Unimor Capital Corporation

Category: News

  • Millennial’s Guide to Home Buying

    Millennial’s Guide to Home Buying

    The transition from rent to home ownership has many obstacles for millennials. We’ve put together this guide to help young people make home ownership work for them. Buying your first home is one of the biggest financial decisions you’ll ever make.  For millennials struggling with lower income and savings, the dream of home ownership can appear out of reach in today’s market.

    All hope is not lost. Low mortgage rates and a gradually improving job market are empowering millennials to invest in property rather than rent. By taking a few practical steps, you can be well on your way to buying your first home. Investing in your first home requires careful planning, effective judgement and setting reasonable expectations.  Below is a six-step process for making that happen.

    1. Shop within your means.

    If you’re a millennial first-time buyer, the selection of homes you can afford is likely much smaller than established buyers. After all, you don’t have any equity yet, and will be relying purely on savings to invest in your first down payment. An important part of setting reasonable expectations is shopping within your means. Even if you qualify for a large mortgage, there’s no rule that says you must use it all. As a first-time home-buyer, your goal should be to finally start building equity. If you want a property but can’t afford it, you shouldn’t buy it. It’s as simple as that!

    1. Make sure you have enough for a sizeable down payment.

    In Canada, most professionals will advise you to make at least a 20% down payment on your property to avoid paying homeowner insurance.  While this is recommended, it might not always be possible, especially if you don’t want to delay your first real estate investment.  Even if you can’t pay at least 20%, you should still be prepared to make a decent down payment to minimize the total loan amount.  In Canada, 5% is the absolute minimum you must put down.

    1. Sort out your finances.

    Home ownership carries significant expenses that extend beyond your down payment and monthly mortgage payment.  Property tax, insurance, closing costs and utilities must all be factored into your decision both at the time of closing and after you’ve moved in.  When deciding to enter the market, be sure you have enough money to cover the down payment and all the ancillary costs associated with closing your home.  You’ll also want to budget carefully to make sure you can afford to pay your mortgage and living expenses after you’ve moved in.

    1. Compare neighbourhoods and regions.

    Most home-buyers are limited by geography in shopping around for property.  For millennials living in the big city, this can make affordability a greater challenge.  That’s why it’s essential to compare neighbourhoods and property types.  It’s equally important to consider location and whether you are willing to commute to work each day.  Proximity to your job may be convenient, but will likely be more expensive, especially if you live in a big city.  Working with a real estate agent can help you develop a better view of property values based on location and property type.

    1. Use a Mortgage Broker.

    Financing a home can be a complicated process.  That’s why more and more Canadians are turning to mortgage brokers to steer them in the right direction.  It used to be the case that most people went straight to their bank to finance their mortgage.  Now, many people visit a mortgage broker first.  That’s because a broker is tasked with one job: finding you the best deal possible.  They work with the big banks as well as non-traditional lenders to match you with the best interest rate and lending terms on the market.

    1. Maximize your benefits.

    The government has made it a little easier for first-time home-buyers to enter the market.  If you’re a first-time buyer, you can use your RRSP account to finance your down payment tax-free up to a maximum of $25,000.  This means you can take up to $20,000 from your RRSP account and put it toward a down payment with no tax penalty.  The First-Time Home-buyer Credit can also help you reduce the amount of taxes you owe.  Various provinces, such as Ontario, also have a land transfer tax refund that will greatly reduce the amount of land transfer tax you owe.

    As a millennial, shopping around for your first home can be both rewarding and challenging.  This six-step process will help you make the most out of your experience.

  • Homeowners Worried About Paying Down Debt as Rates Increase

    Homeowners Worried About Paying Down Debt as Rates Increase

    Younger homeowners have never experienced a significant rise in interest rates.  Many Canadian homeowners are worried about rising interest rates and how they will impact their budget, a new CBC Research survey finds.  Thanks to years of access to cheap money, household debt has ballooned in Canada.  Now that interest rates are rising, there are mounting concerns over how people will continue to pay down mountains of debt.

