Start 2021 with healthier habits for your mind, body and bank account
As 2020 draws to a close, Canadians are thinking ahead to 2021. The new year provides a great opportunity to start fresh with healthier habits for your mind, body and bank account.
We tapped the 8Twelve Mortgage team for 5 New Year’s Resolutions to help promote Canadians’ financial health and wellness in 2021– and beyond.
FINANCIAL RESOLUTION #1: DO A “DEBT DETOX”
“A lot of homeowners got through the tough times in 2020 by using high-interest debt. If you were affected by covid financially and had to leverage unsecured debt like credit cards, a good way to start 2021 is, 1: refinance that debt into your mortgage, since mortgage rates are at all time lows. And 2: get an emergency fund in place with five or six months of living expenses. The important thing is to eliminate your unsecured debt: refinance to start fresh.”
-Gary Fooks, CEO and Mortgage Strategist, 8Twelve Mortgage
FINANCIAL RESOLUTION #2: SET YOUR GOALS
“Financial goals come down to two things: you are either trying to save money or pay off debt. Having that as a framework is important. Ask yourself if you want to save or pay off debt and plan your year accordingly. I’m trying to do both and to get into a position to buy a house soon. Keep moving forward!”
-Jordell James, sales manager and Mortgage Strategist, 8Twelve Mortgage
FINANCIAL RESOLUTION #3: BOOST YOUR CREDIT SCORE WITH THESE TWO HABITS
“Try to use only 30% of your available credit, and do not ever miss a payment. You can set reminders in your calendar for one week prior to your payment dates.”
-Tasha Suedat, Mortgage Strategist, 8Twelve Mortgage
FINANCIAL RESOLUTION #4: REFLECT ON YOUR PERSONAL CHALLENGES AND HOW TO OVERCOME THEM
“The purpose of self-reflection is to develop awareness of barriers or challenges that are holding us back. By reflecting, we delve into problems or situations, and develop solutions. This process is important for personal growth. Once we are able to figure out these aspects about ourselves, we can make positive changes necessary for a better sense of well-being. Self-reflection is about getting to the core, gaining insight and a better perspective. The goal is to find a real solution and implement it.”
-Ray Samuels, Chief Revenue Officer (CRO), 8Twelve Mortgage
FINANCIAL RESOLUTION #5: MAINTAIN FORWARD MOMENTUM EVEN IF YOU HAVE SETBACKS ALONG THE WAY
“Don’t be afraid of a do-over if you don’t hit your financial goals one year. I’ve been there, too – my 2018 and 2019 New Year’s Resolutions were to pay off my credit card, but it was 2020 when I made the most headway on this goal. If COVID has taught us anything, it is to be prepared. If you have credit card debt, try to pay more than the minimum balance to avoid suffering undue financial anxiety. You are in control of your money – it is not in control of you! My New Year’s Resolution is to stick to my financial plan and budget, and to keep myself accountable. I am not where I was a year ago – and can't wait to see where I will end 2021!”
-Joanne Bateman, Mortgage Strategist, 8Twelve Mortgage
