With winter almost behind us and spring nearly here, Canadians begin venturing out a lot more and enjoying the new season. It’s a time of renewal, of fresh ideas and the potential for spending too much money.
With that in mind, how can we enjoy spring and summer to the max while protecting our financial wellbeing?
Here are some actionable tips provided by our Hagersville auto loan team that can help.
Set up automatic payments
If you don’t pay your bills using automatic payments, you really should. They are fast, easy and can prevent you ever missing a payment no matter how busy life gets.
We recommend setting them up for every outgoing you have. That way, it doesn’t matter where you are or what you’re doing, your bills are always being paid and your payment history is being protected.
If you have a Hagersville auto loan, we always recommend automatic payments and some lenders insist on them. They are the easiest way to stay on top of your payments regardless of whatever else is going on in your life.
Set a budget
Budgeting is a vital area of personal finance that can help you get out of debt and help prevent getting into it. If you’re planning on enjoying life a little more now winter is passing, set an entertainment budget.
Look at how much you spent over the winter, look at how much you have space and work out a sensible budget. Give yourself enough to be able to enjoy yourself and live a little but not so much that you end up in the red each month.
Prioritize your spending
Does your house or car need repairs? Do you have projects at home that require funding? Need to replace your summer tires? Identify as much as you can and plan your finances for it.
Set aside a set amount each month to pay for repairs and projects before you allocate your entertainment budget. That way, you pay for what you need before you spend on what you want.
Don’t forget savings
The pandemic may be coming to an end and spring might be here but life can still throw a spanner in the works at any time. Having savings in the bank means you can insulate yourself as much as possible from whatever 2021 will throw at us.
It doesn’t have to be much, but saving a little each month can soon build up to give you a reassuring comfort blanket ready to use whenever you need it.
Whether you use savings for an auto loan down payment, home repairs or keep it for emergencies, few other things can make you relax as much as knowing you have something put away for emergencies!
For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!