    Out of 1,000 Canadian homeowners surveyed online between October 5 -11, almost three-quarters of those with debt on their home, mainly mortgages, confessed they’re worried about rate hikes.  It won’t take much for most of them to feel the pinch: 58% of respondents said an increase of more than $100 in their monthly debt payments would force them to change their spending habits to make ends meet.

    Certified financial planner Shannon Lee Simmons says many people who come to her for help are in a similar predicament.  “I see that on a daily basis from clients who make relatively normal living wages, but everything is just budgeted to the dollar,” she said.

    “If you were to ask them, ‘Can you save $100 bucks a month?’ they might fail at that.”  Simmons says part of the problem is some homeowners have never experienced a significant rise in interest rates.  If you’re 40 right now and you bought your house at 30, you’ve pretty much had a decade of relatively low rates and that’s all you’ve experienced.

    Certified financial planner Shannon Lee Simmons says homeowners need to prepare for the true cost of rising interest rates.  Indeed, a 40-year-old would have been a toddler in 1981 when Canadian banks’ prime lending rate shot up above 20%. Conversely, since 2009, it has ranged between 3.70 and 5.75%.  Banks use the prime rate as a base to set their lending rates.  Failing to budget for heftier mortgage payments could lead to even more hardships, such as homeowners digging into their savings or turning to credit cards to make ends meet.

    The CBC survey findings come at a time when the Bank of Canada has already hiked the key interest rate four times since July 2017, from .50 to 1.50%.  The key rate influences the rate that banks charge for consumer loans and mortgages.  Many homeowners likely haven’t yet felt the full effects of the rate hikes because they’re still locked into a fixed mortgage, the most common type in Canada.  When their mortgage is up for renewal, ‘they might be in for a bit of a shock,” Simmons said.  The market expects another rate hike sometime in October, and some economists predict three more rate hikes in 2019.

    Bank of Canada governor Stephen Poloz says he believes Canada’s debt risk can be managed successfully.  Meanwhile, the amount of debt Canadian households owe has been on the rise for about three decades, totalling just over $2 trillion in August.  Mortgages make up close to three quarters of that debt.  For years, the Bank of Canada has expressed concern over rising household debt levels.  In 2011, Federal Finance Minister Jim Flaherty tried to temper borrowing habits with tighter mortgage rules.  They included lowering the maximum amortization period and requiring borrowers to qualify for a five-year, fixed-rate mortgage, even if they chose a variable mortgage with a lower rate. But interest rates remained low and Canadians continued to pile on debt.

     According to credit agency TransUnion, Canadians owed an average $260,547 in mortgage debt in the second quarter of 2018 — a 4.76% jump compared to the same period in 2017.  In the CBC survey, 36% of respondents said they had no debt on their home. 42% said they owed between $50,000 and just under $400,000 when combining both a mortgage and lines of credit.  Most respondents said they are very or somewhat comfortable with their current monthly payments.  However, as the survey shows, for many, that level of comfort diminishes when faced with the prospect of higher rates.

    And the impact could be more severe than some people think: When presented with a couple mortgage scenarios, less than a quarter of respondents were able to correctly estimate the added cost of a 2% interest rate hike.  Take, for example, a $400,000 mortgage with a 20-year amortization and a fixed five-year rate of 3.3%. With just a 2% rate increase, monthly payments would go up by about $400 a month.

    Simmons says many people find making the calculations daunting, but that homeowners need to understand the true cost of rising rates.  “Everyone is aware they’re going up, I just think that people aren’t necessarily prepared for how that impacts their daily life.”  It’s important to note that even with a projected rise in interest rates in 2019, they’ll still be relatively low compared to previous decades.  The Bank of Canada raises the country’s key interest rate to keep inflation in check, but governor Stephen Poloz, said in May that the bank will make rate decisions cautiously, considering the amount of debt households are still carrying.

  • How Much House Can You Afford?

    How Much House Can You Afford?

    Shop for your new home the smart way! Learn how to calculate how much house you can afford before hitting that open house or applying for a mortgage. Buying your first home is one of the most important and exciting financial milestones of your life. But before you hit the streets with a realtor, you need to have a good sense of a realistic budget. Just how much house can you afford? You can determine how much house you can afford by following three simple rules based on different percentages of your monthly income.

