The latest news has highlighted rising interest rates, surging inflation, and economic uncertainty in Canada, leading to suggestions for a possible recession. To protect your future, consider taking the following steps:

• Set a budget and reduce expenses: Set a budget and reduce monthly expenses and overall debt by reviewing your income and expenses. Identify areas for reduction such as cell phone plans, streaming subscriptions, and transport costs.
• Consolidate debts: Make a list of your high-interest loans and consider consolidating them into your mortgage to save on interest and free up cash flow with one payment. Also, allocate a percentage of your income towards an emergency fund to provide breathing room in case of job loss or unexpected expenses.
• Diversify investments: Evaluate your investment portfolio and consider diversifying it to help reduce risk. You can reroute your investment to real estate or other areas to ensure you have various sources of income, and always talk to an expert.
• Explore extra income: Find additional income sources by exploring promotion opportunities, upcoming reviews, and transferable skills you can apply to consult or extra contract work.
• Stay calm and adjust your crown: Remember not to panic and make appropriate adjustments to stay financially secure.

If you have any questions, contact your mortgage expert for guidance on the impact on your mortgage and making long-term changes.