My job (before retiring) was real estate tax related for a local jurisdiction. I lost count how many seniors I talked to who couldn’t pay property tax. The homes were free and clear, worth half to several millions market value. Because they were old without big social security income and dwindling retirement savings, they couldn’t refinance to get money from equity., I always told them to sell it and down size. The resistance was fierce. I have also field checked homes after long time owners died. The state of disrepair and how senior unfriendly the layout and topography was saddening. It showed me how difficult their last leg in life had been. One lesson I have learned from dealing with taxpayers is that after a certain age (say 75), change becomes insurmountable. They can’t adapt to a new town/new doctor, new life style, drastic possession purging, etc.. If the house/condo you own is the biggest asset and retirement saving, if your home is going to trap you (due to mobility issues in old age), don’t wait. Plan your move to an age in place home before you are muddled thus at the mercy of your children (need help). After you cash out, don’t let your kids talk you into loaning them money or investing in their schemes.
You are so right Jen, being trapped by your house is serious, at the time you need mobility aids you can’t afford them. In Canada some municipalities are offering deferred property tax to be paid from the estate. The problem is if you can’t do the maintenance the million dollar home in today’s value that was bought in the sixties ain’t worth a million. Quality of life in retirement make the decisions while you are still vital. Thanks so much for sharing your thoughts.
jen3329 Also, do not let adult children talk you into selling your house and giving them the money to buy a large house for you to live with them. That seldom works out and when the parent decides to move out to an apartment, they are penniless.
Thanks Jen - that is fantastic information! I had thought change would be harder at a certain age (my mother in law is 85 and we are seeing that). Property taxes are definitely a concern. Here in Texas, while we don't have income tax, our property taxes are very high. Our 2 story home will eventually be senior unfriendly also - something for us to keep in mind. I really appreciate you sharing your real world experience.
I was an insurance lawyer. Here's another recommendation: Get new auto and homeowner's insurance every several years with a different insurance company. You will probably pay lower rates. I insured two cars with one insurance company for 4 years. Reinsuring them with another carrier this year, I will pay $540 less in premiums.
Best advice I ever got was as a university grad I should check into a certain insurance provider. We have saved thousands on home insurance as a result of one simple internet look up and phone call.
Thanks for those tips. Here's one: don't make drastic changes in your lifestyle and location without a very long test run. I bought a house in a different part of the country after retirement, but I'd lived here before. However, I know many people who only made a one day visit with a real estate agent at the height of summer - and now complain about the rain, miss their friends and family, but say they can't go back because prices are too high...or someone who bought a new boat to live in the Caribbean after a 1 week stay on land: no planning for hurricanes, the extremely cramped conditions, lack of sailing experience - lost a huge amount when trying to sell the 3 year used boat, and nowhere to come back to...be sensible and spend lots of time testing out the lifestyle, renting for a year, say, before burning your bridges.
That is very good advice. When making a big change, like moving into retirement, it's easy to paint a very rosy picture of some brand new lifestyle in your head. But, I , also, have seen many people lose a ton of money paying for that mistake. Test drive the lifestyle change before you buy!
Excellent comment. I have 3 former coworkers and 2 neighbours who followed their dreams of moving to cottage country. Summers are beautiful, winters are challenging. Several found you are never truly accepted by the year round long time residents. 4 became widows within a couple of years and found they couldn't deal with living there on their own and had to sell and move back here. They also mentioned that the lack of close major medical centres in cottage country made their spouses illness extra challenging. One lady didn't know how to drive so was totally stranded far from family, friends and transportation. Do a full season test run if this is your retirement dream.
My mother told me when I was a young adult that I should always have a credit card as the primary account holder, to build credit but also incase something happened to my husband. I lost my husband almost 3 years ago (in my early 50’s) and I am grateful that I had that card as the primary account holder plus all our bank accounts as joint accounts. A much easier process during a horrific time. 💔 I hope people will listen to you about it.
Hey there 👋Norm & Tina, you have such great advice! Some things we do now, others need action. A few things we do to save are 1) Make our own coffee in the morning, and if we go out, take it in a travel cup- we never go to big bucks Starbucks. 2) Regulate the thermostat and reduce energy consumption- we wear cozy fleece in the cool months, and short & t-shirts in the hot. 3) Combine errands and make one outing to save gas. That’s all for now. We enjoy your insights each week. Thank you so much!
I have been using a shuttle bus to go to and from the airport which often saves money over airport parking. They have been extending light rail closer to my house, so some time after I die the future owners of my house will be able to just take a train to the airport. I had always planned to sell my house when I retire and move to a cheaper house or condo, or just try to AirBnB places for a month each, but the real estate market seems to have changed rapidly, so I might keep the house another year or two after I retire and do fix up project with my free labor
I totally agree with the "one purse" idea. We've used that approach for our entire marriage (just over 40 years so far) and it is so much easier to manage finances rather than trying to juggle who pays for what. It also happened that later in my career I earned quite a bit more money than my wife but as it was one account all the money was "our money". If either of us earned more then we both earned more. It may have nothing to do with it but all of our friends that kept separate accounts throughout their marriage are now divorced. One thing I do is call my long time cable/internet provider and ask for a better deal. They always offer a good discount for a fixed term, often 2 or 3 years, and I write the deal expiry date on my calendar so I know when to call them for the next deal. They certainly won't tell you when your deal ends and they'll bill you at the regular rate until you notice it's gone up by $50 a month or more and you call them again. You don't have to take their first offer either and you may be able to squeeze another $10 or so monthly out of them, it's worth a try anyway.
Great comment thanks for sharing, we do the same with internet trying to get them to roll back increases, generally it works well. We are fans of the forum in Canada Red Flag Deals and keep an eye on the “hot deals” forum, some great tips from fellow viewers. Have a good Sunday and thanks for watching.
Nice Tshirt, Norm! I saw Aerosmith when they opened for Mott The Hoople at Massey Hall in 1973. They were so new, their name wasn’t even on the bill and my friends and I thought that Steven Tyler looked like a young Mick Jagger. 😂
My tip/advice to people is to set up a power of attorney while you are well and able. My parents have had a bad time in the past year with mum having a stroke. Dad is 92, and mum is 83, but they had not set up any power of attorney. After mum's stroke dad was too upset to think about setting up a power of attorney in the first few months. This meant I was unable to do even basic things for either of them as regards managing their affairs or paying bills etc. We have done it now, but I would strongly recommend in retirement to choose someone, either a son or a daughter or someone you trust dearly, and get it all in place ASAP. You can decide when it kicks in, but don't leave it until you are in an emergency. Get it done while everything is stable. You then have peace of mind that should the worst happen, people can act for you without hindrance if you ever need it... which you may not ever need....However, if you do need it, and you have not done it, it is a total nightmare for your loved ones trying to help you out. I imagine the court processes are very similar in both the USA and Canada to those we have in the UK. You don't want your loved ones to have to do it that way. It is a total nightmare.
Wow thanks so much for sharing it’s strange how so many people don’t want to think about what could happen in the future and don’t appoint POA or indeed lots don’t even make a will 😱As we get older we should all face these decisions to make it easier if and when medical things happen . Have a great weekend Cheers 🇬🇧🍷🇨🇦🙂🍺
@@ThisIsOurRetirement I suggested that my parents get everything in order once they were in their early 70s. They took my advice and composed a letter to the 3 children with information about all their assets, who managed their investments, exactly where in the house their bank account, etc., details were, POA and Executor info, their funeral director (they bought their funeral lots and paid for their funerals beforehand), a list of everyone they wanted notified in case of death, with addresses and phone numbers. They informed us about their DNR forms. They also wrote out the bare bones of each of their obituaries so we could just fill in a few more details. Every few years they would update the letter. It was tremendously helpful. Even so, one of my brothers started to steal cash from my father after my mother passed. I had to spend thousands on a lawyer to keep him under control but it protected my father and his assets. One must be extremely careful about who one chooses as a POA and never make decisions without notifying someone else. My brother manipulated my beautiful parents to make him sole POA and sole Executor of the Will just a couple of years before they passed, when they were weak and ill (the lawyer stopped my brother from forcing my father to change the Will). It is shocking how some people change when they smell money.
In our condo if you need a ride to the airport there are a number of retired people that will take you or pick you up. They just do it to be neighbourly. We try to keep our heat off even during the winter during the day and at night turn it off and sleep with flannel duvet covers and sheets. I have always had my own credit card, with a great credit score but we also have one joint credit card and bank accounts.
That’s wonderful Sandi we are about 90 mins from the airport so the taxi works bit far to ask neighbours. Our building this year is so hot 🥵 we are sleeping with the windows open HaHa and we don’t pay for heat ! have a great weekend Cheers 🍷🙂🌺
If I may suggest, it might be advantageous to call your service providers annually to ask for a better deal or rate on your services. Making a toll free call to your insurer or phone company or utility company could result in a nice discount on your monthly expenses. Never hurts to ask.
We go after credit card points very aggressively. Had cash back of about $1,500 last year. Of course I pay no interest... never assume that your insurance company is your friend. Shop your Auto and homeowners etc insurance at least every two years.. drinks or dessert in a restaurant are a dilemma. I can afford them, but I do hate paying those prices. I tend not to. We always enjoy your Saturday morning videos.
I insisted on getting my own credit card when I got married because when my grandfather died in the 70's my grandmother suddenly had no credit and could not get a card of any kind. I keep a limit of $2000 on it for safety reasons and use it for all our online purchases. You have to watch though because the bank is always trying to increase the limit. We find that going out for lunch costs much less than dinner for the same food and you can walk right in and get a table. We stopped buying alcohol when out decades ago because of the high prices. I have ice water and my husband orders Diet Pepsi. Two years ago we stopped drinking alcohol completely and don’t miss it at all. I am cheap and would rather spend the money on my hobbies.
Brilliant ideas!! @Susan Barkley Going out for lunch to save on dinner rates, watching out for increased credit limit, and not drinking alcoholic beverages- I’m with you, almost 🍺 I have one occasionally.
I read in an Australian newspaper recently, but it probably applies everywhere, that credit card companies don’t accept applications from people over 65 and so people with a second card on their spouse’s account can’t get a credit card if their spouse passes.
I agree about the restaurant drinks, also if you have the willpower forego desserts. A piece of pie or cake can easily cost $6 or $7. You can buy a whole one for just a bit more and enjoy it at home with friends.
