13 Money Leaks: Fix These and Have More Cash For What Matters Most

Calgary Cash Flow Planning

 

Imagine flushing $5 bills down the toilet. You just would not do it. Yet, you flush away money every day in other ways.

 

Just think of energy costs in your home without weather stripping around the doors and windows. How old are your windows and doors? How much heat and A/C loss is escaping your home because of poor insulation in the attic? 

When it comes to our finances you can have a lot of money leaks as well.

 

Here are 13 that come to mind:

 

1. Paying late fees on bills that you forgot to open. These payments can be automated.

2. Paying the whole month's interest on your credit card because you were a day late in paying the balance. 

3. Gas-guzzling vehicles. 

4. Buying lunch at work most of the week. 

5. Not eating leftovers or taking it to work.

6. Buying too much food because it was on sale and then disposing of it after its expiry date. All that food waste over the course of a year could be a romantic weekend away.

7. Shopping at Costco and buying in bulk only to throw half of it out.

8. Smoking.

9. Purchasing an extended warranty. It is rarely a good idea.

10. Eating out too much.

11. Buying new Vehicles. In 35 years of driving I have been towed twice and both times it was because of faulty repairs that were completed the previous week at a couple of very recognizable national garages. New does not automatically translate into more reliable. 

12. Buying everything new rather than used. Check out Kijiji.ca or varagesale.com.

13. Allowing healthy, capable adult children to live in your house for free. (Side note: if you are the free-loading kid still living with your parents, then you should be saving some serious cash - milk it for as long as you can).

 

Check out MortgageStudio.ca for some additional great tips on saving money and getting into great financial shape.

 

We have yet to complete a Financial Review with a client where there weren’t a few of these money leaks. Most of us have money for investing and money for enjoying life. It's just a matter of identifying what is most important to us so that we can stop wasting money on stuff that isn’t. This is what Cash Flow Planning helps you do and it results in achieving dreams you never thought were possible so much sooner.

 

"Too many couples forfeit reaching their goals because of poor choices and too many money leaks. The good news is that there is a better way. "

 

Let's Improve Your Retirement Cash Flow! We can help you create a Cash Flow Plan to find the money you need to fund the LIFESTYLE you want TODAY and TOMORROW.

We help our clients create sustainable, predictable, and tax-efficient cash flow for retirement, to ensure they never have to worry about running out of money.

Want to retire in the next few years? Learn more about our services and book an appointment.

 

Retirement Transition Planners,

Willis & Nancy Langford


Share This Post:

Related Posts

Latest Testimonial

If you are nearing retirement, newly retired, or well into that stage of life and need some honest, reliable financial advice and tax planning services, I highly recommend Willis and Nancy Langford at Langford Financial. I have been working with them since the fall of 2020 and am really happy I made the switch.

I needed much better advice than I was getting from my new bank rep as I was actively preparing for retirement. I found Langford Financial online and booked a review meeting. I was happy that I was sent a complete list of all the information that would be needed prior to my initial meeting so I arrived prepared.

From that initial meeting, I decided to have Willis prepare a retirement plan for me. After we reviewed everything he had prepared, I felt much more confident in what was to come financially during retirement and how I could manage it. That's when I decided to transfer my investment portfolio from my bank to Langford Financial so they could manage it with and for me. I felt they really had my best interests at heart.

It was a pleasant surprise that their approach combined both income planning for retirement and tax planning for both the immediate future and well into retirement. This has proven to be very helpful as it has ended up saving me a lot of money (a lot!) by using credits that had been missed by the company I previously used to prepare my taxes.

I really like working with Willis and Nancy. They are very quick to answer any questions I have and can accommodate virtual or in-person meetings based on what is needed. They also produce a regular newsletter that I really enjoy. It has lots of tips in it and some very good in-depth information that helps me make better decisions---or at least ask better questions!

Moving to Langford Financial was a great decision for me. It has lead to better financial planning and decision-making and much greater peace of mind for me at this time of life.
 
 
 
Sharon Stroick
Full Service Client Since 2020

Contact Us

Questions? Comments? Call us today at 587-755-0159 or fill out the form below:

Have Questions? Call Us Today At

Call Us

Join Our Newsletter



Subscribe