    The Rules of Home Affordability

    Mortgage lenders use something called qualification ratios to determine how much they will lend to a borrower. Although each lender uses slightly different ratios, most are within the same range. Some lenders will lend a bit more, some a bit less.

    Your maximum mortgage payment (rule of 28): The golden rule in determining how much home you can afford is that your monthly mortgage payment should not exceed 28% of your gross monthly income (your income before taxes are taken out). For example, if you and your spouse have a combined annual income of $80,000, your mortgage payment should not exceed $1,866.

    Your maximum total housing payment (rule of 32): The next rule stipulates that your total housing payments (including the mortgage, homeowner’s insurance, and private mortgage insurance [PMI], association fees, and property taxes) should not exceed 32% of your gross monthly income. That means, for the same couple, their total monthly housing payment cannot be more than $2,133 per month.

    Your maximum monthly debt payments (rule of 40): Finally, your total debt payments, including your housing payment, your auto loan or student loan payments, and minimum credit card payments should not exceed 40% of your gross monthly income. In the above example, the couple with $80k income could not have total monthly debt payments exceeding $2,667. If, say, they paid $500 per month in other debt (i.e. car payments, credit cards, or student loans), their monthly mortgage payment would be capped at $2,167.

    This rule means that if you have a big car payment or a lot of credit card debt, you won’t be able to afford as much in mortgage payments. In many cases, banks won’t approve a mortgage until you reduce or eliminate some or all other debt.

    How to Calculate an Affordable Mortgage

    Now that you have an idea of how much of a monthly mortgage payment you can afford, you’ll probably want to know how much house you can actually buy. Although you cannot determine an exact budget until you know what interest rate you will pay, you can estimate your budget. Assuming an average 6% interest rate on a 30-year fixed-rate mortgage, your mortgage payments will be about $650 for every $100,000 borrowed.

    For the couple making $80,000 per year, the Rule of 28 limits their monthly mortgage payments to $1,866.
    ($1,866 / $650) x $100,000 = $290,000 (their maximum mortgage amount)

    Include Your Down Payment

    Ideally, you have a down payment of at least 10%, and up to 20%, of your future home’s purchase price. Add that amount to your maximum mortgage amount, and you have a good idea of the most you can spend on a home.

    Note: If you put less than 20% down, your mortgage lender will require you to pay mortgage insurance, which will increase your non-mortgage housing expenses and decrease how much house you can afford.

  • 3 Tips That Could Save You Thousands on Your Mortgage

    3 Tips That Could Save You Thousands on Your Mortgage

    Sean Cooper wiped off his $255,000 mortgage in exactly three years and two months, at age 30. He took on two extra gigs, in addition to his daytime job as a pension plan analyst in Toronto. He lived in the basement of his own house, while tenants “thumped around upstairs.” And he threw every spare penny at his quarter-million loan. Two years later, Cooper is mortgage-free and has written a well-reviewed book about it. But he is still working 70-hour weeks and living in the basement. The goal now, is to amass enough cash to retire extra early, if he so chooses.

    Clearly, the workaholic, frugal lifestyle suits him. And clearly, Cooper isn’t your average homeowner. But the advice he has is aimed at the more common species of mortgage-holder. You know, the kind with one job, and possibly a family, as well as a taste for things like work-free weekends, vacations and the occasional dinner out.

    It’s advice to which Canadians should pay particular attention now, as interest rates begin what most economists believe is a gradual but potentially long march upward. If you’ve been coasting along with your mortgage payments, now is the time to kick it into high gear. And if you’re looking to get a new mortgage or renew the one you have, doing some research is more important than ever.