Thanks for the videos! I think health and fitness is another thing that often gets put off too long. I think of the phrase "use it or lose it" and also "it's much easier to stay in shape than to get in shape." I want to maintain my physical abilities as long as I can in order to do more and enjoy more later in life.
Here in the U.S. it does improve the 2nd cardholder's credit score. Another option for security when buying online (or anywhere)...some banks offer the feature where you can create a one-time use 16-digit cc number that expires after a purchase is made, then the purchase shows up on your primary (real) cc statement. That way a hacker, etc can't grab the number and use it since it no longer exists after the initial purchase. Or, some credit cards can be turned off/on using an app, etc so you would only turn it on when needed.
Tip for your lunches. In some areas, one can hire a cook quite reasonably to come to your house and prepare the meal (and/or teach you how to prepare the meal). Much more fun than a restaurant. Lower cost if shared with 2-3 other couples.
My wife and I have always had separate investment and checking accounts for the sake of independent financial freedom. We both earned income and shared our passcodes to all accounts, and it’s never been an issue in our marriage and have enjoyed a successful retirement
Paying certain expenses annually instead of monthly is such a smart and simple way to save a bit of money. I know I should do this, but never have for some silly reason.
Yes! I do this for car/house/life insurances, disney/apple+/Prime (got rid of netflix as they didn't have an annual pay option). I divert the costs of all into a bucket account each month so that I don't get hit with a surprise cost one month.
We have always had joint accounts for about 80% of our pooled income and have always budgeted our lifestyle based on that 80% including joint savings. The last 20% gets directed to respective personal accounts for each to do as they wish. It has worked really well for us in 38 years of marriage. We are generally careful with our money and over the years (especially in the earlier years), whenever we have been faced with an unexpected expense or loss, one or the other of us has been able to 'come to the rescue' because we had these separate (off the books) resources. It always feels so good to be the rescuer and so loved to be rescued.
Hi Norm and Tina - another reason to have a second credit card is when travelling. While travelling solo in Europe several years ago my credit card was hacked, leaving me with only my bank card to access funds for the last week of my trip, which included payment of a hotel stay that had been booked with a now cancelled card. 😱 Lesson learned. I always have an 'emergency' card on hand while travelling now! Enjoy your content!
Great video as usual. One thing we do with our points card , in addition to paying everything off every month, is to wait until there are multi-points days, e.g., 25x the points on a certain day. We are at the point where there is nothing we need right away. Any extra fun item can certainly wait. Last summer we bought kayaks on a Canadian Tire 20x the points day. The amount of points paid for an air fryer. Nothing makes us happier than getting something for free! Take care Norm and Tina!
I am a new viewer. I really enjoy watching and hearing your sage advice. I am relatively new to retirement from work, so I have found your information quite helpful. Thank you, and all the best to you.
I have found that in most marriages, one person is responsible for paying the bills. It is very important for the other person to learn how to pay the bills. Also, make sure each of you knows where important documents are, such as life insurance policies, and how to collect on said policies.
Great Advice Once Again!I ran out and bought a "New to me "car on boxing week sale! $1000.00 off! Turned out it needs a Catalytic converter.$1500.00-----$2000.00!!! OUCH. Go slow! CHEERS
My husband and I don't eat in restaurants very often. When we do go to one, we go at breakfast or lunch time. It's so much less expensive than dinner! The dinners are usually too heavy and too much food anyway.
We established a line of credit at our local bank - for property tax; home improvements/maintenance. Credit cards are only for online purchases ONLY! We are fortunate to be a 2 income household. Our plan is to have no debts except the mortgage (which is cheaper than present day rents). In 3 years my private health insurance long term disability benefit ends So I likely will replace some of that income by drawing down some of my RRSP; or GICs. I also may start a small within the Village delivery service with an electric trike. Alol requires staying healthy - mind; body and teeth eh :) Enjoy your informative vids; stay well eh!
I really enjoy both of you each Saturday! I am 57 years old here in Arizona. You provide valuable information that I haven’t thought about until finding you both. I thank both of you very much for sharing your lives and information with all of us each week! 😃
Great video! Hello again from Mississauga. I'm 58 and semi-retired, hubby is 63 and 100% retired. We always planned for Gary to retire early because his job (pressman) was so physical. The plan was to retire at 62 but our daughter Emily (27) died from heart transplant complications when Gary was 62 so we decided not to make any changes in our lives for a year. Because our 23-year old son Evan has disabilities we opted not to sell our townhouse and instead leave it to him so that he'll be comfortable living in the only home he's ever known. We have an off the grid cabin near Haliburton. As we age I'm finding the cold winters hard. I have several health problems. I'm looking into trading our cabin for a Florida property. Gary's brother retired in Florida. We LOVE Florida. I'll never 100% retire. ADHD me. We stopped dining out. Restaurants have gone downhill since covid. We keep live simple. Have a great weekend. Sandra
Thanks for sharing Sandra , yes the winters are harder as you get older that’s why we are looking to go to warmer places for 31 days at a time . If we go to Florida for say 3 or 4 months the travel insurance is very high in comparison. Have a wonderful weekend Cheers 🍷🌺🙂
Best wishes, Sandra. We lived in Florida for a year- leased at The Villages Lofts of Brownwood. It was pricey but carefree. We moved to Lewes, Delaware because property taxes are minimal and there is no sales tax, lovely climate, and very Senior friendly-plus we’re closer to our grandkids; 2 hours rather than 2 days away. We found Florida too hot & humid & buggy. Best wishes and good health in the New Year! Oh, and I remember the Canadian winters. We lived in Mississauga as well. I was a paper boy. Yikes!!
Save even more when you go out to dinner by skipping dessert. We're always too full after the main meal to enjoy the over-priced dessert. You can always have some something nice at home for a fraction of the cost if you really need dessert (like ice cream!)
I didn't know it would be a problem until I divorced and then moved out on my own to find all the companies like hydro and phone service wanted a deposit as I had no credit score. That was a shock. So now I'm on my second relationship and I have everything separate, bank acct, cards, etc. Good tips guys. I'll have to think about the second credit card with a low limit.
Sorry to hear Rhoda that you learned the hard way , for years we had no idea 🤷♀️ about this , glad you are well organized now have a wonderful weekend Cheers 🍷🌺🙂
Hello! I suggest splitting plates while out to dinner as well as always ordering water! Also select the highest deductible on your car insurance your payment twill be less. Buy gift cards for eating out at Costco, you’ll save money for a drink! Cheers. 🎉
I don’t agree to having only joint accounts, we have set up beneficiaries on all our accounts. As a working woman years before legally married, I will always have my own accounts and credit cards. With the divorce rate at 60%, we need to protect ourselves. Unfortunately, not all husbands are keepers.
Totally see your point. My parents, although never divorced, maintained separate accounts. My dad was a drinking man and my mom needed to protect herself and the family etc.
My lady friend and I have been together 40 years. Always had separate accounts with each other as beneficiaries and split all expenses 50/50 and have never had any money problems.
Love youse guys! So me, always lived below my means, we don't drink, I cook almost all our meals out of healthy but very budget conscious foodstuffs (60,000 ways to combine beans and rice and cabbage and carrots, anyone... no?), we don't travel much except camping anymore, our entertainment is generally of the free variety. So we're well positioned for retirement, but sometimes the austerity budget gets to me, even so. I would just really like to go to a cafe and have a fancy latte and set there for an hour but between covid and frugality... so I am on the couch w my sweetheart drinking my own coffee and watching UA-cam, but still, so fortunate really and fairly content. Other reason to have a second credit card is that sometimes, even through no fault of your own, your card might be declined and that would be super awkward.
We have become very cautious but we are going to a local coffee shop that isn’t crowded and have a lovely time. Every now and then it doesn’t hurt to splurge but the benefits to your mental health is priceless. We will walk out of places that become too crowded. Thanks so much for your support.
You will reach a point where your frugality has paid off and you will be able to balance being frugal sometimes with having life's little pleasures other times. Remember, you can't take it with you.
I get a friends and family discount on NCL, because my good friend has an important job there. I cruise when I travel, because I can get such great deals. I pay for everything in advance on my debit card: airfare, transportation to the ship, specialty dining, and tours. That way I stay in budget, don't need to carry cash, and I have a fabulous time!
I came back to the Ottawa airport once in the winter. My car was encased in a thick layer of icy and snow. 😩 I took a taxi home and had to go back the next day to deal with it.
Wise advice as always! We started paying our yearly car/house insurance, property taxes yearly rather then monthly and what a relief has been knowing the monthly income stays intact until we spend it. It’s so easy to budget as well.
Have a vegetable garden and fruit trees. Not only is it a good excuse to go outside and get some exercise, you get to literally enjoy the fruits of your labour!
Thanks, Norm and Tina. I love your videos. To piggyback on your advice about paying bills annually: I would also advise including expected future expenses in the budget. For example, if you know you will need a new car or a new water heater within the next few years. Divide that expense by the time you have to save for it and start socking that money away. I know so many people who are completely surprised by very predictable expenses...the car will need new tires, the roof will need replaced after twenty or thirty years. Good planning can help quite a few financial "emergencies" that often cause people to go into debt.
Thanks so much for sharing your ideas, this is great advice, our friends do this for a new car, they put away $300 per month into a savings account. Planning is probably the most effective way to reduce stress.
Good Morning Tina, Norm, • good advice about a 2nd credit card at a low limit. Especially for online purchasing. • paying bills annually. Yes it does save, lots of quiet extra fees. Takes a little bit of planning. • GREAT show, appreciate it.
When you use credit cards to pay bills (rent/mortgage, utilities, insurance) online, make sure you’re not being charged a processing fee, even if you pay annually. Some do not charge any fee for paying with a debit card or direct withdrawal from a bank account. If they charge a processing fee when you pay directly on their website, set up online payment from your bank account (i.e. Zelle from Chase) instead.
Great point Linda we were going to pay the Car 🚗 insurance on the credit card till we saw there a fee, now pay as an online payment from our bank. Enjoy your weekend Cheers 🍷🌺
Thank you for sharing your grandparents advise. One thing that I learned and I will like to share is that when you travel overseas, it is a good idea to buy international travel insurance. especially as we get older you just never know when are you going to have an emergency.
Hello, in general we have followed similar steps to life as you, with downsizing planned in a few years. But one item that really got my attention is that my wife who has 2 "second person" credit cards has no accumulated credit history here in Canada. That's seriously alarming. Time to review offerings and have her get her own card ASAP. Thanks for the info.
