Personal finance expert on how to slash your month expenses ASAP
As a regarding new report sheds mild on the pressures going through Canadian customers from the surging value of family payments, this private finance educator is sharing recommendations on how one can scale back your month-to-month price range.
Kelley Keehn, from Money Wise Workspaces, spoke with Merella Fernandez on CTV News Channel’s Top 3 Tonight about steps you possibly can take to slash your bills proper now.
REDUCE YOUR EXPENSES NOW
This doesn’t simply imply “forgoing your coffee,” in accordance with Keehn, however taking a deep look into your month-to-month prices and seeing what may be minimize or renegotiated.
Keehn suggests trying on the curiosity you pay in your bank card and seeing if a brand new product out of your financial institution affords a greater fee. She additionally recommends “shopping around” to your dwelling or auto insurance coverage.
“These things that can save you a significant amount each year.”
CAN YOU BRING IN MORE MONEY?
Keehn says if you happen to’re battling bills, searching for a “side hustle” generally is a technique to supply some quick aid, purchase every day necessities or to begin build up emergency financial savings.
What do you have to be searching for? Keehn says something can work –“dog walking or service delivery… that’s going to bring in a few extra hundred dollars per week.”
TAKE ADVANTAGE OF “FREE” MONEY
Millions of {dollars} are being “left on the table” in accordance with Keehn, who additionally suggests ensuring you are profiting from wellness packages supplied at your office and “leaning in” to any supply of “matching programs” supplied by some employers.
“I get it when people are stressed,” Keehn acknowledged. “They’re not thinking about creative ways to bring in more.”
KEEP AN EYE ON MONTHLY FEES
Keehn cautioned that many Canadians are making interest-only funds on bank cards and contours of credit score, which have result in large fee spikes as charges rose.
“If you are finding yourself in that situation, you’re just surviving right now,” she warned. “You definitely want to sit down with your banker or financial planner… to come up with a plan.”
Watch the full one-on-one interview by clicking the video on the prime of this text.
