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Tips For Increasing Your Cash Flow

While we'd all like to see our mortgages paid off sooner rather than later, accelerated or lump sum payments aren't necessarily in the cards for everyone - especially if you've just started a family, or are having difficulties making the switch from being a renter to a homeowner.

If you're not paying off your mortgage as quickly as you'd like, there are a few options available to you to help you increase your monthly cash flow:

1. Go no-frills.

One way to save a bit of money on your mortgage payment is to go with the lower rate of a no-frills mortgage. If you're not using your prepayment privileges, why pay the extra interest? With a little discipline, you could always put your savings aside and use them for a rainy day.

2. Use your bank card to its full potential.

Bank cards and credit cards today come with a vast array of incentives - including cash-back options, auto-saving options, and travel miles. My personal favourite is the Shoppers Drug Mart MasterCard that allows you to save a ton of dough on all of life's essentials. Sit down and think about what makes the most sense to you. If you're spending the money anyway, it couldn't hurt to see something for it.

3. Take a lesson in frugality.

Welcome to the new era of coupon cutting. There are a variety of websites and enewsletters out there that are designed to keep you informed of the best bargains in your area. My favourite? Groupon.com. Every day you'll receive a deal to a local restaurant, gym, or one of a vast array of products in your city. Because hey - every little bit counts.

While managing your cash flow is important, try to keep your mortgage top-of-mind - and pay it down whenever possible. After all, imagine how much cash you could free if you eliminated that pesky mortgage payment.

Article by Axiom Mortgage Partners

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At Greenwood Estates and Mortgage Company, Mission, BC, we represent dozens of lenders and loan programs across Canada. With our experience in banking and finance we can help you find the best rates for your needs. Many years working in the banking and finance industry has given us a great network of contacts that we can use to find the best product for you. Mortgages, business loans, refinancing, credit lines and debt consolidation are our business.

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