Taking a cab or Uber to the airport could also save you from missing your flight if for example you get into a (minor) accident (or a breakdown) on the way. It’d be easier to just order another cab/Uber rather than dealing with yours on the side of the road.
We aren’t retired yet but it will be our next great adventure. It’s always been our money, not yours and mine, separate accounts is already one degree of separation. Thanks for the great advice! Klaus
Hello! I also pay credit card off monthly. I refuse to pay interest and shipping for anything. My credit card gives cash back which is nice. I also stopped going out for lunch at work and this has saved me a lot. Thanks again for great videos!
I sorta disagree with you regarding the one purse idea early on. Once you have established your marriage and by the time you are retired, I do agree with you. Unfortunately so many marriages end, and each person should have a few thousand dollars set aside just in case something goes wrong and they get kicked out. I have seen people, many times women, often find out there joint accounts are cleaned out once they are separated. At least these people have an emergency account to help them out, paying for accomodations, lawyers, etc. This emergency account doesn't have to last forever.
Do you not think Ryan perhaps that if you have an account set aside for when things go wrong you have entered into the relationship knowing that you have a back up plan that perhaps causes the problems in the first place 🤔Have a great weekend Cheers 🍺🌺🍷
@@ThisIsOurRetirement Maybe I am biased because I studied family law and saw these things first hand. Remember your grandparents came from a generation that believed in and made there marriages work. In a better world, with honourable people, I would totally agree with you.
Brilliant advice -2nd card for online purchases ❤️❤️❤️ thx Those hackers ugh. But we have to share what helps all of us. Thanks. And happy healthy new year
I think the second low limit credit card is a great idea, I didn’t know you could even ask for a low limit, I just thought you got whatever limit they gave you. I’m going to check into this. Thanks
As always, your advices are brilliant. I save a lot of money by buying flight tickets, computers, appliances or other costly things on Black Friday or when they are on sale. For example, in Spain almost everything is on sale in January, after Three Kings day.
Very useful advice. I definitely choose the annual payment option for insurance to avoid any finance charges. One of the best things I have done is to choose a current account and debit card without charges for foreign transactions. This can make a big difference. I am not familiar with the North American market but some of the challenger banks in UK offer a near perfect exchange rate with no additional commission or charges. The best tip of all is that when using a card always pay in the local currency and never accept the conversion rate offered to you by the establishment. They will always be taking a cut from this.
Great advice on ordering water instead of alcoholic drinks in restaurants. My wife and I do the same thing and it doesn't detract from the restaurant experience in the least. In addition to the $8 to $10 per beer, you also have to factor in an additional 15% or 20% tip on your total bill, which could add up to as much as $12 for that one bottle of beer. It's a crazy waste of money.
I am going to have to disagree on this one. I don't deny myself the pleasures in life, as my retirement is meant to allow me to enjoy those pleasures. A glass of wine with a meal is a pleasure. I could get hit by a bus at any moment, so I make sure to enjoy those little pleasures when I can. A well-planned retirement is not a time to scrimp and deprive yourself of a simple pleasure. Enjoy today, confident you have planned well. I make sure I do.
My husband and I both retired in 2022. We’ve had our money co-mingled since just before we got married. All of our accounts have both of us. All of your advice was great as usual. Only one thing we can’t do is the water with lemon. We are going to be moving to Cuenca Ecuador and most places you can’t drink the water. Tea is ok since boiled. I use Apple Card for online purchases as they use a different number for it. Thanks again for the great video. 😊
Great advice, especially on the proceeds you receive from downsizing your home. I spent my adult life buying and renting houses and apartment buildings, and the temptation to retire with a fancy car is great 😔
Yup. Drinks add up. I used to order ice teas until I saw $3 & $4! The markup is insane. So it’s water now. I have to tell you about something I just recently learned about credit cards. You said that Tina wasn’t getting credit for being on your credit card. However I just learned that people are adding their children as authorized users on their credit cards so that when they become adults, your credit score becomes their credit score. It sounds crazy but it’s true. Maybe you could address this in another video.
Hi Norm and Tina: We have a Euro and American account which helps us with our travel expense plans. We buy lump sums when the rates are good and its there when we are ready to travel. We also use a car service and we can save some money we would spend on gas and parking at the airport. Its also great having door to door stress free service when we are tired after a long trip. We consider that part of our vacation costs along with options plus and more leg room seats on the plane. Its the reality of getting older and wanting more comfort and stress free travel. Great shirt Norm! I have seen Aerosmith many times. Let the music do the talking and don’t ruin your retirement! Cheers!
We hear you Paul those little touches of comfort are worth every Penny door to door service and nicer seats on the plane ✈️ hope you are having a great weekend Cheers 🍺🌺🍷🎸
I've had a second credit card for many years just for online purchases. I keep a close eye on it as well. I had a few low amounts show up on it once and called to have them removed and also asked them to replace the card with a different number. I'm sure they were fraudulent charges and larger amounts would have followed. I like having more than one card when I travel, as sometimes one of the bank's systems will 'go down' and I'm not able to use it, so I have another card from a different bank as a back up. Thanks Norm and Tina. Great advice as always.💜
Hi Michelle yes having more than one card is a good idea especially if you travel. It is a great idea to monitor your credit card statement and check the charges. Thanks so much for sharing this.
The tip about getting a secured credit card for my spouse (spurred on by your video back in 2021 entitled "The Invisible Woman") has always been a boon for us. She used it for over a year and always paid off the balances faithfully. Since that time she achieved a credit score of over 700 and a brand-new- unsecured card. --- The idea of the second low-limit card is also something we never considered. Thanks for sharing all the great new and improved tips you've found, Tina and Norm 🙂
During the pandemic shutdown, I learned how to color my grey roots at home with store bought color. Since 2020, I only go to the hair salon a few times a year for a haircut. I calculated that DYI is saving me close to $900/year. 😁
Hey Tina and Norm. A great video again. It's like a chat with old friends at this stage. (Not so much of the 'old', I think I hear you say!) Thoroughly enjoyed this one too. When I retired 2 years ago I was in a position to pay off the remainder of my mortgage. My brother, a banker advised me to leave the mortgage at about 10k (Monthly payment is 100 EURO, tiny.) This was to maintain a good credit history if I ever needed a line of credit in the future! I ditched my credit cards ten years ago. Debit card only these days but I am considering your advice very carefully. I wholeheartedly endorse the no alcohol at lunchtime idea too. Your happy hour is the perfect solution. Anyway, thanks again for an entertaining topic and good advice as always. Stay safe and keep well. ✨🌟🌟🙏
House fraud is real and years ago I was advised to keep a small line of credit on my home. That way if someone tries to sell your home without your knowledge ( just read about a couple who had their house sold by fraud while they were on a trip), the house is encumbered by the loan and the bank has to be paid first, which triggers you being informed.
@@twotipsytravelers6701 Yes very true. We keep a line of credit on our home also, even though it has been paid off for years. Just a little extra insurance on your property.
@@twotipsytravelers6701 Crikey! I'd never heard of that. Just shows you can never be too careful. Thank you for this information. Fascinating. Have a great 2023!
One thing that really bothered me was the bank’s conversion fee for changing my US purchase to Canadian ‼️‼️‼️ Those fees really add up , so I try and take cash now…not purchased at a bank …but at an independent money conversion shop
Just found your channel and I love it. I may or may not be binge-watching it. 😃 One thing that we've done to streamline our financial life is to create separate savings accounts with specific purposes. We call these our financial buckets and we deposit into them monthly just like each account is a bill to be paid. We have "buckets" for almost all expenses that are not due monthly. We have an account for travel, for end of life expenses, medical and dental dedictibles, auto repair, pet expenses, household repairs, etc. Each month, we put in an allocated amount. Basically what it does is allows us to have an exact monthly budget that never varies. When we have an expense in one of those categories, we simply withdraw from the proper bucket. We never have to rob from Peter to pay Paul. Note: many online banks (we use Capital One, but they're not the only game in town) let you easily set up additional accounts with a couple of keystrokes, so it's quick and easy to set up multiple accounts for individual purposes. They even allow us to "nickname" the accounts so we can see at a glance what the purpose is.
I have never shared a bank account with my spouse ... due to my partner's paranoia that was left over from a previous relationship... mostly I am fine with that, we do share expenses and our mortgage is paid off... but you made a good point about end of life... Thanks for the reminder I need to add family to all of my accounts so the money doesn't go to strangers!
I do the lemon water thing all the time. I’ve only one credit card and have had the same limit ($1500) for 35 years. The card never has a balance on it and in fact is always in a credit situation. (ie. where I’m owed the money). I pay my gym membership at the Y annually, thereby chopping 15% off the monthly rate. Am waiting for the seniors’ rate to kick in in a couple of years.
Love it, some great tips, thank you. Something I am very wary of in the UK is when eating out some restaurants add on a 'service charge' which sometimes can be disproportionate to the bill and service you have received. I now watch for this and as i'm entitled to do, will often ask for it to be changed to a much fairer amount. Something to watch for to make sure you are not being ripped off in the UK especially.
So right, I’ve noticed this a lot recently. Is this another way of getting more money ? 99% of the time I get it taken off! To echo the disproportionate effect I ordered 2drinks while I sat at the bar and was charge £1.89 for the privilege.
@@johnrogers2957 That's outrageous. Recently I ordered 'online' from Just Eat, Pizza from Pizza Express to be delivered. They charged £2.50 for delivery.... but also £1.95 service charge. "What service" I had to ask !!....Order cancelled. Something I think the UK consumer needs to firmly stand up to.
Yes, It occurred to me a while back that I didn't have a personal credit card at all! So applied for one and got one! $1000 limit only. However, after paying it off faithfully the company has more that doubled the limit for me. I barely use it, but I am happy to have it nonetheless.
Hi Tina & Norm: About unauthorized credit card debt such as internet transactions, I’ve had maybe three times where this happened. The Bank always gives me credit, investigates and then reimburses any fraudulent charges. I just check my statement every month to verify that the charges are all mine. So I never worry about that. Also you can set up your account to automatically notify you when a charge is made or posted. So if you get notification in the middle of the night of a new charge, you know right away of the transaction and can verify whether it is yours or not. Very helpful so it’s risk free.
Right on!! Go out to lunch, and do it Monday thru Friday. Fewer people milling about, and it's cheaper. Drinking at home is always the best policy anyway. Eating at home is best because you can be in charge of all the ingredients in the meal No small thing. But having friends and getting it is important so.... Keep up the great videos!