    Cooper saved around $100,000 in interest with his extreme mortgage pay-down plan. You probably won’t be able to replicate that, but might still be able to shave thousands off your own mortgage interest by following his top three tips:

    1. Shop around – and not just for the lowest rate.
    Of course, you should get the lowest interest rate that you can. But rates aren’t the only thing to consider when comparing options. The point is to get the best deal, he notes, which isn’t necessarily the same thing as the lowest price. In addition to interest rates, pay attention to what Cooper calls the three P’s:

    • Prepayment privileges: As interest rates rise, a bigger chunk of your mortgage payments will go toward interest rather than the principal. That’s why it’s important to get a mortgage that will allow you to make large lump-sum contributions and increase your monthly payments if you decide to pay down your debt faster.
    • Penalties: What would happen if you were to break your mortgage? That’s a question every mortgage applicant should ask themselves. People wind up having to break their mortgage for any number of reasons: they move, they get divorced, they lose their jobs. And that can cost them thousands of dollars in mortgage penalties, which is why it’s important to look at the fine print.
    • Portability: Speaking of mortgage penalties, one way to avoid them if you move is to have a portable mortgage. This means you can transfer your mortgage to your new home and combine it with a new loan, if necessary.

    2. Make lump-sum payments whenever you can.
    Here’s a crucial nugget about lump-sum payments: Unlike your regular monthly installments, all the money goes toward reducing your principal. That’s why Cooper advises making lump-sum payments whenever you can. If you have no spare cash in your budget, you could still use what Cooper calls “found” money: A one-time bonus at work, an inheritance, gifts of money, or even your tax return.

    3. Accelerate your mortgage payments.
    The most painless way to ramp up your mortgage payments and shorten your amortization period is switching from monthly to so-called accelerated bi-weekly payments. For example, for a $300,000 mortgage, your monthly payments would be $1,418. If you switch to a simple bi-weekly arrangement, your payment is calculated as $1,418 × 12 months/26 weeks = $654. You’ll be saving a little bit in interest but not much.

    Accelerated bi-weekly payments, on the other hand, are calculated as follows: $1,418 × 12 months/24 weeks = $709. Your payment is slightly higher, covering the equivalent of a 13th monthly mortgage installment every year. Over time, that makes a substantial difference. In Cooper’s example, it saves $15,393 in interest and shrinks the amortization period by almost three years.

  • You Might Pay More Than Expected to Renew Your Mortgage…

    You Might Pay More Than Expected to Renew Your Mortgage…

    New accounting rules adopted by the banks mean they’re paying closer attention than ever before to your financial situation and your home’s value when you renew a mortgage. Mortgage renewals used to be utterly routine – a virtual rubber stamp. Now, if your credit score has taken a hit or your home has fallen in value, you might not qualify for the best available rates. The new accounting rules are called IFRS 9; IFRS stands for International Financial Reporting Standard. One effect of these rules is to cause banks to pay close attention to early warning signs that clients may run into trouble paying their mortgage.

    “Let’s say the bank has noticed that your credit score went from 750 to 580 and/or your loan-to-value ratio has gone way up,” said Robert McLister, founder of RateSpy.com. “Anything that worsens risk in a lender’s eyes is going to potentially warrant a higher rate at renewal.”

    Mortgage brokers estimate that anywhere from fewer than 5% to 15% of borrowers may be negatively affected by the new rules. The borrowers most vulnerable to getting an elevated mortgage rate are in expensive cities, such as Toronto and Vancouver, where young owners must juggle expensive mortgages and daycare if they have children. It’s difficult to track what banks are actually doing because there don’t yet appear to be any standardized policies. But mortgage brokers report that banks are in some cases doing soft credit checks, which means peeking at your credit file to see whether your credit score has worsened. Banks may also do appraisals on renewal to ensure that the ratio of the amount of your outstanding mortgage to the value of your home is declining as it should be.

    The risk of having to renew at higher rates just keeps growing for these and other lenders. Well-discounted five-year fixed-rate mortgages are close to one percentage point higher than they were last summer. Also, we’ve seen the emergence of a trend where mortgage rates today are higher for some people than others. For example, someone with a down payment of less than 20% now gets a rate that on average might be 0.35 of a point better than someone who puts down 20% or more. Below 20%, the borrower is required to pay for insurance that protects a lender against default.

    Mortgage stress tests for borrowers also influence rates. The stress tests are designed to see whether you can afford mortgage rates that are higher than current levels. If you’re renewing a mortgage and want to move to a new lender, you must be able to pass the stress test. If you can’t do that, you’re stuck with a current lender that has no need to offer you its best possible discount. Today’s reality of home ownership is that that those financial struggles of home ownership matter. If your credit score drops or your home falls in value, there can be consequences.

