Accredited Mortgage Professional Lisa\u00a0Gryba<\/a>, these challenges are not new, but they are becoming more urgent. She says one message comes up repeatedly: without a clear plan, financial goals can feel out of reach.\u00a0<\/p>\nLearning financial\u00a0habits\u00a0the hard way\u00a0<\/p>\n
Gryba\u00a0says her own understanding of money did not come from formal teaching early in life, but from experience.\u00a0<\/p>\n
\u201cI would say I\u00a0wasn’t\u00a0taught that as a child. I developed a passion when I was young and wanted\u00a0things. I realized very quickly that without a plan, it\u00a0doesn\u2019t\u00a0happen.\u201d\u00a0<\/p>\n
That realization started with small steps such as earning and saving money through chores, eventually shaping her broader approach to finances.\u00a0Gryba\u00a0says those early lessons still influence how she advises clients today.\u00a0<\/p>\n<\/p>\n
Understanding credit and why it matters\u00a0<\/p>\n
One of the most common misconceptions\u00a0Gryba\u00a0encounters is around borrowing and credit. While some people prefer to avoid debt entirely, she says that approach can sometimes create challenges later, especially when applying for a mortgage.\u00a0<\/p>\n
\u201cYou\u00a0have\u00a0to\u00a0show that you can borrow money.\u00a0I’m\u00a0trustworthy.\u00a0It\u2019s\u00a0all about risk elimination. We want to be able to show that if we want to do a mortgage, we can trust these people, and that\u00a0they\u2019re\u00a0going to pay.\u201d\u00a0\u00a0<\/p>\n
Gryba\u00a0says building a positive credit history is essential because lenders rely heavily on past payment\u00a0behaviour. Even a single missed payment can have an impact.\u00a0<\/p>\n
\u201cThat\u2019s\u00a0a huge part of my job because I can show that you make money, that you have a job, and you can make payments, but what do I do if you\u00a0don\u2019t\u00a0have credit worthiness?\u00a0That is something that,\u00a0in my\u00a0opinion,\u00a0should\u00a0be [taught] in school systems. We need to\u00a0teach\u00a0the children young, so that when they become our age,\u00a0it\u2019s\u00a0second nature.\u201d\u00a0<\/p>\n
She adds that in\u00a0the Southeast, there can be gaps in credit history within households, particularly where one partner has not\u00a0borrowed in\u00a0their own name.\u00a0<\/p>\n
\u201cWe see often in families where the women often stay home, raise the children, and the men borrow. The men do because they are the breadwinners. But we felt in the mortgage industry, we need the women to\u00a0establish\u00a0credit too.\u201d\u00a0<\/p>\n
She notes that even modest income can make a meaningful difference when qualifying for financing, but only if there is a record of responsible borrowing.\u00a0<\/p>\n
Mortgage renewals present opportunity\u00a0<\/p>\n
Looking ahead,\u00a0Gryba\u00a0says the next two years will be significant for homeowners.\u00a0<\/p>\n
\u201cMortgage renewal opportunities are huge because in the seat I sit, those mortgages are going to be two per cent down to one and a half per cent, and\u00a0I\u2019m\u00a0going to try to sell them\u00a0on\u00a0three and a half, four per cent. How do you do it? It sounds worse. Debt consolidation is huge.\u201d\u00a0<\/p>\n
While some borrowers may be concerned about higher interest rates compared to\u00a0previous\u00a0terms,\u00a0Gryba\u00a0emphasizes that renewal time can also offer an opportunity to improve overall financial health.\u00a0<\/p>\n
One of the most effective strategies she highlights is debt consolidation. By combining higher-interest debts such as credit cards or vehicle loans into a mortgage, families may be able to reduce their overall monthly obligations.\u00a0<\/p>\n
\u201cWhen\u00a0we add those payments and we add up the mortgage payment, often the overall payment is large. When\u00a0I can roll it into a mortgage, stretch the payments a little bit, it offers extra cash flow, and comfort\u00a0for the families to exactly weather the season of\u00a0what\u2019s\u00a0going on down south and how it is affecting us in Canada.\u201d\u00a0<\/p>\n
She says this approach can help households manage rising costs and create more stability during uncertain economic periods.\u00a0<\/p>\n
Budgeting\u00a0remains\u00a0the foundation\u00a0<\/p>\n
For those without a mortgage, or for anyone trying to regain control of their finances,\u00a0Gryba\u00a0says the most\u00a0important step\u00a0is also the simplest: create a budget.\u00a0<\/p>\n
\u201cWrite it down. Put it on a spreadsheet, budget accordingly, and\u00a0plan ahead\u00a0because\u00a0I think anything\u00a0is possible.\u201d\u00a0<\/p>\n
She encourages people to structure their payments in a way that follow a bi-weekly system even for those who receive income monthly.<\/p>\n
