Consolidating bank accounts
"Be patient," says Debbie Gillis, a credit counselling manager in Kingston, Ont.
"It takes time, but you will be successful." As part of your financial plan, check them off as you consolidate them.
"With so many different accounts, no one has a clear picture of what it costs to run the household," says Diane Dekanic, a certified financial planner and owner of Financial Health Management in Calgary.
"You only see one puzzle piece, never the whole puzzle.
As well, couples should have both names on the insurance policy.
"There's less risk associated with couples because if one of you loses your job, there's usually still an income stream coming into the home from the other partner," says Heather Franklin, a CFP in Toronto.
For instance, if you're the type of person who dashes into the bank every February to make a last-minute RRSP contribution, chances are you have several RRSPs at different banks stuffed with mutual funds that were the flavour of the month when you bought them.
"If you have 0,000 or less, then you will benefit from having your RRSPs, TFSAs and other investments all at the same financial institution," says Dekanic.
When all is said and done, debt consolidation is only a means to an end. Also consider combining your house and auto insurance with one company.
That alone can save you up to 15% on your total insurance bill.
"It's like a mosquito that buzzes around your head and then starts gnawing at you until you do something about it." In fact, the more your finances are spread between financial institutions, the more likely you are to be inundated by needless paperwork.
And while you deal with that distraction you become susceptible to costly mistakes, like paying a bill late or writing a cheque on the wrong account and getting slapped with overdraft fees.
"If you can get all of your debt into one easy monthly payment with a decent interest rate, that's a good thing," says Debbie Gillis, credit counseling manager of K3C Credit Counselling in Kingston, Ont. But it's a great opportunity if you're determined to get out of debt faster." To do that, consider cutting back on discretionary expenses such as restaurant meals and travel, as well as consolidating some of your bill payments to save on fees.Tags: Adult Dating, affair dating, sex dating