Senior discounts! Almost every company offers them. Be sure to ask. Review your insurance policies carefully. Are they really necessary? If so, can you lower the cost with a high deductible? Price check annually or bi-annually to keep the companies honest.
Hi Tina and Norm, Great advice! We have been doing the water and lemon order for years. Restaurants add a huge charge on drinks, even sodas or juices. It's a good idea to have a second credit card in case the main one gets compromised and you have to wait for a replacement. 😺
Good advice!! My wife and I carry “zero” credit card debt. We charge a lot of stuff on credit cards each month, but it is paid off at the end of the month. We have never paid zero interest on our credit cards ever since we have had credit cards. We have no mortgage debt either!!! I am retired from clinical medicine (now work for a health insurance company)
Sounds great Frank you talk about high maintenance costs , that’s why we rent 😂 it took away all the unexpected maintenance and expenses of home ownership. Have a wonderful weekend Cheers 🇺🇸🍷🇨🇦🍺🌺
Thank you for your outstanding videos. I wanted to inform you that I am (and probably many others are) reading the comments during the following hours and days - clicking on "the latest" = always on track. So I wish you benefit from many more ads as well.
We are pleased that you are finding the comments useful and entertaining, we set out to encourage comments by reply to all of them so we can all learn from each other. Thanks for watching have a nice weekend.
More great advice Tina And Norm. The "one" bank account hit home for sure. My wife and I have had a single account for the last 40 years regardless of how much each of us earned. Always discussed any major purchases. I have come across so, so many couples who maintained their own accounts when married and always seemed to be fighting about money claiming that one "owed" the other money for one reason or another. How can a wife/husband "owe "you money when it's supposed to be a partnership? Apologies to anyone reading this if that arrangement works for you but in my opinion it is a recipe for disaster.
We so totally agree Martinman it’s a recipe for disaster, we have heard that couples fighting over money 💰 is one of the biggest reasons for divorce have a wonderful weekend Cheers 🍷🌺🍺
Having one account used to be the norm (sorry Norm): but it was the *husband’s* account. My wife has her own accounts and I have mine. We have joint debts. A lot of marriages end in divorce. People (women mostly) are more likely, of necessity, to remain in a toxic relationship if they have no control over their money. I would think having joint accounts makes this more possible. Pooling funds might be an indicator of a good marriage, but I don’t think it can make a bad marriage good. Just my $.02 (from my own account).
Hello Tina& Norm sorry I missed you last week but I came down with Covid thank God the worst is over ,thank you as always for the very good advise I am surprised how many I am already doing, the one big exception is downsizing I am leaving New York and my tiny tiny apartment to my retirement home I bought in Las Vagas 10yrs ago.my mortgage is a third of my rent,I did look into selling the house but surprise surprise the rent in Vagas have gone up so much that a one bedroom is more than my mortgage, so the house is so much cheaper even with up keep for now .That's how things are in America I pray they will get better for all of us.A very happy New Year and good health &wealth
So sorry to hear you had Covid Barbara we hope you start to feel better 💐sounds like a great plan you have for your retirement we wish you all the best for a Healthy New Year Cheers 🇺🇸🥂🌺🙂🇨🇦
Thank you for another great episode. Something that may have been overlooked is your goals and future plans. I have sold the family's home and my company and now I have to find another goal and purpose. I'm healthy, wealthy, but without direction. I always look forward to Saturday at noon. Keep up the good work. Cheers from Oakville.
Hey there! 👋 @William Jones About 50 some years ago, my family lived in Mississauga, the town next door. Now in the USA, I can relate to your personal characterization. With wealth, health, and time on my hands so it appears, my interests have waned. I have a bucket list, actually a bucket filled with items from a full life, not to relive again. So what’s next? I watch Norm & Tina, enjoy more snacks then I probably should, and sit around far to much. I want to travel but feel unsafe doing so. Anyway, you have company. Best of luck to you. And thanks for your honest commentary.
Look for opportunities locally William where perhaps you could share your business and life lessons with start up business’s that will put your skills to use and give you purpose in life .We are glad you enjoy our videos and appreciate you dropping by every Saturday Cheers 🍺🙂🌺
How about letting a person who is a newcomer to your country Eric speak English to you once a week and you could learn their language and customs and give you a travel experience as an idea you would be helping someone so much .🙂
Consider sharing your talents with a local service club. You will improve the lives of others, give you a purpose in life, and provide you with great, like-minded friends.
Agree with joining all money. Then having lots of conversations on how to spend,save it. We also take all “insurances,HOA” and + then divide by 12 then “set that aside in checking” for when that bill comes. We do the same for Christmas/ birthdays(add up then divide by 12).
Norm and Tina, you make me feel better just watching your video. We have several cards, and when traveling don’t carry all the same cards, in case one of us loses their purse/wallet.
My job (before retiring) was real estate tax related for a local jurisdiction. I lost count how many seniors I talked to who couldn’t pay property tax. The homes were free and clear, worth half to several millions market value. Because they were old without big social security income and dwindling retirement savings, they couldn’t refinance to get money from equity., I always told them to sell it and down size. The resistance was fierce. I have also field checked homes after long time owners died. The state of disrepair and how senior unfriendly the layout and topography was saddening. It showed me how difficult their last leg in life had been.
One lesson I have learned from dealing with taxpayers is that after a certain age (say 75), change becomes insurmountable. They can’t adapt to a new town/new doctor, new life style, drastic possession purging, etc.. If the house/condo you own is the biggest asset and retirement saving, if your home is going to trap you (due to mobility issues in old age), don’t wait. Plan your move to an age in place home before you are muddled thus at the mercy of your children (need help). After you cash out, don’t let your kids talk you into loaning them money or investing in their schemes.
You are so right Jen, being trapped by your house is serious, at the time you need mobility aids you can’t afford them. In Canada some municipalities are offering deferred property tax to be paid from the estate. The problem is if you can’t do the maintenance the million dollar home in today’s value that was bought in the sixties ain’t worth a million. Quality of life in retirement make the decisions while you are still vital. Thanks so much for sharing your thoughts.
jen3329 Also, do not let adult children talk you into selling your house and giving them the money to buy a large house for you to live with them. That seldom works out and when the parent decides to move out to an apartment, they are penniless.
Thanks Jen - that is fantastic information! I had thought change would be harder at a certain age (my mother in law is 85 and we are seeing that). Property taxes are definitely a concern. Here in Texas, while we don't have income tax, our property taxes are very high. Our 2 story home will eventually be senior unfriendly also - something for us to keep in mind. I really appreciate you sharing your real world experience.
Thanks for sharing 🍷
Happy New Year Andy Cheers 🇺🇸🍷🇨🇦
I was an insurance lawyer. Here's another recommendation: Get new auto and homeowner's insurance every several years with a different insurance company. You will probably pay lower rates. I insured two cars with one insurance company for 4 years. Reinsuring them with another carrier this year, I will pay $540 less in premiums.
Great tip 🚗🏡 Jacki thanks for sharing we did that couple of years ago and saved a lot when we changed Cheers 🍷🙂🍺
Best advice I ever got was as a university grad I should check into a certain insurance provider. We have saved thousands on home insurance as a result of one simple internet look up and phone call.
Thanks for those tips. Here's one: don't make drastic changes in your lifestyle and location without a very long test run. I bought a house in a different part of the country after retirement, but I'd lived here before. However, I know many people who only made a one day visit with a real estate agent at the height of summer - and now complain about the rain, miss their friends and family, but say they can't go back because prices are too high...or someone who bought a new boat to live in the Caribbean after a 1 week stay on land: no planning for hurricanes, the extremely cramped conditions, lack of sailing experience - lost a huge amount when trying to sell the 3 year used boat, and nowhere to come back to...be sensible and spend lots of time testing out the lifestyle, renting for a year, say, before burning your bridges.
So true Jane thanks for sharing have a wonderful weekend Cheers 🍷🌺🍺🙂
That is very good advice. When making a big change, like moving into retirement, it's easy to paint a very rosy picture of some brand new lifestyle in your head. But, I , also, have seen many people lose a ton of money paying for that mistake. Test drive the lifestyle change before you buy!
Excellent comment. I have 3 former coworkers and 2 neighbours who followed their dreams of moving to cottage country. Summers are beautiful, winters are challenging. Several found you are never truly accepted by the year round long time residents. 4 became widows within a couple of years and found they couldn't deal with living there on their own and had to sell and move back here. They also mentioned that the lack of close major medical centres in cottage country made their spouses illness extra challenging. One lady didn't know how to drive so was totally stranded far from family, friends and transportation. Do a full season test run if this is your retirement dream.
Great advice 🌺
Wow thanks for sharing Susan sometimes you think the grass is always greener but then it’s not 🤔
My mother told me when I was a young adult that I should always have a credit card as the primary account holder, to build credit but also incase something happened to my husband. I lost my husband almost 3 years ago (in my early 50’s) and I am grateful that I had that card as the primary account holder plus all our bank accounts as joint accounts. A much easier process during a horrific time. 💔 I hope people will listen to you about it.
That was great advice Joanne from your Mother. We are sorry about your loss.
Hey there 👋Norm & Tina, you have such great advice! Some things we do now, others need action. A few things we do to save are 1) Make our own coffee in the morning, and if we go out, take it in a travel cup- we never go to big bucks Starbucks. 2) Regulate the thermostat and reduce energy consumption- we wear cozy fleece in the cool months, and short & t-shirts in the hot. 3) Combine errands and make one outing to save gas. That’s all for now. We enjoy your insights each week. Thank you so much!
Looks like you have some great tips Eric thanks for sharing we hope you are having an awesome weekend Cheers 🇺🇸🍷🌺🍺🇨🇦
Good tips! Another situation (which happened to my 87 year-old mom) is when "one purse" is only in the husband's name.
Oh yikes Julie thanks for sharing have a wonderful weekend Cheers 🌺🙂🍷
I have been using a shuttle bus to go to and from the airport which often saves money over airport parking. They have been extending light rail closer to my house, so some time after I die the future owners of my house will be able to just take a train to the airport.
