It might be hard to believe, but we’re already approaching the end of another year. For many people, December is a time for celebration, especially after a difficult year like this one.
It’s a busy month, often passing in a whirlwind of holiday get-togethers and jam-packed schedules. However, one thing you should still make time for is managing your finances!
This becomes especially important in December, as we often spend more money this time of year than any other. Although Financial Literacy Month is technically over, you can still practice smart money management to carry yourself through the end of 2021 and into 2022.
Financial literacy matters year-round
Even though November was officially Financial Literacy Month, that doesn’t mean money management doesn’t matter the rest of the year.
Remember, financial literacy is all about understanding your money, and making the right financial decisions for yourself. Having the knowledge to comprehend budgeting, investing, and debt management is something Canadians should carry with them year-round.
November was the time when institutions worked to educate Canadians on their finances, but now it’s time to use these skills in real life!
Staying on top of your finances this month
For many of us, December is a prime time for holiday shopping and big expenses. It’s easy to rack up credit card bills and gather high-interest payments. As a result, lots of people end up in debt this time of year from excessive spending on gifts and family dinners. Protect yourself this season by avoiding debt as much as you can.
Budget ahead of time for gifts and decorations, so you don’t spend way more than you planned. Avoid taking out new forms of credit, and be sure to pay your bills on time!
Any form of missed payments or new credit applications can lower your credit score and put you into debt. Since you likely want to be in a strong financial position at the start of 2022, you should steer clear of these mistakes.
Carrying good practices over into 2022
Start 2022 off right by making financial literacy a priority. Money goals are some of the most common New Year’s resolutions, which means success largely depends on your financial situation.
If you’re hoping to buy a home, pay off debt, start investing, or do anything involving your finances, it’s important to maintain good money habits. If you have holiday bills to pay, start with the high-interest bills to avoid racking up extra fees over time.
Be sure to make consistent and timely payments to lower your debt levels. The beginning of a new year is the perfect time to get a fresh start on your financial goals!
Contact a broker
If home ownership is one of your goals, or you’re considering a mortgage refinance, get in touch with a mortgage broker to discuss your options. Brokers can walk you through today’s interest rates, your budget, mortgage products, and what you can expect from the market.
Your financial situation will impact the lenders you may be able to work with, so it’s essential to keep financial literacy top of mind as we round off 2021. Keep your credit score in good shape and pay off your bills so you can benefit from the best products and rates of 2022.
If you’re hoping to buy a home or refinance your mortgage, you can get in touch with Clinton Wilkins Mortgage Team! You can call them at (902) 482-2770 or contact them here.