Are you actually able to save any money these days?

Sure, I can put a few dollars away every month. I think much of the problem right now is people need the money to live. But some of the problem is that people don't know the concept of living within their means. Many work on the theory of live for the present and worry about the future later.
I've always worked on the theory that you don't always need brand new for everything. I drive a used vehicle, I live in an older home, I have a tiny garden I grow a little of my own food in. I know there are a vast majority who can't do this. But many can do little things to have a few bucks to put away. It adds up over time. And not in a very long time either.

I don't know. maybe most Canadians love being employees, paying huge taxes, an even larger mortgage and giving their kids anything they want. It's your life. Do what you want with it. Saving will put you there faster. The world is a big place, but hey, if your narrow focus of life is like most, please don't save and enjoy the little you have and the less you will have when you are old. I save 20% and will be kicking back at 58.

Our savings rate has been dropping due to several reasons. The first is the never ending pressure on the part of the financial media to buy buy buy. It good for the economy they used to say and debt was considered ok. Second over the past 15 years business has been trimming pay checks and benefits. Finally the 2008 recession that still lingers for many was the coup de grace for many people. We now have a third world economy where workers are asked to take 50% pay cuts and the rich get richer. So going forward it will be harder and harder to save given the debt already taken on prior to 2008 and since.

To blame individuals totally for this situation is false. I remember economist in the 1980's chiding Canadians because they saved too much money. Those guys must be happy now.

How can I save money when I have $80k in student debt and can't find a job that pays more than $40k a year? My rent on my crappy apartment is $1500/month and groceries alone are $500/month.

Don't tell me I am being irresponsible. I am not living extravagantly, I am just trying to live.

It looks like the results of getting rid of the auto pack and getting free trade are now starting to show results.You can see this by proffitable companies demanding 50% wage and benefit cuts and then moving to a country with lower wages and benefits. The middle class worker in this country are all but done,get use to it as we are now seeking free trade deals with countries like China and other Asian countries.Let me ask you this,how much do you think a worker in one of those countries make, and do they have any benefits? When you look at the poverty of these countries you can see our future.

I know how you feel.
It took my husband a decade to pay off his debt. Our parents told us when we got married that we would be "out of the hole" within 5 years. They were wrong.
It's around 20 years later. We were out of debt 5 years ago. However, we put off the big house, the beautiful car/truck, and have a garden in the back yard (like Al-man). We definitely do not live like "The Jones."
When we did post-secondary we got told life was going to be great when we were done. Now, I want to stop every young person on the street to warn them it's very hard after school.
Yes, we now save a little, with great sacrifice.

Yes we are able to save. More now for sure than when we were in our 20's and 30's. We save 8% of our gross salaries each paycheck (minimize taxes at source) and our employers kick in 4% as a match (free money, a no brainer). Now that we are finally out of the daycare paying years we are also able to finally start some savings outside of RRSP's, we save about $5K a year for that. Savings are a huge priority for us now as is paying down our mortgage- we have shortened the amortization as well as added $200/month additional in payments to try too get it paid off while the interest rates are still historically low. Essentially we just took our raises and added them to our mortgage. We don't miss the $ since we never adjusted our lifestyle to that. We also put $200 each month in our kids' RESP's as it is our goal that they do not take any student loans for University. They will also contribute to their RESP's once they are 16 ish and have part time jobs so that they have some skin in the game.

The one shift we have finally made is to save before we actually spend - such a novel idea. We haven't gone on vacation for 3 years and are finally going this winter. We made sure that it is already all paid for in advance (flights, hotel, meal plan) and we also saved up $500 cash for spending money. It truly is a great feeling to be able to go away and not worry about how we will pay for it. It wasn't easy, but Suze Orman is right, once you start saving, the peace of mind and security that starts to come with it far exceeds the rush you feel when you are spending.

I'm the don't make enought to cover the basics. I am one step away from the streets. I have a college education, so, don't go there. Cost of living (west coast) is just to high these days. I have saved and had to spend to live, so, I hate to say this. Hope I die before I am too old, as, I don't have any retirement money either and with the pensions being played with now, don't look forward to the Government helping in amy way. I can't live in the cold provinces, as, i also suffer chronic depression, I wonder why, ;)

Dear Dice, You should have been born to parents in Africa, Afganistan or maybe the Philipines then you may have reason to be depressed. All you whiners get up and dust yourself off and get on with life. I have worked for a dozen different company's in 39 years and raised a family, put three kids through college. Look after yourself cause the government never will and shouldn't be expected to.

