Mortgage News
Canadians are saving more and borrowing less
We’re borrowing less voraciously and saving more aggressively. In fact, our personal savings rate is now twice that of the U.S., and about six times higher than it was almost a decade ago.
Published
According to recent findings, Canadians are saving more, and borrowing less, with Statistics Canada reporting the savings rate at 5.5% for the first quarter of 2013. This figure, when coupled with reports that close to one million Canadians made extra payments to their mortgages last year, is an extremely encouraging one.
Some tips to reduce debt faster:
- Set up an automatic transfer to put a certain amount into your savings account on every payday.
- Increase or accelerate your mortgage payments.
- If you receive a pay increase, automatically increase the amount that is transferred to your RRSP.
- Set a goal to have any outstanding balance on your line of credit paid in 18 months.
- Create a detailed budget to see what non-essential expenses you can eliminate.