08/06/2026
Keeping track of your subscriptions?: Each year Canadian homeowners look for ways to budget their income, find savings in deals, and using subscription services to make life easier. But are you keeping track of all your subscription services? Maybe you have a gym membership, a food meal plan delivery, multiple streaming services, or monthly clothing boxes that are billed monthly to your bank account. But what happens if you don't use your subscription plans and still have your account billed? It can be small amounts of money for one subscription, however, multiple accounts can pile up causing a larger expense of your income. Reading each subscriptions terms of agreement to understand if there is a cost to cancelling fees, needing to cancel in person or over the phone or internet forms, running out the length of contract, and mitigating hidden fees can help your budget grow into the positives. What if your subscriptions are paid manually through your own scheduling and remembering to make the payment on time? If you miss a payment how could it affect your financial profile? Firstly, you may be charged a late fee via a percentage of the payment due (ranges can be less than 1% to 3% or 25% annually), potentially your subscription service can be suspended, and your account may go to collections after an extended period of time. Each of those potential repercussions could have a negative effect on your financial situation if not handled in a timely manner. It's important to stay on top of your budget by reviewing your monthly incomes & expenses, making active decisions about what subscriptions you want to keep or cancel can keep your financial situation growing in an upwards trajectory. Interested in learning more about how subscriptions and reoccurring payments can affect your mortgage? Book a meeting with me today to get the guidance and resources on navigating the everchanging financial world of mortgages! Phone: 613.384.4000 Ext. 227 Email: [email protected]
