Get Wealthier With The Same Income

Updated: Jun 3, 2020

COVID-19 has been an eye-opening experience for many people I have spoken to. For the last decade, everything has been good and the money kept flowing, our life didn’t seem like it was complete unless we sat on a patio sipping overpriced drinks for Instagram. I am guilty of this as well, far too often did I spend money on things that I could have gone without. But that is the point, we didn’t realize we didn’t need it until now. COVID-19 has given us the gift of clarity.

I always go through my expenses at the start of every month and I will never forget printing my credit card statement that used to be 3 pages, only to see 4 transactions. I will let you in on a little secret... The best way to save money is to stop spending it. I want to take some time today to show you how you can unlock more wealth while making the same money. Alright, Let's get into it!

Write a budget: This will always come up when we talk about money, but the key here is to separate wants vs needs. It’s important to keep our fixed lifestyle expenses to a manageable number so economic cycles don’t affect us as much. Some of my most successful clients who are married generally keep all their expenses to fit under one spouse’s income. The secondary income is then used to purchase assets and go on vacation, dates, and fun fund. This all depends on what makes you happy.

Use your card points: Now that travel is not in the foreseeable plans for most Canadians now may be a great time to trade in those travel points for grocery perks. More then gas and travel, groceries have been some of the most consistent and bigger expenses for Canadians.

Change your car insurance: If you usually commute to work but now find yourself transitioning to a work from home situation, now may be a great time to change your insurance. Canceling your insurance may not be the best bet, however, there are many more options. You can change your insurance from work to pleasure driving. Additionally, you could drop all coverage and just keep comprehensive or storage insurance on it in case of vandalism. (Bonus - you get to keep your plates) Be sure to read the conditions of dropping coverage to make sure you fit into the mileage rules.

Keep track of work from home expenses: There are added initial expenses when you start working from home. Be sure to keep track and file these as some tax experts are saying that you may be able to get some deductions for your 2020 taxes. It’s not immediate money but it could still mean more in your pocket.

Negotiate your housing expenses: Whether you rent or own, today's rates may offer an opportunity for you to be able to negotiate better payments. Get on the phone and see if you can put some extra dollars into your pocket.

I hope these tips will help you achieve your goals! Don’t hesitate to reach out with any questions you have.

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