I'm 29, married, own a condo, we save $200/m in RRSP and $200/m in a short term TFSA to pay for things like property taxes and car insurance (we have 2 cars). I work full time earn about $45K at one job. Started in a business as a financial advisors last year, made $5K my first 6 months part time, working $10-20K part time this year at least. I'm garunteed 2.25% + market gains on my investments because that's my commision for investing my own money. My short term (3-7 years) clients earn 4-7% anually right now (everyone can with the right investment portfolio). My wife made about 12K last year.

My point is a lot of people in my generation have this sense of entitlement where they think a $80,000 a year job should just happen because it did for our parents or grandparents... Well tough shit, it's not like that anymore, the world is a more competitive place now and whining about it will only give others time to get further ahead of you!

I'm on track for earning $100,000 a year from either my job or my business because I work my ass off! And yes, it took me until 27 to realize what I had to do. Almost anyone could do the same if they really truly went for it. But instead most will bitch that I'm lying or part of some mlm pyramid that does really work. Well I suggest you look at what I have and talk to my clients.
I was 1 of 3 people to get a raise in my first job last year. I don't have a B.A. but I have gone to some post secondary. If you want to save do it, if you want to earn more prove your worth it before you get the raise! But don't waste your time saying it's to hard and not fair!

savings is for fools, spend, spend, spend, you are being naive to think that we will even be around in the next 40 years..with a nuclear war peaking its ugly little head it will be destruction like mad max..save for a tank and thats it.

Learn to live within your income bracket. I know people making $400k a year that have huge debt and I also know people that earn $60k a year and are raising a family of 5 on it and doing quite well. Its all about balance. Live a little, save a little. If you don't have the cash don't buy it or book it. We tend to take the easy road and use that credit card all too often.

Minimum wage in Toronto does not cover basic rent and food - in addition to this the Toronto Transit costs $3.10 - it appears tax dollars covers government officials to vote for raises for themselves while the rest of the country is going in decline - in Toronto minimum wage sould equal $15 / hr according to living wage analysts - either Tim Hortons who is listed on the TSX shoulg give better shares of its ridiculous earnings to its employees or stop going to Tim Hortons - the top 1% of people who generate income in this country have greater accumulative wealth than the bottom 90% of this country - repeat - the top 1% of people who generate income in this country have greater accumulative wealth than the bottom 90% of this country - yet when minimum wage goes up this is why food prices goes up disproportionately to add to greater profits - in this world certain countries do not allow its gas companies to get on the stock exchange - it is investors who cause gas prices to spike which is the biggest cause of inflation - HOW IS IT GOVERNMENTS GET TO VOTE FOR RAISES FOR THEMSELVES? In democratic nations like Canada this sort of thing should go to the highest court - after all the justice system is last form of democracy left in this country aside from voting for the leader once every four years - YET - it is impossible to get employment insurance if you work just one day in any given week - i lose days frequently working in manufacturing - if the national savings rate is hovering around 3% or 4% how is the hard working factory employee supposed to save if he or she is losing 50% on average during recession? If the employee standards acts says an employee is automatically considered laid off if receiving less than 50% of regular hours why is it still impossible to collect employment insurance? Canada has HUGE problems the upper class refuse to look at - another thing is one of the first comments is eye opening - if Canada does not start to get self reliant rather than depend on the world economy while Stephen Harper gloats and does nothing to fix critical financial errors in our current zionist society eventually Canada will look like China or India - if you want to fix critical errors governments should look at how much work is required rather than cutting costs across the board outsourcing jobs - perhaps governments should get together and calculate figures rather than taxation in order to end taxation - if you do this natural wealth of the land takes priority rather than just numbers - the government is not supposed to have the ability to save if its citizens cannot - if you figure out the natural wealth of the land is going to eventually run out if immigartion levels continue factor what work is required rather than consistently increasing levels - the government should invent a new financial system the gives finacial help to its citizens without taxation - measure the value of the Canadian dollar in accordance with the GDP or trade - if demand for work increases just increase incentives rather than reduce basic standards of living that is our current social assistance program - - if people cannot save it leads to depression - if there is increased demand for work people should get incentives to go to work rather than pay cuts due to globalization - our current prime minister defends our current financial system of people living on the street and asbestos manufacturing.

The cost of living is so high it's difficult to save. If you don't make close to 6 figures I don't see how it's possible.

