You need to repay your mortgage and automobile loan, repay your bank card bills and HELOC payments, and have a running list of utilities and other major expenses – do you’re feeling like your fixed monthly expenses are eating up all of your income?
Canadians’ budgets are tight, based on a Report from March 2024 issued by credit monitoring bureau Equifax. It concludes that the typical consumer has $21,296 in debt and their loan delinquency rate has increased by 28.93% 12 months over 12 months.
Mortgage delinquencies increased by 135.2% in Ontario and 62.2% in British Columbia at the top of 2023. Due to the rate of interest increases, consumers’ payments increased by a mean of $457 when renewing their mortgages, with spikes of as much as $680 in Ontario and BC!
If you are wondering the best way to reduce your monthly fixed expenses to show you how to pay your monthly bills, listed here are 4 key money-saving strategies that will even show you how to repay your debt.
Eliminate subscriptions and recurring monthly bills
Look closely at your bank statements, bank card statements and some other financial documents and list each debit that comes out of your account. You may check your email inbox for recurring receipts that are available in quarterly or annually.
Over the years you’ve gotten subscribed, chances are you’ll notice:
- Cable, Internet and telephone services
- Gym memberships, yoga or spinning classes
- Food delivery services or meal preparation service kits
- Streaming services equivalent to Netflix, Disney+, Spotify and Amazon Prime
- Newspaper and magazine subscriptions
- Breakdown assistance in your automobile
- Apps for brain training, fitness and calorie counting or other hobbies
The list is infinite – and while you add all of them up, the recurring costs can add as much as an enormous sum. Don’t be afraid to drastically cut your subscriptions, especially if you happen to’ve barely used them. You could save tons of by simply canceling, reducing, or temporarily suspending some accounts.
