Finance 3. Get a handle on your debt This one’s obvious: if you want to eliminate financial stress from your life, get rid of debt (mortgage, credit card balance, car loan, etc.) as fast as you can. This goes double for those of us who are in retirement, when the lack of employment income can severely limit our ability to pay off debts, and severely increase the feeling that your finances are out of control. Are there times when debt is a useful tool? Sure – most of us would never have been able to have purchased a home without a mortgage. And yes, there may be circumstances in which it makes sense to avoid paying down debt right away (talk to a qualified tax accountant to find out more). But, for the vast majority of snowbirds, getting a handle on debt is one of the most effective ways to get a financial “monkey” off their backs and take back control of their money. 4. Automate your bills For some people, being in control of their finances means reviewing every bill and payment they make, every time they make them. And that’s fine. But most of us have neither the time nor the inclination to exercise that level of control – particularly with such ongoing expenditures as the hydro bill, car insurance, and so on. For such people, being more in control means spending less time poring over bills. The good news is that most banks allow you to automate regular bills such as utilities, insurance payments, your cellphone bill, property tax and minimum payments on your credit card, too. Making these payments automatic can greatly simplify your financial life and can give you some peace of mind, too, knowing that important payments will still be made, even if you happen to overlook a due date, or if you’re out of the country for an extended period of time. 5. Consolidate your accounts If you’re like most Canadians, you likely have a strong financial relationship with one of the big banks. Over the years, though, you may have added a couple of “smaller” relationships, too – maybe a savings account you never closed, a second credit card you rarely use, or a small RRSP you picked up through work way back when. Again, there’s nothing wrong with any of that, if that’s what you want. But if you’re looking to simplify your finances and gain more control over your money, you’ll want to find out if one or more of these “auxiliary” accounts can be closed or moved to your primary financial institution. You’ll eliminate the hassle that comes with keeping multiple records, and you’ll make it easier to get a “big picture” view of your finances. You might even save yourself a little money, as many institutions offer fee discounts when you do more business with them. CSANews | SPRING 2019 | 27
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