With the cost of living noticeably increasing over the past year, Canadians are looking for ways to lower their monthly expenses, especially when these expenses have increased at a faster rate than monthly wages.

From contacting various service providers to cancel underutilized services to renegotiating monthly fees or services, Canadians are looking to be more efficient with their money to determine how to live comfortably on their current budgets.

When it comes to the increasing cost of credit for mortgages, loans, and credit cards, there are many options available to lower costs. These include:

• Switching to a low-interest credit card
• Converting credit card debt to a lower interest line of credit (LOC)
• Converting LOC debt to secured HELOC debt for a lower rate
• Consolidating consumer debt into a mortgage to lower a rate and improve cash flow
• Determining if you have a mortgage with an annual skip-a-payment option
• Re-amortizing your mortgage to improve cash flow

These are just a few different ways to help battle inflationary times and stay on budget. Each option must be weighed responsibly to determine if it’s the best financial fit.

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