In the face of an increasing cost of living, it can be tempting to give up on the monthly grind of saving - whether for your down payment or to pay down your mortgage faster - and instead use that money for something that will bring you satisfaction right now. For example, did you know that Canadians spend more time planning their vacation than their mortgage? A mortgage may not be as exciting, but it is something you'll be living with for years. And if you take the time to figure it out, you may be able to afford to travel more in the future.
There are several things to consider when deciding whether to travel or invest in your home:
- Can you structure your monthly budget to set aside extra funds for a vacation?
- Do you have additional savings in case of emergency?
- Do you crave the immediate gratification of a trip?
- What are your long-term goals for home renovation, starting a family, or moving to a new property?
With smart financial management, it's possible to have the best of both worlds! Talk to a professional about how you can structure your cash flow to pay down your mortgage, put some into savings, and take a trip. The benefits of compound interest are immense, and it's essential to get this tool working for you as soon as possible.
The Auxilium team takes a comprehensive approach to make sure your mortgage fits your lifestyle. We want to make sure you're able to own the home you want, with enough flexibility to enjoy the good things in life. If this sounds appealing, call us for a free consultation with one of our brokers: toll-free 1-855-590-6520 or visit us at 307 Goldstream Avenue during regular business hours. We can also arrange an appointment evenings or weekends to work with you.
P.S. - The RRSP contribution deadline is March 1 to claim a deduction on your 2017 taxes. If you have equity in your home, your mortgage might be able to help you maximize your savings - and still leave some left over for a vacation, too!
