Maximize Your Dollars With A Budget

Try This!
Instead of setting annual goals, try setting 90 day goals instead. It will help you increase productivity and focus by regularly tracking your progress.

Take a Financial Snapshot
Track your spending by categories (food, shopping, mortgage, utilities, etc.) for a couple months to see where your income is going to. Use your current spending habits as a guideline to set financial goals. This allows you to focus your planning where it will benefit you the most.

Maximize Your Benefits
Talk to your Human Resource department and see if your employer offers any RRSP or TFSA contributions. Some companies match your contributions up to a percentage of your salary. It typically comes right off your paycheque so you don’t even have to think about it!

Making an RRSP contribution is a great way to reduce taxable income, so you will pay less and save more. Don’t forget to check your limit as there are penalties for exceeding your maximum.

Charitable Giving
Do you donate to registered charities? If your donations exceed $20, you will receive a tax receipt from the charity. Don’t forget to claim your charitable donations when completing your income tax return!

Key to Hope™ is an exciting program, exclusive to MCAP, supporting Habitat for Humanity. Habitat for Humanity is a non-profit organization working towards a world where everyone has a safe place to live. MCAP mortgage holders can make a pre-determined donation with each mortgage payment. With Key to Hope™, we have the unique opportunity to help build stronger communities together.

Budgeting Puts You in Control
Rather than being controlled by your credit card statement, budgeting helps you prioritize your spending and prevent overspending. If you’re struggling to stick to your budget on everyday items, try switching to cash instead. You’ll know you’re out of coffee money when you don’t have any more cash in your wallet.

Want to Save a Bit More?
Incremental changes can help you become mortgage-free faster.

Increase Payment Frequency or Amount
Making mortgage payments more frequently – twice a month versus monthly – will reduce your amortization period and overall interest paid. Increasing the amount of each payment will also help you pay off your mortgage faster.

Lump Sum Payments
Annual lump sum payments of just $2,000 to the principal of your mortgage may mean you will be mortgage free 15 months earlier. Head over to “Want to be Mortgage Free Faster?” to discover how!

Take Advantage of Your Financial Institution’s Programs
Did you know all MCAP mortgage customers have the chance to win monthly prizes? Login to MyMCAP to enter to win.