Getting Healthier – Financially

Posted: February 9, 2010 in 1, General Information, Mortgages
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  Asserting a healthy lifestyle requires self-examination and a lot of determination. Building healthy finances is no different. Here are some key points on what to look for to increase the bottom line. 

 Make a budget
Unplanned spending will get you in hot water faster than you can paddle out of Niagara Falls. Analyze what you spend and how you spend it. You are bound to find money that is not put to good use. A  budget will help you to identify those areas where you are living within your means and where you’re not and will also help you by comparing your spending to your income. You’ll be surprised at what you spend without making a planned decision. These nickel robbers can quickly make a dent in a chequing and savings account. A budget will show you where you can cut your expenses and where to best reallocate that money.  Once you know where your money needs to go for living expenses, you can determine how much you will need to save for future events and emergencies. Reassess your budget monthly to see if you are on course. Just as you keep a food journal to lose weight, keeping a budget journal helps to keep you focus. Keep track of your progress such as your plans to get rid of credit card debts or pay down a mortgage. Revisiting your budget will keep you motivated and focused to obtain your financial goal. 

 Do Your Homework
Know what things cost by becoming informed about the product you want. Cheap is not always best. Expensive does not always mean quality. Do a product and then a price comparison. If something is on sale it doesn’t mean that you have to get it. People buy more stuff that they don’t really need or use. Gidgets and gadgets waste your money. Before buying it ask yourself some key questions like do I really need this? Or do I just want this? Will I still use this in a month’s time, in a year, in five years? 90% of the times you’ll answer – no, don’t need it. Be assured in what you are buying by thoroughly researching how much the product should cost before making the big purchase. To make sure that you are getting a quality product that meets your needs,   read the product reviews and what others who own the product are saying. consider waiting a few weeks to make your purchase until you find a coupon or rebate, or wait until the product goes on sale and gives you the best deal.

Negotiate to make a deal
Because you can make a deal doesn’t mean you have to buy the item at hand. Negotiating can be a great way to save money as long as you use it to purchase something that you truly need. Decide what the maximum amount that you are willing to pay and if the price or terms or risk are too high then reevaluate the purchase. Good sales people will sniff out the “gotta have it now” buyer and use it to their advantage. By talking to the right person you can also make sure that you get the power to bargain. The part-time student might not know that the store will negotiate on high cost items. Do your research ahead of time and you’ll know you got a deal when  you hear it. 

 Save Some at all cost
Putting money aside into your savings can sometimes be a daunting task so start small and work your way up.  You’ll be amazed at how fast $50.00 a month for example can grow into a substantial pile of money. Go for the long shot by adding to it a little bit at a time. Be realistic though because you know that saving for a car will take somewhat longer than saving for a new sweater you’ve been wanting. Your saving plan should include an emergency fund and most experts agree on a six months supply of ready cash to get you through the rough terrain. There are many things that you can do to add to your savings such as packing a lunch a few times a weeks, saving your loose change, pass on the beverages when dining out, reevaluate your mobile phone plan, bundle your cable, phone and internet, you might even want to go down a notch on the services of your cable or satellite plan – do you really need 500 stations. 

 Getting healthy finances takes time but the pay off – peace of mind – is out of this world. 

 If you are looking to renew your mortgage or for a first mortgage, as your first step into getting financially healthy, why not check us out online at www.bestmortgagesonline.com

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