Managing a budget isn’t easy for everyone, and as you get older, retirement can present new financial challenges as your circumstances change.
1. Reevaluate your priorities
As you get older, it’s important to regularly reassess your financial priorities and look to the future. Are there any expenses you’re clinging to that you don’t need, like a big cable TV package for example, or maybe a second or third vehicle? Reduce expenses that no longer make sense to you now, rather than keeping them “just in case”! Paying bills for whatever you care about, and not for things you don’t need or care about, will improve your quality of life now and in the future.
2. Ask for help
Many Canadians can manage their monthly bills, budget and expenses well into their 80s. But if you’re having trouble understanding payments or falling behind on paying bills, it’s important to ask a trusted friend or family member for help. You may have been brought up to be independent, but it’s wise to put aside your pride in order to better manage your financial future. No one will have a negative opinion of you.
3. Keep it simple
Whether you have a very detailed system for managing your money or are messier, it’s in your best interest to keep things simple. Close unnecessary bank accounts and think about consolidating debt – you want a system that’s both easy for you to follow and easy for someone else to take over when needed.
At the same time, follow what works best for you: If you’re tech-savvy and have trouble meeting due dates, try automating some or all of your monthly bill payments – from this way, you’ll always pay your recurring bills on time. On the other hand, if you don’t trust online banking or find the internet too expensive, confusing or inaccessible, you can stick with paper bills sent by post, where that option exists.
This year, the Canadian Radio-television and Telecommunications Commission (CRTC) required communications service providers to offer free, on-demand paper bills to customers age 65 or older, those who do not have access to the Internet or mobile data, or to those who identify as persons with disabilities. You can learn more about the new rule at crtc.gc.ca/paperbilling or by calling 1-877-249-2782 (CRTC).