Gryba\u00a0also recommends focusing on one debt at a time rather than spreading payments too thin across multiple accounts. She gives an example of someone trying to repay three credit cards.<\/p>\n
\u201cThe best strategy\u00a0and what I\u2019ve\u00a0experienced\u00a0is do more than your minimum payment on the other two but that third one, slap more money on, pay it down,\u00a0pay it off quickly.\u201d\u00a0she\u00a0says.\u00a0<\/p>\n
This targeted approach can help individuals see progress more quickly, which can be motivating and\u00a0reduce\u00a0long-term interest costs.\u00a0<\/p>\n
Related Stories:<\/p>\n
Using extra income wisely\u00a0<\/p>\n
With tax season underway,\u00a0Gryba\u00a0says refunds present an opportunity for financial improvement, not\u00a0additional\u00a0spending.\u00a0<\/p>\n
\u201cIf you’re getting a refund, that’s not\u00a0a time\u00a0to go on a trip,\u201d she says. \u201cThat\u2019s\u00a0the time to look at what our debt is. What are our payments? What should I do? Because with planning for when a storm comes,\u00a0you\u2019re\u00a0ready.\u201d\u00a0<\/p>\n
Talking to children about money\u00a0<\/p>\n
Financial stress is also affecting families with children, particularly when parents have to say \u201cno\u201d more often than they have in the past.\u00a0<\/p>\n
Gryba\u00a0says those moments can be valuable teaching opportunities\u00a0and\u00a0believes financial literacy should start early, even with small allowances or simple budgeting exercises.\u00a0<\/p>\n
\u201cAt the age of five,\u00a0there’s\u00a0nothing wrong with having a budget\u00a0because everything is so expensive.\u201d\u00a0<\/p>\n
At the same time, she acknowledges the importance of balance, encouraging parents to allow for occasional rewards while still reinforcing responsible habits.\u00a0<\/p>\n
\u201cIt\u2019s\u00a0okay to spend a bit, and\u00a0it\u2019s\u00a0okay to reward yourself.\u00a0You\u2019re\u00a0not cleaning out your bank accounts, and\u00a0you\u2019re\u00a0ready for a rainy day,\u201d she says.<\/p>\n
Related Stories:<\/p>\n
Managing expectations in a social media world\u00a0<\/p>\n
Gryba\u00a0also points to the influence of social media on financial expectations, particularly among younger people.\u00a0<\/p>\n
She cautions that these images often do not reflect the full reality behind them.\u00a0<\/p>\n
\u201cYou only see the good stuff. You\u00a0don\u2019t\u00a0see what\u00a0they\u2019ve\u00a0had to go through to get there.\u201d\u00a0<\/p>\n
That\u00a0perception\u00a0can lead to unrealistic comparisons and pressure to spend beyond one\u2019s means.\u00a0<\/p>\n
Instead, she encourages people to focus on their own financial situation and long-term goals.\u00a0<\/p>\n
Strategy over rates\u00a0<\/p>\n
As mortgage renewals approach,\u00a0Gryba\u00a0says borrowers should resist the urge to simply sign renewal documents without exploring their options.\u00a0<\/p>\n
\u201cWhen I get a renewal document in the mail, shouldn’t\u00a0I\u00a0just sign\u00a0and initial? Never.\u201d\u00a0<\/p>\n
Instead, she encourages homeowners to seek advice and develop a long-term strategy.\u00a0<\/p>\n
\u201cIf we strategize accordingly, moving forward, my clients are going to save so much money.\u201d\u00a0<\/p>\n
A message of hope\u00a0<\/p>\n
Despite the challenges many families are facing,\u00a0Gryba\u00a0remains\u00a0optimistic.\u00a0<\/p>\n
\u201cI\u2019m\u00a0a firm believer that everyone can be a homeowner. You just have to plan, and some people\u00a0have to\u00a0plan longer. I think that when\u00a0you\u2019re\u00a0proactive, any kind of surprise\u00a0won\u2019t\u00a0really catch you off guard.\u201d\u00a0<\/p>\n
She emphasizes that financial progress is possible with consistency,\u00a0discipline\u00a0and the right guidance.\u00a0<\/p>\n
By focusing\u00a0on practical steps such as budgeting, managing\u00a0debt\u00a0and building credit, she says individuals can regain a sense of control and confidence.\u00a0<\/p>\n
\u201cYou\u2019ll feel invincible,\u201d\u00a0Gryba\u00a0says.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"As the cost of living continues to climb across southeastern Manitoba, many families are feeling the strain. From…\n","protected":false},"author":2,"featured_media":565604,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[45,49,48,133,131,132],"class_list":["post-565603","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-ca","tag-canada","tag-finance","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/565603","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=565603"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/565603\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/565604"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=565603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=565603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=565603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}