Ep 168 - Plugging the Leaks: How to Free Up Hidden Cashflow Before Retirement
Even in retirement, small expenses can quietly drain your income — until you take a closer look. In this episode, Joe Curry shares how a simple personal cashflow audit saved him over $2,000 a year and outlines practical steps retirees can use to find — and fix — their own hidden money leaks. Perfect for Canadians focused on tax-efficient retirement income planning and smarter spending.
Key Takeaways
Small leaks sink big ships — even in retirement.
Performing a personal cashflow audit can uncover significant amounts in annual savings.
Subscriptions add up fast.
Many retirees pay for apps, streaming services, or memberships they’ve forgotten about. Canceling unused ones can free up hundreds of dollars a year.
Your needs change in retirement — your insurance should too.
Review life, home, and auto coverage regularly to make sure you’re not overpaying for outdated protection.
Tax inefficiency is an invisible leak.
Pulling income from the wrong accounts or missing opportunities like CPP deferral can quietly cost thousands in unnecessary taxes.
Question your habits.
Routines you’ve “always done” — from premium cell plans to cable TV — may not serve your retirement lifestyle anymore.
Insights Worth Sharing
“A few small leaks in your spending can quietly drain thousands from your retirement income.”
“The biggest leak in retirement might be the one you can’t see — tax inefficiency.”
“If you didn’t already have that subscription, would you sign up for it today?”
“It’s not about how much you make or even how much you spend — it’s what you keep in your pocket.”
“Awareness is powerful. Once you see where the money’s going, it’s easy to plug the leaks.”
Resources
Book a Cashflow Audit Call
Related posts:
Ep 134 - Smart Tax Strategies for More Efficient Retirement Planning
Plug the Leaks in Your Retirement Cashflow.
How Small Changes Can Save You Thousands
Ever feel like your money disappears faster than it should? You’re not alone. Even retirees with well-built income plans can find themselves losing hundreds — or even thousands — of dollars a year to small, unnoticed expenses.
In this week’s episode of Your Retirement Planning Simplified, Joe Curry shares how he recently ran a personal “cashflow audit” and uncovered over $2,000 in annual savings. The process wasn’t dramatic — just a bit of time spent, a few phone calls and cancellations made — but the impact was real.
Joe started by reviewing his household bills: phone, internet, and TV. A few quick renegotiations and one canceled home phone line saved him more than $100 a month. Then came unused subscriptions — streaming services no one watched, annual app renewals, and a premium credit card that wasn’t delivering enough value. Together, those small changes freed up real cash.
This exercise revealed a bigger truth: many Canadians nearing or living in retirement can benefit from a similar audit. After decades of earning and spending, it’s easy to carry old habits forward — premium plans, bundled services, or insurance policies that no longer fit your lifestyle.
Joe encourages retirees to start small with five steps:
Audit your statements. Review 12 months of credit card and bank activity for recurring charges.
Cut unused subscriptions. Cancel what you no longer use — and don’t be afraid to renegotiate rates.
Shop smarter. Build grocery lists or order online to avoid impulse buys.
Review insurance and credit cards. Make sure coverage and benefits align with your current needs.
Question a habit. Ask, “If I didn’t already have this expense, would I choose it today?”
And finally, Joe reminds listeners that not all leaks show up on a statement.
Tax inefficiency — like withdrawing from the wrong accounts or missing CPP and OAS timing strategies — can quietly drain your retirement income. A coordinated plan can ensure you keep more of what you’ve earned.
So before you look for higher investment returns, look at your cashflow. You might find that the easiest way to boost your retirement income is by simply plugging the leaks you already have.
Learn more about our retirement planning process at MatthewsAndAssociates.ca.