  • Simple Ways to Avoid Credit Card Fraud

    Simple Ways to Avoid Credit Card Fraud

    In today’s information age, your credit card information is at risk for theft. Fortunately, you can try to avoid credit card fraud by keeping your credit card information extra safe. Always be on guard for scammers who may try to trick you into giving up your credit card details. Below are 9 simple ways to avoid credit card fraud:

    1. Keep your credit cards safe.

    One of the simplest ways to avoid credit card fraud is by keeping your credit cards safe from thieves. Place your credit cards in a purse or wallet close to your body where it can’t easily be snatched away. If you’re shopping in a high traffic area, carry a smaller purse because it’s harder to steal or sneak into. For both men and women, carry only the one or two credit and debit cards you’ll be using that day. Leave all your other credit cards at home. Thieves can take pictures of your credit card with a camera or cell phone, so don’t leave your credit card exposed any longer than necessary. After you make a purchase put your credit card away immediately. Confirm you have your credit card back in your possession before you leave the store or restaurant.

    1. Shred anything with your credit card number on it.

    Don’t toss your credit card billing statements directly into the trash – they typically have your full credit card number printed on time. Shred them to keep dumpster divers from getting their hands on your credit card number. The same thing applies to old credit cards that have expired or been canceled.

    You can go a step further and put the shredded pieces in different trash bags for the extra eager thieves who might put shredded pages back together.

    1. Don’t sign blank credit card receipts.

    Always verify the amount on your credit card receipt before signing it. If you get a credit card receipt that has blank spaces in it, write $0 in those spaces or draw through them before putting your signature on the card. Otherwise, the cashier could write in an amount and send the purchase to your credit card issuer.

    1. Avoid giving out your credit card information.

    Only give your credit card number or other sensitive information on calls you initiate. Not only that, when you call your credit card issuer’s customer service, use the number on the back of your credit card. Don’t return calls to a phone number left on your answering machine or sent to you in an email or text message. It’s hard to be sure a scammer hasn’t left a fake number for you to call.

    Don’t give your credit card number to anyone who calls you requesting the number. Credit card thieves have been known to pose as credit card issuers and other businesses to trick you into giving out your credit card number.

    1. Be safe with your credit card online.

    Don’t click on email links from anyone that looks like your bank, credit card company, or other business who uses your personal information, even if the email looks legitimate. These links are often phishing scams and the scammers want to trick you into entering your login information on their fake website. Instead, go directly to that business’s website to login to your account. Make sure you’re cautious when you’re using your credit card online. Only enter your credit card number on secure websites that you can be 100% sure are legitimate. To be sure a website is secure, look for https:// in the address bar and lock in the lower right corner of your internet browser. Taking these extra steps will help you avoid credit card fraud.

    1. Report lost or stolen credit cards immediately.

    The sooner you report a missing credit card the sooner your credit card issuer can cancel your credit card and prevent fraudulent charges. Reporting your lost or stolen credit card as soon as possible lowers the likelihood that you’ll have to pay for any fraudulent charges made on your credit card. Write down your credit card companies’ customer service number now so you’ll have them if your credit cards are ever missing.

    1. Review your billing statements each month.

    Unauthorized charges on your credit card are the first sign of credit card fraud. If you notice a charge you didn’t make, no matter how small, report the charge to your credit card issuer immediately. Your credit card issuer will tell you whether you should close your account and get a new account number to avoid credit card fraud.

    1. Make strong passwords and keep them safe.

    Your credit card number may be stored in several places online. For example, you may save your credit card on Amazon, so you can make one-click purchases. Make sure you use strong passwords – a combination of upper- and lower-case characters, numbers, and even characters – and avoid writing or sharing your password.

    1. Check gas stations and ATMs for credit card skimmers.

    Credit card thieves sometimes place credit card skimming devices onto the credit card readers at gas pumps or ATMs. These skimmers capture and store your credit card information and credit card thieves come back later to get the device. Skimmers are placed on the regular credit card swipe, so if anything looks off about the place you’re swiping your credit card, go to another gas station or ATM.