I had always planned to sell my house when I retire and move to a cheaper house or condo, or just try to AirBnB places for a month each, but the real estate market seems to have changed rapidly, so I might keep the house another year or two after I retire and do fix up project with my free labor
Thanks for sharing Ken have a wonderful weekend Cheers 🍺🌺
I totally agree with the "one purse" idea. We've used that approach for our entire marriage (just over 40 years so far) and it is so much easier to manage finances rather than trying to juggle who pays for what. It also happened that later in my career I earned quite a bit more money than my wife but as it was one account all the money was "our money". If either of us earned more then we both earned more. It may have nothing to do with it but all of our friends that kept separate accounts throughout their marriage are now divorced.
One thing I do is call my long time cable/internet provider and ask for a better deal. They always offer a good discount for a fixed term, often 2 or 3 years, and I write the deal expiry date on my calendar so I know when to call them for the next deal. They certainly won't tell you when your deal ends and they'll bill you at the regular rate until you notice it's gone up by $50 a month or more and you call them again. You don't have to take their first offer either and you may be able to squeeze another $10 or so monthly out of them, it's worth a try anyway.
Great comment thanks for sharing, we do the same with internet trying to get them to roll back increases, generally it works well. We are fans of the forum in Canada Red Flag Deals and keep an eye on the “hot deals” forum, some great tips from fellow viewers. Have a good Sunday and thanks for watching.
Good idea, thanks
Nice Tshirt, Norm! I saw Aerosmith when they opened for Mott The Hoople at Massey Hall in 1973. They were so new, their name wasn’t even on the bill and my friends and I thought that Steven Tyler looked like a young Mick Jagger. 😂
Thanks Jo-Anne, wow that’s great have a wonderful weekend Cheers 🍷🎸🍺🙂
My tip/advice to people is to set up a power of attorney while you are well and able. My parents have had a bad time in the past year with mum having a stroke. Dad is 92, and mum is 83, but they had not set up any power of attorney. After mum's stroke dad was too upset to think about setting up a power of attorney in the first few months. This meant I was unable to do even basic things for either of them as regards managing their affairs or paying bills etc. We have done it now, but I would strongly recommend in retirement to choose someone, either a son or a daughter or someone you trust dearly, and get it all in place ASAP. You can decide when it kicks in, but don't leave it until you are in an emergency. Get it done while everything is stable. You then have peace of mind that should the worst happen, people can act for you without hindrance if you ever need it... which you may not ever need....However, if you do need it, and you have not done it, it is a total nightmare for your loved ones trying to help you out. I imagine the court processes are very similar in both the USA and Canada to those we have in the UK. You don't want your loved ones to have to do it that way. It is a total nightmare.
Wow thanks so much for sharing it’s strange how so many people don’t want to think about what could happen in the future and don’t appoint POA or indeed lots don’t even make a will 😱As we get older we should all face these decisions to make it easier if and when medical things happen . Have a great weekend Cheers 🇬🇧🍷🇨🇦🙂🍺
@@ThisIsOurRetirement 👍😉
@@ThisIsOurRetirement I suggested that my parents get everything in order once they were in their early 70s. They took my advice and composed a letter to the 3 children with information about all their assets, who managed their investments, exactly where in the house their bank account, etc., details were, POA and Executor info, their funeral director (they bought their funeral lots and paid for their funerals beforehand), a list of everyone they wanted notified in case of death, with addresses and phone numbers. They informed us about their DNR forms. They also wrote out the bare bones of each of their obituaries so we could just fill in a few more details. Every few years they would update the letter. It was tremendously helpful. Even so, one of my brothers started to steal cash from my father after my mother passed. I had to spend thousands on a lawyer to keep him under control but it protected my father and his assets. One must be extremely careful about who one chooses as a POA and never make decisions without notifying someone else. My brother manipulated my beautiful parents to make him sole POA and sole Executor of the Will just a couple of years before they passed, when they were weak and ill (the lawyer stopped my brother from forcing my father to change the Will). It is shocking how some people change when they smell money.
In our condo if you need a ride to the airport there are a number of retired people that will take you or pick you up. They just do it to be neighbourly. We try to keep our heat off even during the winter during the day and at night turn it off and sleep with flannel duvet covers and sheets. I have always had my own credit card, with a great credit score but we also have one joint credit card and bank accounts.
That’s wonderful Sandi we are about 90 mins from the airport so the taxi works bit far to ask neighbours. Our building this year is so hot 🥵 we are sleeping with the windows open HaHa and we don’t pay for heat ! have a great weekend Cheers 🍷🙂🌺
Buy an electric blanket, really warm and so cheap to run. Really popular in the UK also halogen ovens are a third less electric.
@@LS-id5hc Also get an Airfryer so much quicker and cheaper to use 🌺
Toys in the attic... their best album. Take care
🍻🎸🙂
If I may suggest, it might be advantageous to call your service providers annually to ask for a better deal or rate on your services. Making a toll free call to your insurer or phone company or utility company could result in a nice discount on your monthly expenses. Never hurts to ask.
Totally agree with you have a wonderful weekend Cheers 🍷🌺🍺
We go after credit card points very aggressively. Had cash back of about $1,500 last year. Of course I pay no interest... never assume that your insurance company is your friend. Shop your Auto and homeowners etc insurance at least every two years.. drinks or dessert in a restaurant are a dilemma. I can afford them, but I do hate paying those prices. I tend not to.
We always enjoy your Saturday morning videos.
Thanks so much, we are like you can afford this stuff but do we want to be fleeced. We both appreciate your support it means a lot.
I insisted on getting my own credit card when I got married because when my grandfather died in the 70's my grandmother suddenly had no credit and could not get a card of any kind. I keep a limit of $2000 on it for safety reasons and use it for all our online purchases. You have to watch though because the bank is always trying to increase the limit.
We find that going out for lunch costs much less than dinner for the same food and you can walk right in and get a table. We stopped buying alcohol when out decades ago because of the high prices. I have ice water and my husband orders Diet Pepsi. Two years ago we stopped drinking alcohol completely and don’t miss it at all. I am cheap and would rather spend the money on my hobbies.
Brilliant ideas!! @Susan Barkley Going out for lunch to save on dinner rates, watching out for increased credit limit, and not drinking alcoholic beverages- I’m with you, almost 🍺 I have one occasionally.
That’s great Susan what a great idea for online buying ! you were ahead of us all have a wonderful weekend Cheers 🍷🌺🙂
I read in an Australian newspaper recently, but it probably applies everywhere, that credit card companies don’t accept applications from people over 65 and so people with a second card on their spouse’s account can’t get a credit card if their spouse passes.
I agree about the restaurant drinks, also if you have the willpower forego desserts. A piece of pie or cake can easily cost $6 or $7. You can buy a whole one for just a bit more and enjoy it at home with friends.
Great idea David have dessert 🍰 at home way cheaper have a wonderful weekend Cheers 🍺🙂
Thanks for the videos!
I think health and fitness is another thing that often gets put off too long. I think of the phrase "use it or lose it" and also "it's much easier to stay in shape than to get in shape." I want to maintain my physical abilities as long as I can in order to do more and enjoy more later in life.
Yes without health we have nothing, we love your quotes so very true.
Heard a new saying from a 91 year old at our gym today. Rest equals Rust.
Here in the U.S. it does improve the 2nd cardholder's credit score.
Another option for security when buying online (or anywhere)...some banks offer the feature where you can create a one-time use 16-digit cc number that expires after a purchase is made, then the purchase shows up on your primary (real) cc statement. That way a hacker, etc can't grab the number and use it since it no longer exists after the initial purchase.
Or, some credit cards can be turned off/on using an app, etc so you would only turn it on when needed.
Very interesting Theo thanks for sharing hope you have a wonderful weekend Cheers 🇺🇸🍷🇨🇦🍺🌺
I never knew that, Theo; about the credit card purchase- like disappearing ink! Lol. Great idea.
Tip for your lunches. In some areas, one can hire a cook quite reasonably to come to your house and prepare the meal (and/or teach you how to prepare the meal). Much more fun than a restaurant. Lower cost if shared with 2-3 other couples.
Awesome idea Frank thanks for sharing this.
My wife and I have always had separate investment and checking accounts for the sake of independent financial freedom. We both earned income and shared our passcodes to all accounts, and it’s never been an issue in our marriage and have enjoyed a successful retirement
Thanks for sharing Scott.
Paying certain expenses annually instead of monthly is such a smart and simple way to save a bit of money. I know I should do this, but never have for some silly reason.
It’s free money lol
Yes! I do this for car/house/life insurances, disney/apple+/Prime (got rid of netflix as they didn't have an annual pay option). I divert the costs of all into a bucket account each month so that I don't get hit with a surprise cost one month.
We have always had joint accounts for about 80% of our pooled income and have always budgeted our lifestyle based on that 80% including joint savings. The last 20% gets directed to respective personal accounts for each to do as they wish. It has worked really well for us in 38 years of marriage. We are generally careful with our money and over the years (especially in the earlier years), whenever we have been faced with an unexpected expense or loss, one or the other of us has been able to 'come to the rescue' because we had these separate (off the books) resources. It always feels so good to be the rescuer and so loved to be rescued.
Thanks for sharing Sonia sounds like a great plan that works for you hope you have a wonderful weekend Cheers 🍷🌺🙂
Hi Norm and Tina - another reason to have a second credit card is when travelling. While travelling solo in Europe several years ago my credit card was hacked, leaving me with only my bank card to access funds for the last week of my trip, which included payment of a hotel stay that had been booked with a now cancelled card. 😱 Lesson learned. I always have an 'emergency' card on hand while travelling now! Enjoy your content!
Thanks for sharing Bronia as you said lesson learned we have all had those moments Cheers 🍷🙂🍺
Great video as usual. One thing we do with our points card , in addition to paying everything off every month, is to wait until there are multi-points days, e.g., 25x the points on a certain day. We are at the point where there is nothing we need right away. Any extra fun item can certainly wait. Last summer we bought kayaks on a Canadian Tire 20x the points day. The amount of points paid for an air fryer. Nothing makes us happier than getting something for free! Take care Norm and Tina!
That's a great idea! waiting for multi point days hope you both are well and having a great weekend Cheers and Happy New Year 🍷🙂🌺🥳
Great advice as always. Thanks
Our pleasure! have a lovely week Cheers 🍷🙂🌺
I am a new viewer. I really enjoy watching and hearing your sage advice. I am relatively new to retirement from work, so I have found your information quite helpful. Thank you, and all the best to you.
Thanks so much!