Its all about living within your means. Move out of the big cities where housing prices are ski high. Move to a town or small city. Sure your wage will take a hit, but your mortage will be halved, and you will have a better quality of life, (shorter commute, less pollution, kids have more sports opportunities in schools, etc.) Im able to save around 1 k a month,(for a house) and if I lived in a city, i wouldn't even be able to save half of that.

All you Christopher's and Dice's out there - wouldn't hurt to listen to Woody; BTW we, the people put Tim Hortons where it is (yeah, I buy one every day); plus the immigrants are thankful for the work. Stephen Harper has been slowly and steadily and lots of it behind the scenes getting rid of ridiculous Lib and NDP massive blunders, useless handouts. He still has a long way to go. Sure, I don't want to see free trade with China but I sure as hell don't want to be held hostage by Barack Hussein Obama. Plus I thank the Lord every day I was born here and not in Africa or the Middle East.Stephen has said he is going to tackle the gov't pensions next and he will. And like lots of smart folks have stated here - if you can't afford it then don't buy it! There is no simpler logic in the world. And like I said somewhere else don't have kids if you can't AFFORD them! Quit whining everybody and if some of you are so smart and know all the answers why don't I see your name on election ballots.

Yes, I average about $5,000 per month.

In order to save $5000.00 per month I guess you are one of the one per centers. The high cost of living in Canada, high taxes, etc. make it almost next to impossible for the average Canadian to save money. I am talking about the 99 per centers, not politicians or civil servants who have the private sector spoon feeding them.

Nothing can be more annoying - if not disturbing - to read comments written by idiots such as Saunders, who only live to post condescending comments to brag about or show off their financial situation. If this is true, which we highly doubt, you are one of the 1% of the Morons (as the previous person indicated) either running the country (poorly) or being involved in an activity that does not require a lot of work or it requires a lot of inside trading or ripping off the taxpayers money. One of these possibilities is very viable.
So, get the hell out of this forum. We despise you and puke when reading your comments.

@ John B and cris... first of all, this is a free country, last I checked... so I have every right to post my comments. The fact that you are disturbed by my comments is only a reflection of your feelings of inadequacy,. So I am a Moron for saving $5,000 per month???? What the F does that say about you???? I am certainly not a politician or a lowly civil servant. I am not even a manager. I work for a private company and I earn a average salary relative to my colleagues. I also live modestly, so I can save. I also have no debt. If you can't handle that, then you get the hell out!

I guess all of your colleagues are one percenters. Please tell me the name of this company. I can understand you saving $5000.00 a month if you are a neurosurgeon or highly qualified in a very much needed area. If you are a lawyer - well just remeber in Ireland we call them "liars". There needs to be a more equitable system of taxation. The wealthy ( and it seems you are if you're saving that amount) have a lot of loopholes . The poor people obviously cannot save or pay onto a rrsp so it is the middle class that pays most of the bills and funds the pensions of civil servants and politicians. Consequently, they end up not being able to save much.

Kudos Saunders for the amount you are able to save every month. I'm not so sure why everyone is bagging on you for it. If a person has a good job with no debts, it is definitely plausible to save $5,000 a month. That much adds up quickly and I imagine you make cash just off of interest in a high interest savings account. If you invested it other ways you could probably make more off it. Myself personally, I am unable to really save any money right now. I put $25 into a TFSA per month, which accumulates very slowly...but it's something! And it doesn't count for much when you consider I'm $10,000 in debt. That being said, I'm still in university. I don't plan on accumulating any more debt since I am doing 2-3 classes a semester rather than 4-6 which I have in the past. I anticipate that if I get a full time job where I currently work after graduation, I can easily pay off my debt in one year. If I put my mind to it and don't vacation, probably 8 months. All that being said, I may not be so optimistic if I didn't have a good paying job. It doesn't matter how hard you try - if you don't make enough, you will never be able to save.

Where to start?! First of all, all of you without decent grammar and spelling wouldn't be hired by anyone I know (I'm not a teacher either). Those of you who complain about being part of the 99%, be aware that almost anyone in Canada lives better than most Americans because of our almost-free access to health care. Anyone earning over the 30th percentile in Canada is likely in the top 20% of the world'd income earners; again, not knowing what that means speaks to lack of education. Having said that, it is hard to live in Canada's big cities because of the cost of housing. The best advice I see in the previous comments is to live within your means - you really don't need a new phone every year; you don't need the newest clothes; manicures are perhaps for rich people as are drinks out at a bar. Really - live within your means, and keep up with the Jones' that are in your income bracket.

A lot of us barely take home $5000 a month.