With your new financial resolutions in place and the cold weather outside, you may not feel like you have many options to do much before spring thaw. However, this is a perfect opportunity to do something for your home and stay within budget all at the same time.
SWAP, SELL, OR DONATE
Do you have any items to trade or swap with friends or family? Take an inventory of all the home items you would like to trade, including any home improvement materials, and trade for something else you really need. Anything that doesn’t find a home could be donated to your local charity, including Habitat for Humanity’s ReStore (www.habitatgta.ca/restore), which takes donations of gently used or new household items.
MAKE SOMETHING OLD NEW AGAIN
Repurpose materials to make something new. There are lots of craft projects you and your family can create with something as simple as a pair of jeans. For example, make a reusable coffee cup holder from the pant legs. Furniture can get a new facelift with a few coats of paint, like chalk paint. Ready-made chalk paint can be expensive, but you can make your own using a recipe of latex paint and plaster of Paris or calcium carbonate (which is chalk).
COMBINE AND REARRANGE
Consider moving things around at home to change its look and feel. Group items in the same colour family together or mix furniture styles. You could also try reorganizing items in a room to create the illusion of more space, such as storing toys in smaller bins in a playroom or moving the table to a different angle in the kitchen/dining room. Ideas can be found on home magazine sites, Pinterest, and Houzz.com.
CONSOLIDATING FINANCIAL DEBT
As you’re creating a new space at home, you can improve your financial balance at the same time by consolidating any high-interest debts into a lower interest credit product. Consider a flexible line of credit that is accessible online and can be paid off in monthly instalments at a variable rate. It can usually be paid off in full at any time without penalty and you may be able to borrow up to 65 per cent of the value of your home. By reducing the interest rate on your debts, you may be able to save more money towards extra payment to your mortgage.
Visit MCAP.com to read more about lines of credit and use the free online Find a mortgage broker tool to find a mortgage broker near you.
To find a Mortgage Broker, visit www.mcap.com/findabroker