     

  • 8 Things You’re Probably Wasting Your Money On

    8 Things You’re Probably Wasting Your Money On

    Is the cash in your wallet always mysteriously disappearing? Maybe you need to get a grip on your spending habits. Here are 8 things you’re probably wasting your money on:

    1. Specialty Drinks – That latte or cappuccino habit can add up. Give up the expensive coffees for a regular coffee (a “plain” coffee is under $2) and save a few dollars every day. Better yet, brew your own at home.

    2. DVD’s & CD’s – Sure, unwrapping that great new movie or getting the latest CD from your favorite artist is exciting, but you can buy used and save lots of money. Or just rent the DVD’s or purchase select tunes you like from iTunes.

    3. Using the Washer & Dryer Daily – Tossing just a few things in the washing machine and dryer every day? You’re “washing” water, energy and money right down the drain. Save on energy by running the washing machine only when it’s full. Go for a cold-water wash, and line-dry for optimal savings.

    4. Take-Out Lunches – If you spend even $10 a day on a lunch because you don’t brown-bag it, that’s $50 a week, and $200 a month. Can’t discipline yourself to make lunch every day? Cut back a few dollars by bringing your own drink or buying a less expensive item from the menu.

    5. Clothes You Don’t Need – That second pair of jeans, that second pair of strappy sandals… we’ve all been tempted to buy just one more item that’s nearly identical to something we already have in our closets. Three words: Don’t do it!

    6. Gas – You can do something to improve your fuel economy. Slow down a bit where possible, keep the heavy stuff out of the back of your car and open the windows instead of using the A/C.

    7. Brand-Name Groceries – Your beloved brand of cheese, cereal or can of soup likely does not taste exactly the same as a less expensive version. Fair enough. But there are some things you can probably scrimp on without noticing the difference, like mustard or ketchup, sugar, vinegar, flour, salt and other basics.

    8. Convenience Store Purchases – Gum. Tabloid magazines. Bags of chips. Cookies. If you’re dropping $20 a week at your corner store, consider cutting back on the impulse purchases and planning better through the week so that you don’t need that last-minute milk jug.

  • 5 Things You May Not Know About Mortgages

    5 Things You May Not Know About Mortgages

    How much of your payments go toward interest.

    Most mortgage payments are what they call blended payments, which combine repayments of the principal as well as the interest at once.  When you start paying off your mortgage, a significant part of your payments are going toward the interest, not the principal.  Over time, however, the principal of your loan decreases, which means that the amount you will owe in interest decreases as well.  As such, the portion of your payment that goes toward the interest will decrease over time, and the amount that goes toward the principal increases over time.  This is why additional lump sum payments make such a big difference when it comes to your mortgage; they go directly toward your principal, whereas your usual mortgage payments do not.

    Your current lender won’t always give you the best deal at renewal.

    Most homeowners renew their mortgage with the same lender that holds their current mortgage. No problem there – except that more than half of homeowners renewed their mortgages without negotiating different terms than what was presented to them in their renewal statement, according to a 2015 mortgage consumer survey.  Lenders are betting on the fact that you won’t want to switch lenders, and therefore aren’t bending over backwards to try and keep you.  That means that you can probably find better rates and/or more flexible terms elsewhere.  Don’t feel like shopping around?  Call your mortgage broker to do it for you.  Whether or not you used one for buying your home doesn’t mean that you can’t use them for refinancing.

    Lenders want your monthly housing costs to be less than 32% of your income.

    When your lender qualifies you for your mortgage, they use a system based on your reported and provable income as well as your debts.  They want to ensure that your monthly housing costs – including your mortgage, property taxes, heating, and condo fees, if applicable – don’t use more than 30-32% of what you’re brining in.  While this number is somewhat arbitrary and housing costs, incomes, and living expenses vary from one housing market to the next, if you don’t meet the criteria, then your mortgage application could be denied.

    Missing a mortgage payment doesn’t automatically mean foreclosure.

