68 and Working at Wal-Mart

David Sklar & Associates – Toronto Consumer Proposal and Bankruptcy Trustees,
Share the Lessons of Successful Debt Management

Don’t get us wrong – we applaud Wal-Mart, Tim Horton’s and all the places that hire seniors, they are using one of Canada’s greatest overlooked assets – and helping to make retirement more enjoyable for thousands. But, not all of the seniors you see working at Wal-Mart and elsewhere are there because they find retirement boring. Many are working because they need the paycheque.

It is a frightening prospect to be approaching retirement and have debt. It is even scarier to be 65 and realize you are struggling because your pension cheque is being used up on debt re-payment. With 30+ year mortgages, a culture of buy-now-pay-later, dwindling savings, and low-to-no company pensions, many people in the Greater Toronto Area are heading towards a very scary future.

So what’s to be done if you are not yet retired?

• Start living on a Budget.
• Reduce your Expenses.
• Increase your Income.
• Get out of Debt.
• Spend below your means.

The single best thing you can do for your future self is to start living on a budget. Setting up a realistic budget will give you an idea of where you are right now in terms of your finances, and help you chart a course to financial freedom. Staying on that realistic budget and achieving your financial goals will help you to have a retirement that is a whole lot less scary. We have a free, online budgeting series with worksheets on setting up and living on a budget you might what to check out.

Reducing your expenses is as much about attitude as it is about spending less. What is your attitude to stuff? Is it more important to you to be perceived by others as ‘successful’ because of outward appearances, than it would be to own a ‘humble’ mortgage-free home? If the image of wealth is more important to you than the reality of a secure financial foundation, then it is unlikely you will be successful at reducing your expenses. But, if you can see that creating the illusion of wealth will not keep you as safe as the reality of building a sound financial base – then you will be able to find ways to cut your expenses and succeed.

Increasing your income will enable you to get out of debt faster. However, don’t put your life on hold till you are out of debt – be certain that increasing your income will not put too much of a dent in the time you spend with your family and friends. As any retired person will tell you, the most important things in life are about family and friends.

Getting out of debt requires that your budget and expenses are in line with a true desire to be debt free. If you are trying to pay down your credit cards just so you can load them up again – what a waste of time and effort! But, if you want the freedom of being without debt and have more important things to do with your life than wonder where your next credit card payment is coming from – then getting out of debt may well be the most liberating thing you ever do.

Spend below your means – and put the balance towards your financial goals. Discover how powerful you are, by making your financial dreams come true.

What can be done if you are already retired?

• Start living on a Budget.
• Reduce your Expenses.
• Increase your Income.
• Get out of Debt.
• Spend below your means.

Sound familiar? The same advice applies to you as to younger people. You are never too old to start managing your finances and working towards a debt free future.

Note: Whether you are retired or not, if you are facing overwhelming debt that budgeting alone will not fix, and are living in the Greater Toronto Area – call us at 416-498-9200 for a free initial consultation. We will be able to evaluate your existing financial situation and help you explore your options.