It’s that time again when family and friends ask about New Year’s resolutions. It’s an old chestnut of a conversation, even though most of us are hopeless at keeping the well-meaning promises we make for ourselves.
So, how about this year trying something new and focusing on managing your mortgage?
With interest rates rising faster than they have for decades, perhaps this resolution is one that’s worth keeping.
We appreciate the rate hikes intended to dampen our break-out inflation are challenging for many homeowners, especially those who bought when the market was running hot.
Try these inspirational ideas to help 2023 become an even better year for you.
Review your spending
There’s no wrong time to do this, but the start of the year is better than most. You might be shocked by where your money is going. Online subscriptions, coffee and buying lunch at work can be significant leaks in your cash flow.
Savings target
Once you know where you’re splashing your cash, it’s much easier to set a realistic savings goal. It doesn’t have to be much, but the discipline of putting some money away is a sound strategy.
Create a budget
This doesn’t need the detail of a corporate spreadsheet, but a basic budget that outlines your significant expenses, such as food, entertainment, motoring and so forth, will help you achieve your savings target.
Clear credit cards
The amount of money that seeps away because of interest rate charges on credit cards is frightening. If all you do in 2023 is clear your credit card debt, you’ll have done well.
Mortgage review
Talk to your lender about your current mortgage and whether they can put you on a better deal. A mortgage broker will give you a good idea of what other deals are out there. This could be a perfect moment to consolidate all your debts into one account.