot of our financial burdens are self-inflicted. We need, no, we crave things. Cars. Furniture. Clothes. Some come with steeper price tags than others, but all of our possessions add up. One of the biggest problems with buying new things when we’ve got the income to do so is that unforeseen circumstances can strike out of nowhere. And if we’ve spent a month’s salary on something we don’t need, then we’re in trouble when something we do need comes up.

Save some money for a rainy day. A healthy savings plan not only prepares for the unknown, it goes a long way toward boosting your own financial confidence day in and day out.

 

Consolidating debt

There’s nothing worse than paying off multiple interest payments, because that’s money you’re never going to see again. Consolidating your payments grants you some independence from your debt. You’re going to owe no matter what, so people choose consolidation to minimize the amount of interest they’re paying each month.

One payment, one obligation, less financial weight.

 

Paying Bills

You know that feeling when you’ve eaten a salad before the rest of your dinner? You’re hungry still, but you don’t have that burning desire to gorge yourself on Christmas dinner?

Paying your bills as soon as you receive them is the salad course of the financial world. Not only does it give your credit rating a boost over time, it lets you face the rest of the month with a clean slate. The rest of your income, after stashing some in a savings account, is yours to work with.

 

Consistency

With any New Year’s resolution, the key is to stick with it once the novelty wears off. The good thing about economic resolutions is that once they’re started, they’re actually tough habits to break. You might actually find yourself looking forward to the arrival of your bills because not only has it been awhile since you paid the last one, but you’ve received a paycheque or two, so it will be easier to get it out of the way.

Taking care of your financial obligations in 2016 doesn’t have to be difficult. Start your resolutions early, and who knows, maybe you’ll be able to buy a new, slimmer pair of jeans after all!

Just don’t leave these ones hanging in the closet.

Need some advice for your financial portfolio? We can help, give us a call ->

 

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