Start preparing a safety net for unexpected expenses.
Life happens.
Your washing machine breaks. You have a leaky roof. You lose your job. Your child gets sick.
No matter how well you plan, you simply can’t predict if and when unexpected expenses are going to arise — and inevitably they will. Your pay cheque may only go so far towards covering costs, and you’ll want to avoid going into debt or dipping into your retirement or long-term savings.
So what can you do to prepare?
Start saving now.
Open a separate savings account for emergencies, and get into the habit of depositing a weekly or monthly amount, even if it’s just $10 or $15. That may mean one less meal out, but it will add up over time. A great way to get started is to set up automatic savings. Once you’re in the habit of automatically setting money aside each month and adjusting your spending habits, you can gradually increase the amount.[……]
Not sure? Take some time to revisit your financial goals. If your mortgage is coming up for renewal, now may be the time to switch to BMO.
How do I go about switching my mortgage?
The process is simple. Three months before your mortgage matures, contact a BMO Mortgage Specialist to review your mortgage options. A BMO Mortgage Specialist will help you reassess your financial goals and find ways to better manage your total household debt, taking advantage of the accessibility and flexibility of BMO mortgage financing.
Before you consider the available options…
The one thing we can be sure of in our lives is change. Before switching, it’s wise to re-evaluate your financial situation so that your decisions are based on your current circumstances. For example, are you making more money now than when you initially purchased your home? Or are you on a tighter budget?[……]
Canada’s housing market rebounded in 2013 from the effects of stricter mortgage rules the previous year. In most regions, sales rose moderately above past-decade norms, supported by low interest rates and falling unemployment. Home builders kept pace with demand, encouraged by new household formation and steady price gains.
