Christine Tremblay | Journalist
Errands, house, work, kids--is this what your day-to-day looks like? You're in the midst of your working life, a period where your lack of free time means you may not pay as much attention to your finances, often leading to debt. We have a solution for you: save time!
- Make a budget and try to stick to it. This is a good idea for everyone, but especially for your age group. Not only will you be able to see if you have room to save a little or absorb a shortfall, but following your budget will help prevent surprises and forgotten payments that turn into debt.
- Take advantage of a low interest rate by using the space available on your home equity line of credit to finance your debt repayment, consolidating all your debts into one.
- Set a repayment period. Mortgage refinancing should not become a recurring method to repay your debts. It's important to set an end date for your repayment, or you'll end up making two separate payments indefinitely: your mortgage and your home equity line of credit.
- Save up for the expected, taking advantage of a dedicated savings account with interest. If you already know how much you plan to spend on gifts next Christmas, set up a weekly automatic transfer, and you'll be prepared when the time comes!