I have found that in most marriages, one person is responsible for paying the bills. It is very important for the other person to learn how to pay the bills. Also, make sure each of you knows where important documents are, such as life insurance policies, and how to collect on said policies.
Yes Cheryl very true thanks for making us aware of this.
Great Advice Once Again!I ran out and bought a "New to me "car on boxing week sale! $1000.00 off! Turned out it needs a Catalytic converter.$1500.00-----$2000.00!!! OUCH. Go slow! CHEERS
Happy New Year Darryl have a great weekend Cheers 🥳🥂🌺
Two or three couples have dine around meals at one another’s home. Eating out has become a special treat.
Yes you are right Nancy and often the meals taste better too LOL 😂😂Cheers 🍷🌺🙂
My husband and I don't eat in restaurants very often. When we do go to one, we go at breakfast or lunch time. It's so much less expensive than dinner! The dinners are usually too heavy and too much food anyway.
Totally agree Barbara prices are less at lunchtime today we are going out for a Thai lunch with friends 🍜Cheers 🍷🙂
We established a line of credit at our local bank - for property tax; home improvements/maintenance. Credit cards are only for online purchases ONLY! We are fortunate to be a 2 income household. Our plan is to have no debts except the mortgage (which is cheaper than present day rents). In 3 years my private health insurance long term disability benefit ends So I likely will replace some of that income by drawing down some of my RRSP; or GICs. I also may start a small within the Village delivery service with an electric trike. Alol requires staying healthy - mind; body and teeth eh :) Enjoy your informative vids; stay well eh!
Thanks for sharing Ken have a wonderful week Cheers 🌺🙂🍷🍺
I really enjoy both of you each Saturday! I am 57 years old here in Arizona. You provide valuable information that I haven’t thought about until finding you both. I thank both of you very much for sharing your lives and information with all of us each week! 😃
Our pleasure! we hope you have an awesome weekend Cheers 🇺🇸🍷🍺🇨🇦🌺
@@fjohn8985 thank you for the referral, John! I will definitely check it out! 😃
Great video! Hello again from Mississauga. I'm 58 and semi-retired, hubby is 63 and 100% retired. We always planned for Gary to retire early because his job (pressman) was so physical. The plan was to retire at 62 but our daughter Emily (27) died from heart transplant complications when Gary was 62 so we decided not to make any changes in our lives for a year. Because our 23-year old son Evan has disabilities we opted not to sell our townhouse and instead leave it to him so that he'll be comfortable living in the only home he's ever known. We have an off the grid cabin near Haliburton. As we age I'm finding the cold winters hard. I have several health problems. I'm looking into trading our cabin for a Florida property. Gary's brother retired in Florida. We LOVE Florida. I'll never 100% retire. ADHD me. We stopped dining out. Restaurants have gone downhill since covid. We keep live simple. Have a great weekend. Sandra
Thanks for sharing Sandra , yes the winters are harder as you get older that’s why we are looking to go to warmer places for 31 days at a time . If we go to Florida for say 3 or 4 months the travel insurance is very high in comparison. Have a wonderful weekend Cheers 🍷🌺🙂
Best wishes, Sandra. We lived in Florida for a year- leased at The Villages Lofts of Brownwood. It was pricey but carefree. We moved to Lewes, Delaware because property taxes are minimal and there is no sales tax, lovely climate, and very Senior friendly-plus we’re closer to our grandkids; 2 hours rather than 2 days away. We found Florida too hot & humid & buggy. Best wishes and good health in the New Year! Oh, and I remember the Canadian winters. We lived in Mississauga as well. I was a paper boy. Yikes!!
Thanks for sharing Eric it’s hard to find a place to go over the Winter 🥶 Cheers 🇺🇸🍺🇨🇦
Save even more when you go out to dinner by skipping dessert. We're always too full after the main meal to enjoy the over-priced dessert. You can always have some something nice at home for a fraction of the cost if you really need dessert (like ice cream!)
That's a good idea! thanks for sharing Cheers 🙂☕️
I didn't know it would be a problem until I divorced and then moved out on my own to find all the companies like hydro and phone service wanted a deposit as I had no credit score. That was a shock. So now I'm on my second relationship and I have everything separate, bank acct, cards, etc. Good tips guys. I'll have to think about the second credit card with a low limit.
Sorry to hear Rhoda that you learned the hard way , for years we had no idea 🤷♀️ about this , glad you are well organized now have a wonderful weekend Cheers 🍷🌺🙂
Great tips and s good laugh. Tina’s shirt is beautiful also.
Glad you enjoyed it Ruth thanks for liking Tinas shirt (that was bought in Portugal 🇵🇹)have a great week Cheers 🍷🇨🇦🇵🇹
Hello! I suggest splitting plates while out to dinner as well as always ordering water! Also select the highest deductible on your car insurance your payment twill be less. Buy gift cards for eating out at Costco, you’ll save money for a drink! Cheers. 🎉
Great ideas Niki , we have had a couple of restaurants go very funny in Portugal 🇵🇹 when we asked to share a dish ! have a wonderful day Cheers 🍷🌺🙂
I don’t agree to having only joint accounts, we have set up beneficiaries on all our accounts. As a working woman years before legally married, I will always have my own accounts and credit cards. With the divorce rate at 60%, we need to protect ourselves. Unfortunately, not all husbands are keepers.
Totally see your point. My parents, although never divorced, maintained separate accounts. My dad was a drinking man and my mom needed to protect herself and the family etc.
Thanks for sharing agree you need to protect yourself but you also have to trust your partner as well , have a great weekend Cheers 🌺🍷
Or wives...
Trust. Combined money signifies high trust. We have been married 20 years. Ask I have is hers. All hers is mine. We are one. Great advice!!!
My lady friend and I have been together 40 years. Always had separate accounts with each other as beneficiaries and split all expenses 50/50 and have never had any money problems.
Love youse guys! So me, always lived below my means, we don't drink, I cook almost all our meals out of healthy but very budget conscious foodstuffs (60,000 ways to combine beans and rice and cabbage and carrots, anyone... no?), we don't travel much except camping anymore, our entertainment is generally of the free variety. So we're well positioned for retirement, but sometimes the austerity budget gets to me, even so. I would just really like to go to a cafe and have a fancy latte and set there for an hour but between covid and frugality... so I am on the couch w my sweetheart drinking my own coffee and watching UA-cam, but still, so fortunate really and fairly content. Other reason to have a second credit card is that sometimes, even through no fault of your own, your card might be declined and that would be super awkward.
Thanks for sharing a lovely comment fancy latte or Cappuccino coffee ☕️ (Tinas Favourite) sounds wonderful have a wonderful weekend Cheers 🍷🌺🙂
We have become very cautious but we are going to a local coffee shop that isn’t crowded and have a lovely time. Every now and then it doesn’t hurt to splurge but the benefits to your mental health is priceless. We will walk out of places that become too crowded. Thanks so much for your support.
You will reach a point where your frugality has paid off and you will be able to balance being frugal sometimes with having life's little pleasures other times. Remember, you can't take it with you.
Love it Carole Anne 🥰
@@caroleanne8529 It's hard to turn it off, you know? We do, however, enjoy many of life's pleasures, for sure.
I get a friends and family discount on NCL, because my good friend has an important job there. I cruise when I travel, because I can get such great deals. I pay for everything in advance on my debit card: airfare, transportation to the ship, specialty dining, and tours. That way I stay in budget, don't need to carry cash, and I have a fabulous time!
That is awesome! have a wonderful weekend Stephenie Cheers 🍷🌺🙂🚢
I came back to the Ottawa airport once in the winter. My car was encased in a thick layer of icy and snow. 😩 I took a taxi home and had to go back the next day to deal with it.
Thanks for sharing! ours was covered in snow yours was ice LOL 😂 have a great week Sheila Cheers 🍷🌺🍺
I enjoy your videos so much! Tina, this color tee shirt looks great on you.
Definitely love it when you wear autumn tones.
Glad you like them! thanks for liking my top Teresa I like the colour too have a wonderful weekend Cheers 🍷🌺🙂
Wise advice as always! We started paying our yearly car/house insurance, property taxes yearly rather then monthly and what a relief has been knowing the monthly income stays intact until we spend it. It’s so easy to budget as well.
That’s great Enid paying this way works for us too have a wonderful weekend Cheers 🍷🌺😎
Have a vegetable garden and fruit trees. Not only is it a good excuse to go outside and get some exercise, you get to literally enjoy the fruits of your labour!
Love that! thanks for sharing have a wonderful weekend Cheers 🍷🍎🥕🙂
Very good advice on 2nd credit card & on credit rating for your partner.
Thanks
Thanks, Norm and Tina. I love your videos.
To piggyback on your advice about paying bills annually: I would also advise including expected future expenses in the budget. For example, if you know you will need a new car or a new water heater within the next few years. Divide that expense by the time you have to save for it and start socking that money away. I know so many people who are completely surprised by very predictable expenses...the car will need new tires, the roof will need replaced after twenty or thirty years. Good planning can help quite a few financial "emergencies" that often cause people to go into debt.
Thanks so much for sharing your ideas, this is great advice, our friends do this for a new car, they put away $300 per month into a savings account. Planning is probably the most effective way to reduce stress.
Good Morning Tina, Norm,
• good advice about a 2nd credit card at a low limit. Especially for online purchasing.
• paying bills annually. Yes it does save, lots of quiet extra fees. Takes a little bit of planning.
• GREAT show, appreciate it.
Glad you enjoyed it Ben hope you are having an awesome weekend Cheers 🍺🌺🙂
When you use credit cards to pay bills (rent/mortgage, utilities, insurance) online, make sure you’re not being charged a processing fee, even if you pay annually. Some do not charge any fee for paying with a debit card or direct withdrawal from a bank account. If they charge a processing fee when you pay directly on their website, set up online payment from your bank account (i.e. Zelle from Chase) instead.
Great point Linda we were going to pay the Car 🚗 insurance on the credit card till we saw there a fee, now pay as an online payment from our bank. Enjoy your weekend Cheers 🍷🌺
I get points for all those payments charged to my Visa
Thank you for sharing your grandparents advise. One thing that I learned and I will like to share is that when you travel overseas, it is a good idea to buy international travel insurance. especially as we get older you just never know when are you going to have an emergency.
Yes we never travel without medical travel insurance, we buy an annual policy as it’s better value. Thanks for sharing this info.
