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Simple tips to help you pay your mortgage (without cutting back on other essentials)

The average Canadian mortgage amount increased from $351,862 (as of Q2, 2021) to $374,635 (as of Q2, 2022), according to the Canada Mortgage and Housing Corporation.

Keeping up with a monthly mortgage payment is becoming more difficult by the year. When combined with increasing inflation rates, owning a home has caused some Canadians to struggle with making their payments. Today, I’ll share some practical, simple tips to help you pay your mortgage so you don’t find yourself falling behind.


Before you try any of the tips listed below, I recommend creating a detailed budget. Go through your previous few months' bank and credit card statements and start categorizing and adding up your expenses. Some of the main categories that you’ll want to detail include:

  • Mortgage payments
  • Utilities and household bills
  • Debt payments (personal loans, auto loans, credit cards, etc.)
  • Insurance payments (auto insurance, home insurance, etc.)
  • Fuel and transportation costs
  • Grocery costs
  • Entertainment expenses
  • Subscriptions (streaming TV, music, magazines, etc.)

Depending on your unique situation, you may have some other categories to add to this list as well.

Try your best to account for every dollar spent. This will allow you to see exactly how much cash you have flowing in and where it’s going. Then, you can use this data to cut back on certain areas, such as excessive streaming subscriptions or nights out, allowing you to put extra money aside.

Here’s a free (and incredibly simple) online budget calculator that you can use to create your monthly budget.


After analyzing your budget and figuring out where you can save, try one or several of the following tips to help put extra money in your pocket.

1. Host a garage or yard sale to get rid of unneeded items

Most people have unused items lying around their homes that they could turn into cash. You might be amazed at how many things you’ve accumulated over the years that could be worth a decent amount. For example, one of my friends recently turned an old bin of hockey cards into over $3,000.

If you don’t want to host a yard sale, consider using online platforms such as Facebook Marketplace, Craigslist, or Kijiji. You can declutter your home and earn some cash while doing it.

2. Turn your spare bedroom into extra cash

One of the most straightforward ways to earn extra money is by putting your house to work. If you have an extra bedroom in your home, you can list it as a short-term rental and allow guests to stay overnight.

You have to provide them with a clean room, access to a clean shower/bathroom, and a few essentials. If safety is a concern, Airbnb allows you to screen guests and read reviews about them from other hosts.

3. Rent space in your yard for RV or boat storage

If you have a larger property with space to fit a boat or an RV, then you can rent out the space to boat or RV owners who need a place to store their vehicles in the off-season. It helps if you have a secure, fenced-in backyard.

Often, you can charge up to $100 per month or more just for allowing somebody to utilize your outdoor storage space. You also don’t have to worry about anybody coming inside of your home like you would if you were hosting a room on Airbnb.

4. Start a flexible side hustle

Canada’s “gig economy” has been growing quickly, with about 1.7 million Canadians participating in this form of employment, according to Statistics Canada. There are more ways than ever to pick up a flexible side hustle and start putting extra money in your pocket. Some of the top opportunities include:

  • Driving for rideshare companies
  • Delivering packages for eCommerce companies
  • Delivering food with phone app delivery services
  • Picking up an online freelance gig as a writer, video editor, or graphic designer

All of these side hustles allow you to choose your own hours, which means you can easily work them into your existing work and family schedule. Most pay weekly and don’t require you to work a minimum amount of hours either, so there’s no obligation.

5. Board dogs in your home

If you enjoy the company of dogs, you can earn money by boarding and taking care of dogs overnight in your home. There are some online platforms where you can register as a host, trainer, or even a dog walker. On average, you can earn between $40 and $60 per night just for taking care of somebody’s dog while they’re out of town.


With rising inflation, paying all of your bills and mortgage on time can be a bit challenging. Thankfully, there are plenty of opportunities to help homeowners earn extra money and ease the stress of upcoming payments.

Christopher Liew is a CFA Charterholder and former financial advisor. He writes personal finance tips for thousands of daily Canadian readers on his Wealth Awesome website.

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