With incisive humor and captivating honesty, $AVVY questions why women often take a backseat to managing their money, and reveals why it’s increasingly critical for women to take the reins of their financial futures. For more information about managing your money or debt, contact Scott by email, check or call 1-88.$AVVY investigates the historical, cultural and societal norms around women and money. Scott Hannah is president of the Credit Counselling Society, a non-profit organization. Paying Property Taxes is Essential If You Own a Home – Tips to Make It Less Painful How to Pay for College or University Without Getting into Major Debt Top 5 Retirement Planning Tips – A Lotto Win is Not in the Cards Don’t put off until tomorrow what you can do today - there’s a lot of truth to the wise words of Benjamin Franklin, especially when it comes to our finances. But the future will be here before you know it. Thinking about the future can be a heavy obligation when you’re working, playing taxi driver, carving out me or us time, checking in on the in-laws and generally just trying to make it from one paycheque to the next. Article content The bottom line on smart money moves to make in your 40s This advertisement has not loaded yet, but your article continues below. Don’t underestimate how much time, money and energy it takes to be your aging loved one’s advocate and/or care provider. This can mean with their housing arrangement, due to a medical situation, there might be legal issues that need addressing or, it might be all of this combined and then some. It can creep up slowly or hit you all at once - your parents or grandparents suddenly need a lot more help than ever before. It means driving a modest car that you can afford to fix, buying a home in an area where keeping up with the Joneses won’t put you in the poor house, saving up at least a partial payment for bigger expenses or purchases and, being able to sleep at night without worrying about your finances. It means paying your credit cards off every month in full, but not by going into debt with your line of credit to make the payments. Not spending more than you earn means not relying on credit to finance everything. “To live within your means” is the same as saying “avoid spending more than you earn.” Don’t ignore this tip just because it’s obvious, or because you think debt is normal. Forms periodically get changed and laws are updated - you want others to be able to count on your directives and decisions when they need to. If you have legal documents but haven’t reviewed them in many years, made your family aware of your wishes, moved within Canada or are still connected with an ex-spouse, take the time to review your matters sooner than later. If you don’t have a will, power of attorney and/or representation agreement, you could leave your family and any minor children in a legal quagmire, even forced to make tough choices on your behalf. If your home is part of your retirement plan, you want to sell it when you’re ready, not when your finances force you out. Speak with a financial planner who can help you decide how much you need to save to pay for your lifestyle without being forced to sell your home. Paying off your mortgage in your 50s is a fantastic goal, but not if it means ignoring your RRSP, TFSA and other savings, e.g. It’s best to strike a balance so that you don’t abandon saving, but also pay off your debts because you don’t want to end up getting further behind with each passing month. deductions for a pension at work, RRSP contributions and other savings or insurance) that they are making up the shortfall with credit. However, some people end up saving so much off of each paycheque (e.g. It’s important to keep saving in an emergency fund while you’re paying down debt. If you are trying to build up your nest egg but the balances in your savings account are dwarfed by what you owe on your credit cards, line of credit and mortgage, the time to turn the tables is now while you’re at or near your peak earning potential. Don’t let debt take the shine off of your golden years If all of your family’s coverage is through your employers, and something happens to change your employment situation or the coverage they offer, you might end up with less than you had counted on, or forced to buy more at an expensive time in life. It’s best to arrange at least some insurance through an independent agent yourself. Manage Print Subscription / Tax Receipt.
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