    It’s pretty obvious that missing a mortgage payment isn’t a good thing.  But life is full of unexpected surprises, and if you find yourself in a situation where you can’t come up with your mortgage payment one month, don’t throw your hands in the air and wait for the bank to issue an eviction notice.  Foreclosure proceedings are a lengthy process, and everyone, your lender included, wants to avoid them if at all possible.  So if you know you’re going to miss a mortgage payment, or if you already have, pick up the phone and call your lender.  You may be able to negotiate with them and figure out a new or interim payment plan to get you back on your feel, or maybe an early refinancing in order to lower your monthly payments.

    The posted rate isn’t always the best rate.

    Think of the posted rate as the opening offer in a negotiation.  Banks use the posted rate to provide a value proposition to their clients.  They often start with the posted rate and then offer discounts to preferred clients.  A savvy consumer needs to educate themselves and shop around.  Even if you get the secret or discounted rate, if you only get rates from one financial institution, you may still be paying a premium compared to other lenders.

  • 10 Spring Cleaning Tips

    10 Spring Cleaning Tips

    As the days get brighter, you’ll see dust and dirt that went unnoticed during winter. Luckily the long spring evenings are perfect for an extra bit of cleaning, and our top 10 spring cleaning tips will help get you going.

    1. Declutter First

    Every six months or so, you should take some time to declutter your home. Before your spring clean is an ideal time for this job. Gather any old, unwanted or broken items such as clothes, bed linen, books, toys, ornaments, and even furniture. Sort everything into piles for recycling, charity and storage. You’ll feel great after this therapeutic exercise, and your home will already be looking tidier.

    1. Prepare Your Kit

    Before you get down and dirty, make sure you have all the cleaning supplies you will need on hand. Essentials include rubber gloves, cloths, sponges, brushes, bleach, all-purpose cleaner, furniture and glass polish, garbage bags and paper towels.

    1. Work from the Top Down

    Always clean from the ceiling to the floor; first tidying, then dusting along the ceiling, light fixtures, pictures, etc…, finally vacuuming and mopping the floor when everything else in the room is done. This just makes sense because the earlier jobs will of course dirty the floor. You may also find it makes your work seem that bit easier and more productive if you finish either the downstairs or the upstairs completely before starting the other.

    1. Leave Windows for a Cloudy Day

    Wait for a cloudy day to wash your windows, as direct sunlight can dry windows too quickly leaving streaks behind.

    1. Don’t Forget the Fridge

    The best time to take on the task of cleaning your fridge and freezer is right before you do your grocery shopping, when the contents are at their lowest. Take everything out and dispose of any items that have passed their use-by date, and almost-empty items that you will never use. Look out for opened jars and bottles which state on the label that they should be used within a certain number of days after opening. Wipe down the interior of the fridge with a damp cloth and disinfectant. The same can be done for food cupboards if you think it’s needed.

    1. Cleaning Curtains & Blinds

    Curtains and blinds are usually neglected in routine cleaning sessions but can collect a surprising amount of dust and dirt. Some curtains can be machine washed or dry cleaned; always check the care label and follow the instructions provided. Most vacuum cleaners come with a small nozzle with a short brush built-in that is ideal for vacuuming curtains and fabric blinds. Remember to vacuum both sides to remove as much of the dust as possible. Steam cleaners are ideal for giving curtains and fabric blinds the most thorough clean. Wooden, metal or plastic blinds only need to be wiped down with a dry cloth, or with a suitable cleaner.

    1. The Best Oven Cleaning Method

    The oven is the heart of the kitchen, but months of roasting and baking can make it grimy and smelly. Begin by removing all racks and placing them in a mixture of hot water and either oven cleaning solution or dishwashing liquid. Allow them to soak while you clean the inside of the oven with oven cleaner. Always follow the manufacturer’s instructions when using oven cleaner, as it contains powerful chemicals. Scrub the racks clean, rinse and dry. Make sure to clean off all cleaning chemicals from the oven walls and racks before using your oven again.

