Updated: Jul 26
Clear Wealth Groups Four Tips On How To Survive Your Mortgage Increase.
Consolidating your debts can be a good option but don’t get yourself stuck in something long term if you will need to make changes in the next year or two.
(2) Use Savings:
Should you use your savings to pay down the #mortgage and change the balance so you owe less? Should you use your savings to help supplement the payments? This is an option but really needs to be looked at with the larger picture. Using savings is good but eventually that cash could be making 6-10% returns and you’ve used it to pay down a 4-5% debt so you’ll be losing.
(3) Increase #Income:
It seems we can’t catch a break so we may as well embrace that and increase our household income. I have plenty of ways you can do this including:
Start a #business!
Work with companies that sell products and you can make commissions on in your spare time.
Sell your stuff/junk online. One persons trash is another’s treasure.
Do online work for another company.
(4) All of the Above:
This is my favourite but it really depends on your personal situation. We can help you find a solution once we can see the whole picture. Reach out and we can do a strategy session for you and see how you can start having better sleeps and less anxiety over these turbulent times.
Clare Baukham CLU, RRC Clear Wealth Group.