Hello, in general we have followed similar steps to life as you, with downsizing planned in a few years. But one item that really got my attention is that my wife who has 2 "second person" credit cards has no accumulated credit history here in Canada. That's seriously alarming. Time to review offerings and have her get her own card ASAP. Thanks for the info.
We are glad you found something useful in our video and are very pleased you are going to act on it. Have a nice Sunday.
Taking a cab or Uber to the airport could also save you from missing your flight if for example you get into a (minor) accident (or a breakdown) on the way. It’d be easier to just order another cab/Uber rather than dealing with yours on the side of the road.
Great point Mashaca thanks for sharing Cheers 🍷🌺🍺
We aren’t retired yet but it will be our next great adventure. It’s always been our money, not yours and mine, separate accounts is already one degree of separation. Thanks for the great advice!
Klaus
Well said! thanks for watching and we wish you both a great retirement Cheers 🍷🌺🍺
Your stuff differs and is refreshing! As a single almost-retired woman in the US there are some big differences, yet I’m getting new ideas - Tnx.
Hello! I also pay credit card off monthly. I refuse to pay interest and shipping for anything. My credit card gives cash back which is nice. I also stopped going out for lunch at work and this has saved me a lot. Thanks again for great videos!
Thanks for sharing!! have a wonderful weekend Laurie Cheers 🍷🌺🙂
I sorta disagree with you regarding the one purse idea early on. Once you have established your marriage and by the time you are retired, I do agree with you. Unfortunately so many marriages end, and each person should have a few thousand dollars set aside just in case something goes wrong and they get kicked out. I have seen people, many times women, often find out there joint accounts are cleaned out once they are separated. At least these people have an emergency account to help them out, paying for accomodations, lawyers, etc. This emergency account doesn't have to last forever.
Do you not think Ryan perhaps that if you have an account set aside for when things go wrong you have entered into the relationship knowing that you have a back up plan that perhaps causes the problems in the first place 🤔Have a great weekend Cheers 🍺🌺🍷
@@ThisIsOurRetirement Maybe I am biased because I studied family law and saw these things first hand. Remember your grandparents came from a generation that believed in and made there marriages work. In a better world, with honourable people, I would totally agree with you.
Thanks for sharing Ryan 🌺
Excellent tips a lot of folk don't even think about.
Glad you enjoyed it have a wonderful weekend Cheers 🍷🌺🍺
Brilliant advice -2nd card for online purchases ❤️❤️❤️ thx Those hackers ugh. But we have to share what helps all of us. Thanks. And happy healthy new year
Glad you enjoyed the video Kathy Happy New Year to you too Cheers 🥳🍷🌺🥂
I think the second low limit credit card is a great idea, I didn’t know you could even ask for a low limit, I just thought you got whatever limit they gave you. I’m going to check into this. Thanks
If you get an increase in limit you can call and have them lower your credit limit again, or just ask for a low credit limit.
As always, your advices are brilliant. I save a lot of money by buying flight tickets, computers, appliances or other costly things on Black Friday or when they are on sale. For example, in Spain almost everything is on sale in January, after Three Kings day.
Thanks so much Milda glad you enjoy our videos have a great weekend Cheers 🍷🌺🍺
Very useful advice. I definitely choose the annual payment option for insurance to avoid any finance charges. One of the best things I have done is to choose a current account and debit card without charges for foreign transactions. This can make a big difference. I am not familiar with the North American market but some of the challenger banks in UK offer a near perfect exchange rate with no additional commission or charges. The best tip of all is that when using a card always pay in the local currency and never accept the conversion rate offered to you by the establishment. They will always be taking a cut from this.
We agree Cliff local currency
Great advice on ordering water instead of alcoholic drinks in restaurants. My wife and I do the same thing and it doesn't detract from the restaurant experience in the least. In addition to the $8 to $10 per beer, you also have to factor in an additional 15% or 20% tip on your total bill, which could add up to as much as $12 for that one bottle of beer. It's a crazy waste of money.
Very true a lot cheaper to drink at home have a wonderful weekend Cheers 🍷🌺🍺
I am going to have to disagree on this one. I don't deny myself the pleasures in life, as my retirement is meant to allow me to enjoy those pleasures. A glass of wine with a meal is a pleasure. I could get hit by a bus at any moment, so I make sure to enjoy those little pleasures when I can. A well-planned retirement is not a time to scrimp and deprive yourself of a simple pleasure. Enjoy today, confident you have planned well. I make sure I do.
My husband and I both retired in 2022. We’ve had our money co-mingled since just before we got married. All of our accounts have both of us. All of your advice was great as usual.
Only one thing we can’t do is the water with lemon. We are going to be moving to Cuenca Ecuador and most places you can’t drink the water. Tea is ok since boiled.
I use Apple Card for online purchases as they use a different number for it.
Thanks again for the great video. 😊
Wow Ecuador we looked at that some years ago, well done have a great time!
Great advice, especially on the proceeds you receive from downsizing your home. I spent my adult life buying and renting houses and apartment buildings, and the temptation to retire with a fancy car is great 😔
Do what you feel is right and if it makes you happy, we don’t have a crystal ball 🔮 to the future Cheers 🍷🙂🍺
Great episode, and I learned a new word, palaver. Thanks and have a great weekend!
Excellent! have a great weekend Brian Cheers 🍷🌺🍺
Yup. Drinks add up. I used to order ice teas until I saw $3 & $4! The markup is insane. So it’s water now.
I have to tell you about something I just recently learned about credit cards. You said that Tina wasn’t getting credit for being on your credit card. However I just learned that people are adding their children as authorized users on their credit cards so that when they become adults, your credit score becomes their credit score. It sounds crazy but it’s true. Maybe you could address this in another video.
Wow Cecilia haven’t heard about that not sure if that’s good or bad 🤔will look into it have a great week Cheers 🌺🍷🙂
Hi Norm and Tina: We have a Euro and American account which helps us with our travel expense plans. We buy lump sums when the rates are good and its there when we are ready to travel. We also use a car service and we can save some money we would spend on gas and parking at the airport. Its also great having door to door stress free service when we are tired after a long trip. We consider that part of our vacation costs along with options plus and more leg room seats on the plane. Its the reality of getting older and wanting more comfort and stress free travel. Great shirt Norm! I have seen Aerosmith many times. Let the music do the talking and don’t ruin your retirement! Cheers!
We hear you Paul those little touches of comfort are worth every Penny door to door service and nicer seats on the plane ✈️ hope you are having a great weekend Cheers 🍺🌺🍷🎸
Hello friends! Happy New Year 2023 🎉! Happy-Healthy year to al! I love all your videos about retirements planning. Thank you ❤❤
Our pleasure! have a Healthy Happy New Year Ramona 🥳🥂🌺
I've had a second credit card for many years just for online purchases. I keep a close eye on it as well. I had a few low amounts show up on it once and called to have them removed and also asked them to replace the card with a different number. I'm sure they were fraudulent charges and larger amounts would have followed. I like having more than one card when I travel, as sometimes one of the bank's systems will 'go down' and I'm not able to use it, so I have another card from a different bank as a back up. Thanks Norm and Tina. Great advice as always.💜
Hi Michelle yes having more than one card is a good idea especially if you travel. It is a great idea to monitor your credit card statement and check the charges. Thanks so much for sharing this.
The tip about getting a secured credit card for my spouse (spurred on by your video back in 2021 entitled "The Invisible Woman") has always been a boon for us. She used it for over a year and always paid off the balances faithfully. Since that time she achieved a credit score of over 700 and a brand-new- unsecured card. --- The idea of the second low-limit card is also something we never considered. Thanks for sharing all the great new and improved tips you've found, Tina and Norm 🙂
We are glad you enjoyed it and have our tips useful Richard , we think the low limit is a great idea , have a wonderful weekend Cheers 🇺🇸🍷🙂🍺
During the pandemic shutdown, I learned how to color my grey roots at home with store bought color. Since 2020, I only go to the hair salon a few times a year for a haircut. I calculated that DYI is saving me close to $900/year. 😁
That’s great Ann guess there are some pluses from the Lockdowns LOL 😂Cheers 🍷🌺🙂
Hey Tina and Norm. A great video again. It's like a chat with old friends at this stage. (Not so much of the 'old', I think I hear you say!) Thoroughly enjoyed this one too. When I retired 2 years ago I was in a position to pay off the remainder of my mortgage. My brother, a banker advised me to leave the mortgage at about 10k (Monthly payment is 100 EURO, tiny.) This was to maintain a good credit history if I ever needed a line of credit in the future! I ditched my credit cards ten years ago. Debit card only these days but I am considering your advice very carefully. I wholeheartedly endorse the no alcohol at lunchtime idea too. Your happy hour is the perfect solution. Anyway, thanks again for an entertaining topic and good advice as always. Stay safe and keep well. ✨🌟🌟🙏
We are so glad you enjoyed it Hmmm not too much of the Old LOL 😂😂 and we hope you are having an awesome weekend Cheers 🍷🌺🍺😎
House fraud is real and years ago I was advised to keep a small line of credit on my home. That way if someone tries to sell your home without your knowledge ( just read about a couple who had their house sold by fraud while they were on a trip), the house is encumbered by the loan and the bank has to be paid first, which triggers you being informed.
Wow we read that story too 😱couldn’t believe that could happen 🙂
@@twotipsytravelers6701 Yes very true. We keep a line of credit on our home also, even though it has been paid off for years. Just a little extra insurance on your property.
@@twotipsytravelers6701 Crikey! I'd never heard of that. Just shows you can never be too careful. Thank you for this information. Fascinating. Have a great 2023!
👍👍✌️. Great advice again. Always a pleasure to watch your videos
We appreciate your support thank you 🍷🌺
One thing that really bothered me was the bank’s conversion fee for changing my US purchase to Canadian ‼️‼️‼️
Those fees really add up , so I try and take cash now…not purchased at a bank …but at an independent money conversion shop
You are right Andy banks do charge quite a lot, there is an FX bank called wise that is very popular.
Just found your channel and I love it. I may or may not be binge-watching it. 😃 One thing that we've done to streamline our financial life is to create separate savings accounts with specific purposes. We call these our financial buckets and we deposit into them monthly just like each account is a bill to be paid. We have "buckets" for almost all expenses that are not due monthly. We have an account for travel, for end of life expenses, medical and dental dedictibles, auto repair, pet expenses, household repairs, etc. Each month, we put in an allocated amount. Basically what it does is allows us to have an exact monthly budget that never varies. When we have an expense in one of those categories, we simply withdraw from the proper bucket. We never have to rob from Peter to pay Paul. Note: many online banks (we use Capital One, but they're not the only game in town) let you easily set up additional accounts with a couple of keystrokes, so it's quick and easy to set up multiple accounts for individual purposes. They even allow us to "nickname" the accounts so we can see at a glance what the purpose is.
