Could you save an extra 25 bucks a week?
While 59% of Canadians like to think of themselves as “savers” rather than “spenders”, about half of them confess that they’re unable to put away even an extra $25 a week, reports ING Direct.
Not that they wouldn’t like to do better. 41% said that being able to save this relatively small amount per week would make them happier, and get them closer to reaching their most important financial goal this year, getting out of debt.
But roughly a third of respondents admitted that they were nowhere close to doing that, although they remained positive in hoping that they can still get there soon.
"What is certain is that rising interest rates are going to force all Canadians to take a second look at personal finances," says ING's CEO Peter Aceto.
"Things bought using credit cards, a mortgage with a variable rate – all of that is about to become more expensive with each passing day. What makes the most sense to me right now, with a rate hike on the horizon, is to be prepared by making changes today," he advises.
It's all about changing some everyday habits, Aceto maintains: "Instead of focusing on how to make big dents into debt repayment or radically changing a standard of living, think about cutting back some of the smaller daily spending, which is often unaccounted for and adds up significantly over the course of several months."
What about you? With rates remaining low for the moment, is debt reduction still a priority? Or is simply making those payments good enough for now?
By Gordon Powers, MSN Money
Posted by: Lindon | Sep 5, 2021 5:29:00 PM
I already save $1,475 per week.
Posted by: Northern Ontario | Sep 6, 2021 8:03:15 AM
More importantly. drive slowly today. Watch for the kids anywhere from school buses, school areas or neighbourhoods.
This is the week where I fear most for accident. I see parents rushing around in their vehicles, going through red lights because they are not use to their routines and they are late for daycare or work. Be safe!
Posted by: London | Sep 6, 2021 12:24:51 PM
@Lindon. Yes... we're all impressed that you live in your mother's basement
Posted by: That guy | Sep 6, 2021 7:10:08 PM
Could I save an extra $25 a week? Certainly. Am I going to? No. I already save enough.
Whats enough differs for all people but for my wife and I it means it means. RRSPs get $1,200 a month. Mortgages principal (not including interest) reduce by $2,000 a month, other debt is reduced by $600 a month and cash increases by about 2,500 a month. Did I mention we are in our late 20s.
Very easily I could easily cancel my TV subscription, eat out a little less or buy less expensive food. I could forgo the occasional movie or sporting event. Whats the point? From every forecast I have we'll have equity of a million by 35 and will add another million to that tally every 5 years (thats assuming I don't have any inherentances which should also be in the 7 figures).
For the first couple of years we saved like church mice and worked long hours. We both have kinda stepped back from that and now we buy toys and enjoy our money. We can't really take it with us and it really is made to be spent. We already have a very decent little nestegg and at its current growth rate (which has been increasing each year) we will easily have retirement covered 20 years before we get there.
I personally believe that everybody should work their absolute utmost to save and prepare for retirement and that nothing should come before that (you can only count on yourself to pay for yourself). That said at some point you also have realize that there is no point in life to living a unfulfilled life just to have a little for retirement and then to die with most of it left over.
In short, Im figuring how I can enjoy spending $25 more, not saving $25 more.
Posted by: Billy | Sep 7, 2021 2:20:28 AM
Nice of you to brag about your riches! I am also above the majority but I do not feel the need to disgrace all those who are unfortunate. Life is not easy and most of the world is in poverty and worse! Jump down off your pedastal and think about others! People of your such should not be permitted to post on public sites!
Posted by: Lindon | Sep 7, 2021 4:34:43 AM
@London... Actually I do own my mother's house, but she lives in a different country. I also own my doctor's house and several others, including a $2,500,000 water front estate on Lake Huron. Do you get the picture? So what do you spend your welfare check on, you low-life?
Posted by: A little Better than Scraping by | Sep 7, 2021 9:02:11 AM
Wow! Some people here are doing very well, hey? I would consider myself as doing okay, better than the average. It just costs so much to get to the "okay" bracket. I nearly have my debts (PLC, Student Loan, Car) paid off (PLC in 2 months, student loan next year, car the year after) and it's all I can do to tuck away that extra $100 a month. I applaud those who have been able to get everything together so young!
I will say that my partner and I do like to go out an enjoy the money we do have (meals out, home renos, 2-3 small trips a year and one big one every 2 years). I agree that there needs to be a balance. I think we have done a pretty good job of balancing, considering that we live on one pretty good salary (mine) and one that is barely better than minimum wage (his, but he just started Pharmacy School yesterday, so we will be about even in a few years).
Right now, I think we are paying back all that we can while still enjoying life. I'd like to be able to put that extra $25 a week on my student loans or the house, but right now I just don't feel like it is feasible or even worth it. Maybe my opinion will change when we are living on two healthy salaries.
Posted by: Jim | Sep 7, 2021 9:04:10 AM
Congrats to everyone whos putting away a little extra money. However I dont think this article is aimed at those who are earning an upper class income. You are the people who SHOULD be able to save money easily. Its the middle class households earning $80k a year that this article is aimed at. But again thanks for letting us all know how big of a DB you really are.
Posted by: Tes | Sep 9, 2021 11:39:50 PM
Lindon,
You are full of shit. People like you make this Planet a pathetic place. You really are useless. We don't need you, jackass!
Posted by: Randy kubb | Sep 10, 2021 9:41:13 AM
I agree tes what a #%$#.
Posted by: backbiting site | Sep 11, 2021 4:40:03 PM
Well, it seems there's many rich and poor who just enjoy hating each other.
Lindon is doing so well because she owns real estate. It's a known fact that real estate owners make good money. There's a reason we are told time and time again that buying is better than renting. Would you like to put your hard earned dollar in Lindon's pocket? That being said, not all people with money, have bad attitudes. Work hard and invest your money wisely so that you can buy Lindon out.
Posted by: Lindon | Sep 13, 2021 8:45:51 PM
@Tes, I am really curious why you think that I am useless and make this planet pathetic? Personally I think you feel inadequate about yourself and therefore feel the need to lash out at others you don't even know. In fact, I would never had brought up the subject of home ownership if "London" hadn't decided to post such a ridiculous comment, a reflection of his/her low intellegence. I work hard, and am recognized internationally by my professional organization for my contributions to technology and advancements in science. I get paid accordingly. Is that what makes me useless? I am sure that some day, when you are seriously ill, that you will regret that comment "We don't need you". What I own is irrelevant, should not be of any concern to anyone else, and only a means for sheltering my income and providing for my family. Get a life Tes, and you as well Randy Kubb.