    1. Mattress Cleaning & Care

    Remove all bedding and use a vacuum cleaner to remove dust and hair that has accumulated over time. Spot clean any stains with a stain remover and damp cloth. Sprinkle a light layer of baking soda over the mattress and let it sit for at least a couple of hours. The soda will absorb any moisture and leave your mattress smelling fresh. Remove the baking soda with a thorough vacuuming. Every three months, flip your mattress and switch it from head to foot and vice-versa to help it wear evenly and prolong its lifespan.

    1. Freshen up Your Rugs

    For a beautifully fresh smelling home, it is important to think of things like rugs which can really hold onto odours if not cleaned once or twice a year. Hang your rugs out on a washing line and use the handle of a sweeping brush to beat them. This will remove the bulk of the debris, dirt and dust that gets embedded in the fabric. Take the rugs back inside for a good vacuuming to remove any fine dust, before applying a carpet shampoo to get them like new again.

    1. Delegate!

    There are some jobs where you can put your feet up and let someone else do the work, safe in the knowledge that you’re doing the right thing. Examples include window washing and chimney cleaning. Spring is the ideal time for both, and sometimes specialist equipment, experience and skill is needed to reach those upstairs windows or the chimney pot.

  • How to Talk to Your Kids About Money

    How to Talk to Your Kids About Money

    When is the best time to talk to your kids about money? Right now! Your kids will learn about money from someone. Don’t let it be from an out-of-control celebrity on social media. You have the opportunity to be the positive example in their lives and the guiding voice they can trust. No, money isn’t a taboo subject, and no, your kids don’t need to be sheltered from financial matters. So buckle up and just have the talk already—or go deeper if you’ve only skimmed the surface. If you want to change your family tree, you’ve got to change your mind-set. Here are five tips on how to talk to your kids about money.

    1. Start slow.

    According to a 2017 T. Rowe Price survey, 69% of parents have some reluctance when it comes to talking about money with their children. And only 23% of kids say they talk with their parents frequently about money. There’s no need to schedule a five-hour lecture presentation to review bank account balances and retirement plan contributions. Start by simply answering your kids’ money questions at an age-appropriate level. You may be surprised at what they already know or what they need to know more about. Once they realize you’re open to these discussions, they may be more comfortable coming to you with money questions.

    1. Be honest.

    If you regret going into debt or not saving more for college, tell your kids. Parents so rarely have open, honest moments with their children. Kids can handle it—really. Instead of hiding your financial failures or covering it up when money is tight, tell your kids the truth. If you ran up debts in your past and had difficulty paying them back, share that. They’ll appreciate your openness and learn a valuable lesson about overspending.

    1. Talk values, not figures.

    If you’re hesitant about disclosing your salary and major expenses to your kids, don’t sweat it. The good news is your kids don’t really want (or need) to know that stuff. They need concepts like saving, budgeting, paying down debt, and giving. To help your kids get an idea of what real-world budgeting looks like, encourage them (when age-appropriate) to download a budgeting/money tracking app. They can use the tool to track spending habits and see just how far their money is going. Soon, establishing a budget will feel like second nature. And if they stick with it, they’ll be well ahead of the curve by the time they hit the college campus.

    1. Set family goals.

    Let your children sit in on and contribute to family budget committee meetings. Just remember you and your spouse are the adults. Only mom and dad make the final decisions. If you are paying off debt or saving for the future, let the kids join in as you celebrate reaching milestones along the way. As you set goals as a family, remind your kids that goals require sacrifice. That might mean skipping a vacation in order to cash-flow a car. But they’ll catch on, especially if they understand these sacrifices will affect their future as well.

    1. Learn about money together.

    Eventually you’ll touch on topics you may not completely ‘get’ yourself; like tax free savings accounts or RRSP’s. If you don’t feel fully knowledgeable on these topics, that’s okay! Admit you don’t have all the answers and do the research together to find ways of securing your future. It’s a great excuse to spend some time together. So go ahead and open up about the family finances, but keep it simple. Start the conversation, be honest, and teach and lead by example. Someday, your money-smart kids will be proud to follow in your big financial footsteps.

    Want more great tips on how to talk to your kids about money? Dave Ramsey and his daughter Rachel Cruze cover this and more in their best seller Smart Money Smart Kids!