How to pay your mortgage without cutting back on groceries — via financialpost PersonalFinance
As a credit counsellor, it’s time for a serious conversation when people start telling me that they are spending less on groceries so that they can keep up with their mortgage payments. Yes, living costs seem to be going up day by day. But not keeping ourselves adequately nourished and taken care of can have worse consequences than defaulting on a mortgage.Put your house to work
If earning more seems like too much of a chore, look around to see how you can generate a lump sum of money. Start with the big things, such as selling a second car that you don’t really need. You can always buy another car if you need it. If you do come up with a lump sum, be sure to set it aside in a separate savings account so that you can plan how best to use it. For some, it might become an emergency fund. For others, it might eliminate a bill or two entirely. The savings could also be used to top up your paycheques for the months you fall a little short on your expenses.to see where your money is really going. This is always an eye-opening experience for my clients, even the ones who think they already know.
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