Sounds like a great financial plan , welcome to our channel glad you found us have a great week Cheers ☕️🌺🙂
I have never shared a bank account with my spouse ... due to my partner's paranoia that was left over from a previous relationship... mostly I am fine with that, we do share expenses and our mortgage is paid off... but you made a good point about end of life... Thanks for the reminder I need to add family to all of my accounts so the money doesn't go to strangers!
Sometimes rules have to be beat to suit you both thanks for watching Cheers 🍷🌺🍺
I do the lemon water thing all the time. I’ve only one credit card and have had the same limit ($1500) for 35 years. The card never has a balance on it and in fact is always in a credit situation. (ie. where I’m owed the money). I pay my gym membership at the Y annually, thereby chopping 15% off the monthly rate. Am waiting for the seniors’ rate to kick in in a couple of years.
That’s great Murray we find the credit card companies constantly wanting you to up your credit limit 🤔have a wonderful weekend Cheers 🍷🌺🍺🙂
Love it, some great tips, thank you. Something I am very wary of in the UK is when eating out some restaurants add on a 'service charge' which sometimes can be disproportionate to the bill and service you have received. I now watch for this and as i'm entitled to do, will often ask for it to be changed to a much fairer amount. Something to watch for to make sure you are not being ripped off in the UK especially.
Thanks for sharing! great tip Dean enjoy your weekend Cheers 🇬🇧🍺🌺🇨🇦🍷
So right, I’ve noticed this a lot recently. Is this another way of getting more money ? 99% of the time I get it taken off! To echo the disproportionate effect I ordered 2drinks while I sat at the bar and was charge £1.89 for the privilege.
@@johnrogers2957 That's outrageous. Recently I ordered 'online' from Just Eat, Pizza from Pizza Express to be delivered. They charged £2.50 for delivery.... but also £1.95 service charge. "What service" I had to ask !!....Order cancelled. Something I think the UK consumer needs to firmly stand up to.
Yes, It occurred to me a while back that I didn't have a personal credit card at all! So applied for one and got one! $1000 limit only. However, after paying it off faithfully the company has more that doubled the limit for me. I barely use it, but I am happy to have it nonetheless.
The more you pay it off Patt , the higher the limit will be offered to you LOL 😂have a great weekend Cheers 🍺🌺
The one purse idea only works if it is a seperate account. I gave my wife access to my account, which she used. When bills came in there was no money.
Yikes 😱sorry to hear that 🌺
Really good tips! I consider myself pretty informed on retirement planing but I definitely learned a few new things today. Thanks so much.
Thanks so much Deborah we are glad to have been able to pass on something useful to you. Have a great weekend.
Hi Tina & Norm: About unauthorized credit card debt such as internet transactions, I’ve had maybe three times where this happened. The Bank always gives me credit, investigates and then reimburses any fraudulent charges. I just check my statement every month to verify that the charges are all mine. So I never worry about that. Also you can set up your account to automatically notify you when a charge is made or posted. So if you get notification in the middle of the night of a new charge, you know right away of the transaction and can verify whether it is yours or not. Very helpful so it’s risk free.
Thanks Richard for sharing this.
Right on!! Go out to lunch, and do it Monday thru Friday. Fewer people milling about, and it's cheaper. Drinking at home is always the best policy anyway. Eating at home is best because you can be in charge of all the ingredients in the meal No small thing. But having friends and getting it is important so.... Keep up the great videos!
Thanks so much Roy we hope you are enjoying your retirement have a wonderful week Cheers 🇺🇸🍷🇵🇹🍺🇨🇦
Senior discounts! Almost every company offers them. Be sure to ask. Review your insurance policies carefully. Are they really necessary? If so, can you lower the cost with a high deductible? Price check annually or bi-annually to keep the companies honest.
Great advice Frank, we do have a higher deductible and only insure the necessary.
Hi Tina and Norm, Great advice! We have been doing the water and lemon order for years. Restaurants add a huge charge on drinks, even sodas or juices. It's a good idea to have a second credit card in case the main one gets compromised and you have to wait for a replacement. 😺
So true! thanks for sharing Diane have a wonderful weekend Cheers 🍷🌺🙂
I get the water, but I don't get the lemon because most restaurants do not wash them before cutting them.
Good point 🍋 🤔
Good advice!! My wife and I carry “zero” credit card debt. We charge a lot of stuff on credit cards each month, but it is paid off at the end of the month. We have never paid zero interest on our credit cards ever since we have had credit cards. We have no mortgage debt either!!! I am retired from clinical medicine (now work for a health insurance company)
Sounds great Frank you talk about high maintenance costs , that’s why we rent 😂 it took away all the unexpected maintenance and expenses of home ownership. Have a wonderful weekend Cheers 🇺🇸🍷🇨🇦🍺🌺
Thank you for your outstanding videos. I wanted to inform you that I am (and probably many others are) reading the comments during the following hours and days - clicking on "the latest" = always on track. So I wish you benefit from many more ads as well.
We are pleased that you are finding the comments useful and entertaining, we set out to encourage comments by reply to all of them so we can all learn from each other. Thanks for watching have a nice weekend.
Great vintage shirt Norm.....Rock on!
Thanks John have a great weekend Cheers 🍺🌺🍷🎸
AWESOME TIPS guys Thank you!♥♥♥
Our pleasure! thanks for watching have a great week Cheers 🍷🇨🇦🙂
I laughed when you made mention of your shirt … I noticed it right away … Rock On’
Glad you liked it Mikey Cheers 🍺🎸🌺
Thanks so much Mikey!
More great advice Tina And Norm. The "one" bank account hit home for sure. My wife and I have had a single account for the last 40 years regardless of how much each of us earned. Always discussed any major purchases. I have come across so, so many couples who maintained their own accounts when married and always seemed to be fighting about money claiming that one "owed" the other money for one reason or another. How can a wife/husband "owe "you money when it's supposed to be a partnership? Apologies to anyone reading this if that arrangement works for you but in my opinion it is a recipe for disaster.
We so totally agree Martinman it’s a recipe for disaster, we have heard that couples fighting over money 💰 is one of the biggest reasons for divorce have a wonderful weekend Cheers 🍷🌺🍺
Having one account used to be the norm (sorry Norm): but it was the *husband’s* account. My wife has her own accounts and I have mine. We have joint debts. A lot of marriages end in divorce. People (women mostly) are more likely, of necessity, to remain in a toxic relationship if they have no control over their money. I would think having joint accounts makes this more possible. Pooling funds might be an indicator of a good marriage, but I don’t think it can make a bad marriage good. Just my $.02 (from my own account).
We have separate accounts and don't fight about sharing costs. We work it out like mature adults. I've done it both ways.
Thank you for the tips. Nice tshirt Mr. Norm
You bet Dan thanks for watching have a great weekend Cheers 🍷🙂🍺
Great tips Tina & Norm 🏴 🇨🇦
Thanks Rachel hope you and the family are well Cheers 🍷🏴🇨🇦👍
Hello Tina& Norm sorry I missed you last week but I came down with Covid thank God the worst is over ,thank you as always for the very good advise I am surprised how many I am already doing, the one big exception is downsizing I am leaving New York and my tiny tiny apartment to my retirement home I bought in Las Vagas 10yrs ago.my mortgage is a third of my rent,I did look into selling the house but surprise surprise the rent in Vagas have gone up so much that a one bedroom is more than my mortgage, so the house is so much cheaper even with up keep for now .That's how things are in America I pray they will get better for all of us.A very happy New Year and good health &wealth
So sorry to hear you had Covid Barbara we hope you start to feel better 💐sounds like a great plan you have for your retirement we wish you all the best for a Healthy New Year Cheers 🇺🇸🥂🌺🙂🇨🇦
Thank you for another great episode. Something that may have been overlooked is your goals and future plans. I have sold the family's home and my company and now I have to find another goal and purpose. I'm healthy, wealthy, but without direction. I always look forward to Saturday at noon. Keep up the good work. Cheers from Oakville.
Hey there! 👋 @William Jones About 50 some years ago, my family lived in Mississauga, the town next door. Now in the USA, I can relate to your personal characterization. With wealth, health, and time on my hands so it appears, my interests have waned. I have a bucket list, actually a bucket filled with items from a full life, not to relive again. So what’s next? I watch Norm & Tina, enjoy more snacks then I probably should, and sit around far to much. I want to travel but feel unsafe doing so. Anyway, you have company. Best of luck to you. And thanks for your honest commentary.
Look for opportunities locally William where perhaps you could share your business and life lessons with start up business’s that will put your skills to use and give you purpose in life .We are glad you enjoy our videos and appreciate you dropping by every Saturday Cheers 🍺🙂🌺
How about letting a person who is a newcomer to your country Eric speak English to you once a week and you could learn their language and customs and give you a travel experience as an idea you would be helping someone so much .🙂
William, I’m not wealthy but I took up the guitar. Still a beginner but it’s loads of fun. Just an idea
Consider sharing your talents with a local service club. You will improve the lives of others, give you a purpose in life, and provide you with great, like-minded friends.
Agree with joining all money. Then having lots of conversations on how to spend,save it. We also take all “insurances,HOA” and + then divide by 12 then “set that aside in checking” for when that bill comes. We do the same for Christmas/ birthdays(add up then divide by 12).
Sounds great have a wonderful weekend Cheers 🇺🇸🍷🇨🇦🙂
Wonderful advise, and you are wonderful I didn’t learn anything,I just learning now,I am 70 ha,ha, better late, than not at all.
Thank you
I love the credit card idea!
Isn’t it a smart idea 💡 have a great weekend Cheers 🍷🌺🙂
Hi guys,
Thanks for credit card advice--I don't have one but will get one for online shopping with a low limit!
Happy New Year
Our pleasure! have a great weekend David Cheers 🍺🌺🍷
Internet credit card - great idea - thx
You're welcome Neil!
Norm and Tina, you make me feel better just watching your video. We have several cards, and when traveling don’t carry all the same cards, in case one of us loses their purse/wallet.
Thanks so much John glad you enjoy our videos have a wonderful weekend Cheers 🍺🌺🍷