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Debt
Reduction Tips for Boomers
As Boomers get closer to retirement age, many are still loaded down
by debt. This is an issue because their income will be greatly
reduced during retirement and paying down debt will be increasingly
more difficult. The best idea is to clear the debt first. The experts
from Desjardins Financial Security suggest that while you're still
working, that it's important to look at your financial situation
seriously and start making the necessary adjustments now.
Never too late
to set up good financial habits
According to Statistics Canada's "Retiring with debt"
publication, one in three retirees have some form of debt, and that's
equally true for couples and single people. The debt can be in the
form of loans, credit cards and lines of credit. But the good news is
that these retirees owe less than Canadian workers aged 55 and up.
Their median debt is $19,000, as compared to $40,000 for workers. The
ideal plan is to develop good financial habits during your working
life to ensure that you have plenty of savings and few liabilities at
retirement.
Understanding
your liabilities and paying them off
There are two
types of debt:one increases your assets like a
mortgage and the other reduces your assets like credit cards. Credit
in and of itself isn't the problem, so long as it's managed well. To
know exactly where you stand make a list of all your liabilities:
• Bank and store credit cards tend to have the highest interest
rates, so you should focus on paying this off first
• Lines of credit
• Car loan
• Investment loans
• Student loans
Once you've paid off the debt with the highest interest rate,
consider trying paying off your mortgage next. You can reduce the
amortization period for your mortgage by increasing your payment
amounts, payment frequency (e.g. weekly rather than monthly) or by
making a prepayment.
As an added protection, consider credit insurance and term life
insurance. In case of illness, disability, or death, these types of
insurance will protect your family by covering off your debts and
securing your assets.
(Source: News
Canada)
Spring into
action: Protect your home
The flowers are blooming, the birds are singing and our homes have a
bad case of the winter blues. But before you tackle those dirty
chores, remember that spring cleaning is a tradition that serves a
very useful purpose - to rid the home and exterior property of the
build-up that has occurred during the winter months.
Here are four simple tips to help make exterior spring cleaning a
breeze this year:
• Inspect your
property: Frozen ground can cause shifts in your
landscaping and patios which, if left unattended, can result in
costly repairs and injuries. Be sure to inspect your walkways and
driveways for cracks.
• Remove
debris from your gutters: Ensure that leaves and dirt
are removed to prevent water blockage.
• Repair
damage to your roof: Replace missing or damaged
shingles to prevent leaking roofs.
• Examine
fences around your property and pool: Ensure fences
are still sturdy and lock properly to prevent injury and intruders
from entering your yard.
Little tricks that keep your home always looking clean
We've all seen it: the home of a friend, relative, or neighbor that
looks like the pages of a design magazine. Nothing is out of place,
and then, often green with envy you return to your home to find dust
bunnies, food crumbs, and splatters of toothpaste on the bathroom
mirror. How do some people work all week and still find time to
clean? Surely, they must be scrubbing all weekend.
The truth is, homeowners can keep their homes tidy during the busy
work week with just a few simple tips. That way, you can relax on the
weekend. Soon enough, you'll be showing envious guests around your
own spotless home. Here's how:
Tips for
the kitchen
• Wipe up cooking messes from the stovetop or counters immediately
after they happen, before they dry and become difficult to clean.
• Use a damp sponge and a cup of water boiled in the microwave to
wipe away crusted food stains.
• Consider using a robotic vacuum to keep floors free of dirt, dust,
food particles, and hair while you finish other chores or watch TV.
Tips for
the bathroom
• Keep a squeegee handy to wipe windows, mirrors, and counter
surfaces after a shower to keep them sparkling.
• The touchless faucet is both practical and chic. Faucets with
the option for hands-free activation can ensure that sticky or greasy
toiletries are not transferred to the faucet handle, minimizing
weekly cleaning tasks.
• Use an automatic toilet bowl cleaner that you can set and
forget while still keeping toilet bowls fresh all week long.
Around the
House
• Fifteen minute power cleaning or de-cluttering sessions, done a few
times a week, can help to cut down on out-of-control messes. Pick one
small space to attack each time, and you'll be surprised how it helps
keep household clutterunder control.
(Source: News Canada)
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