Is your mortgage rate expiring in 2023? If so, you will need a restructure of your finances.
If you have not yet experienced the increase in rates and you are due for a mortgage rate renewal this year then you are going to see a significant increase.
The Reserve Bank has said that in 2023 there will be a recession and we need to expect further mortgage rate increases in 2023.
That all sounds very morbid, but it need not be if we apply some foresight and planning, no matter what your situation is – you need to get ahead of this so you can withstand the changes . and most importantly, continue to make gains towards your goals.
I am still a huge believer that we have so much control over our situation, even if it doesn’t feel like that.
Getting some help to prepare you or make a personalised plan for your mortgage rate expiring in 2023 will allow you feel secure, clear and motivated for what is ahead of you.
It has been a long time since New Zealand has seen interest rates that are this high. But this time around, our mortgages are much higher, the cost of living is much higher and we are exposed to much easier ways of carrying debt to get us through.
All of this combined can make for a more difficult time than we have been through before.
While that sounds scary, there is so much light still. We can take charge of that situation, make adjustments and become stronger for it. There are some wonderful learnings to be taken from this that we can use to bring us great financial success in years to come.
Here is what you can do:
- Understand what your rate increase is going to do to your budget. How much extra will you need to pay? Where will that come from? Adjust your budget accordingly now before it happens so you are ready.
- Take a look at all of your expenses. How much are you spending at the moment? Do you have any payments going out of your account that you are not using? E.g subscriptions or streaming services
- Get clear on what you can control and focus your time and energy on this. Do not focus your time and energy on the uncontrollable. For example, you cannot control the price of food but you can control what you do/don’t purchase.
- Have a financial goal that you are working towards. This helps keep you focussed on the bigger picture day to day
- Talk to friends and family. This is really empowering. We do not talk about money typically, so lets normalise conversations about money. By talking to friends and family it can help give you ideas, accountability and you can all motivate each other. It also helps other people understand when you might need to make adjustments to your current activities. E.g you may not be able to meet your friends for brunch every week now.
Your financial success in 2023 needs to start now. The best way to have a solid financial foundation is to be consistent every day, the small daily habits add up to huge benefit.
YouChange can help you get your finances in order and prepare you for the changes ahead.
We offer a personalised plan so you will know exactly where your money is going and what it is doing for you. We give coaching every month, this helps you through the changes you are making and gives you a support person if it is feeling a bit tough. We also hold you accountable, we walk this journey with you and make sure you are sticking to what you said you would.
YouChange clients have achieved great financial success and are going into this uncertain period with more certainty and security than they have ever had.
If you want some professional guidance, contact YouChange to book a consultation.