Forgotten Dollars Part 2

Navigating Your Finances

Hi there, Welcome back to “Your Canadian Senior Moment”!

Last week, in the first part of our series, we talked about all the great discounts and deals you may be entitled to at Canadian retailers and services. This week, we’re going to tackle a topic that can feel a little intimidating but is crucial for your peace of mind: navigating your finances. We’ll look at options for debt relief, savvy credit card choices, and how to find free money from Canadian banks.

Debt Relief Options

If you have debt from credit cards or loans, it can feel overwhelming. It’s easy to get discouraged, but there are genuine, non-profit organizations in Canada that can help you find a way out.

Non-Profit Credit Counselling: Organizations like the Credit Counselling Society offer free and confidential consultations to help you create a plan to get out of debt. They can help you with a Debt Management Plan (DMP), where you make one manageable monthly payment to them, and they distribute it to your creditors. They have no interest in selling you anything.
Consumer Proposals: If a DMP isn’t enough, a consumer proposal can be an option. This is a legally binding agreement with your creditors to pay back a portion of your debt over a period of up to five years. It’s often a better alternative to bankruptcy.

Smart Credit Card Moves

Many Canadians use credit cards for everyday spending, but paying high interest rates can quickly erase any benefits. A smart move is to use a card with a low-interest or 0% introductory offer.

Balance Transfer Cards: Several Canadian banks and credit card companies offer cards with a low or 0% interest rate on balance transfers for a limited time (usually 6 to 12 months). This allows you to transfer a high-interest balance from another card and pay it down without accumulating extra charges.
Important Note: Be cautious with these offers! Make sure you can pay off the balance before the promotional period ends, as the interest rate can jump up quickly.

Free Money from Canadian Banks

Yes, you can get free money! Many of Canada’s biggest banks offer cash bonuses to attract new customers. These are often easy to claim.

Eligibility: To get a bonus, you usually have to open a new checking account and meet certain criteria within a specific time period. The most common requirements are to set up a direct deposit (like your pension) or make a certain number of debit transactions.
The “Fine Print”: Be sure to read the terms and conditions. Some bonuses require you to keep the account open for a minimum amount of time or maintain a certain balance to avoid fees.

Your Turn to Claim!

You’re a valuable customer to banks, and you shouldn’t be paying fees or high interest rates. Take a moment to check your bank’s website for any sign-up bonuses or special accounts for seniors. If you’re carrying a credit card balance, see if a balance transfer card could save you hundreds of dollars in interest.

This is just the second instalment of our new series. Next week, we’ll talk about protecting your assets, including how to find the best car insurance rates and what to do if you have tax debt.

(Please remember: We are not financial professionals, and the information above is for educational purposes only. It does not constitute specific financial advice. For personalized guidance on your finances, please consult a qualified professional.)

Warmly,
Bill and Marilyn
Founders of Canadian Senior Moment

PS. Keep in mind Canadian Senior Moment has been publishing every day for over three months now and every single issue is available on the site, even to free members. We covered a lot of topics in those three months and a lot of personal stories. I’m pretty sure you’ll find something of interest if you take the time to browse through them.

Just go to this page: https://canadianseniormoment.substack.com and click on “Archive” at the top of the page. You can also click on “Chat” at the top of the page and join in a conversation with Marilyn and I or other members.