The increased from $351,862 (as of Q2, 2021) to $374,635 (as of Q2, 2022), according to the Canada Mortgage and Housing Corporation.
Keeping up with a monthly mortgage payment is becoming more difficult by the year. When combined with increasing inflation rates, owning a home has caused some Canadians to struggle with making their payments. Today, I鈥檒l share some practical, simple tips to help you pay your mortgage so you don鈥檛 find yourself falling behind.
Before you try any of the tips listed below, I recommend creating a detailed budget. Go through your previous few months' bank and credit card statements and start categorizing and adding up your expenses. Some of the main categories that you鈥檒l want to detail include:
Depending on your unique situation, you may have some other categories to add to this list as well.
Try your best to account for every dollar spent. This will allow you to see exactly how much cash you have flowing in and where it鈥檚 going. Then, you can use this data to cut back on certain areas, such as excessive streaming subscriptions or nights out, allowing you to put extra money aside.
贬别谤别鈥檚 to create your monthly budget.
After analyzing your budget and figuring out where you can save, try one or several of the following tips to help put extra money in your pocket.
Most people have unused items lying around their homes that they could turn into cash. You might be amazed at how many things you鈥檝e accumulated over the years that could be worth a decent amount. For example, one of my friends recently turned an old bin of hockey cards into over $3,000.
If you don鈥檛 want to host a yard sale, consider using online platforms such as Facebook Marketplace, Craigslist, or Kijiji. You can declutter your home and earn some cash while doing it.
One of the most straightforward ways to earn extra money is by putting your house to work. If you have an extra bedroom in your home, you can list it as a short-term rental and allow guests to stay overnight.
You have to provide them with a clean room, access to a clean shower/bathroom, and a few essentials. If safety is a concern, about them from other hosts.
If you have a larger property with space to fit a boat or an RV, then you can rent out the space to boat or RV owners who need a place to store their vehicles in the off-season. It helps if you have a secure, fenced-in backyard.
Often, you can charge up to $100 per month or more just for allowing somebody to utilize your outdoor storage space. You also don鈥檛 have to worry about anybody coming inside of your home like you would if you were hosting a room on Airbnb.
Canada鈥檚 鈥済ig economy鈥 has been growing quickly, with , according to Statistics Canada. There are more ways than ever to pick up a flexible side hustle and start putting extra money in your pocket. Some of the top opportunities include:
All of these side hustles allow you to choose your own hours, which means you can easily work them into your existing work and family schedule. Most pay weekly and don鈥檛 require you to work a minimum amount of hours either, so there鈥檚 no obligation.
If you enjoy the company of dogs, you can earn money by boarding and taking care of dogs overnight in your home. There are some online platforms where you can register as a host, trainer, or even a dog walker. On average, you can earn between $40 and $60 per night just for taking care of somebody鈥檚 dog while they鈥檙e out of town.
With rising inflation, paying all of your bills and mortgage on time can be a bit challenging. Thankfully, there are plenty of opportunities to help homeowners earn extra money and ease the stress of upcoming payments.
Christopher Liew is a CFA Charterholder and former financial advisor. He writes personal finance tips for thousands of daily Canadian readers on his .
Do you have a question, tip or story idea about personal finance? Please email us at dotcom@bellmedia.ca.
Canada will lower the number of permanent immigrants it allows into the country by at least 20 per cent from its previous target of 500,000, 愛污传媒 confirmed Wednesday.
The president and CEO of New Brunswick-based Covered Bridge Potato Chips is taking an 'extended leave of absence' after being charged with domestic violence this past weekend.
Prime Minister Justin Trudeau says the Liberal party is 'strong and united,' despite efforts from within his caucus to oust him as leader.
A memorial is growing outside a Walmart in Halifax after a 19-year-old employee was found dead inside an oven in the store Saturday night.
A search has started at Prairie Green Landfill for the remains of two victims of a serial killer.
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McDonald鈥檚 worked Wednesday to reassure customers that its U.S. restaurants are safe as federal investigators tried to pinpoint the cause of a deadly E. coli outbreak linked to the fast-food giant's Quarter Pounder hamburgers.
Turkiye鈥檚 air force struck Kurdish militant targets in Iraq and Syria on Wednesday in apparent retaliation for an attack at a key state-run defence company that killed five people and wounded more than a dozen others.
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He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.
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Turkiye鈥檚 air force struck Kurdish militant targets in Iraq and Syria on Wednesday in apparent retaliation for an attack at a key state-run defence company that killed five people and wounded more than a dozen others.
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A meteor lit up our region's sky last night 鈥 with a large fireball shooting across the horizon over Lake Erie at around 7:00 p.m.
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He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.
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Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.
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