We met with our Financial Advisor last week and some of the recommendations he made were: we should try to be as even in our Registered Retirement Savings Plan Balances as possible - hubby currently has about $15,000 more in his RSPs, so we are gong to be opening up a Spousal RSP in my name, with hubby as the contributor. He will continue his RSP savings and matching savings with his group work plan, but will now contribute monthly to the Spousal RSP Plan instead of his individual plan, that he has separate from his work. The other suggestion was to reduce how many credit cards we have. We have 3 that we use on a continuous basis (but ALWAYS pay off the balances each month) and some cards that we have for " Just in case... scenerios" that we haven't used in ages, so our advisor suggested that we should cancel the cards we don't use.
So yesterday, we opened up a Spousal RSP Plan and we cancelled the extra credit cards that we never use. I have to admit that I was little apprehensive about cancelling the cards (even though we haven't used them for years), because I always worry about what if one day we need it..though in reality we wouldn't need it - at least that's what I keep telling myself.
All in all, he said that we were on the right track and he liked the idea that we were paying extra on our mortgage each month.
It sounds like you are on the right track. I know that I need to cancel a few credit cards that I no longer use but just haven't done so. I know that it will hurt my credit score which is one reason why I haven't done it yet.
ReplyDeleteKudos to you on canceling the credit card it's always hard for me to do it because I think of them as lifelines which is baaad I know.
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