A new survey from ING Direct revealed that 59% of Canadians are labeling themselves as “savers” versus “spenders” when it comes to how they treat money, however one in two Canadians are unable to put away an extra $25 a week.
41% of Canadians explained that they have been able to save this relatively small amount per week would be happier, and get them closer to reaching their most important financial goal this year, which is none other than paying off debt.
Canadians are finding it more challenging to save money than they did a couple of years ago; 46% of Canadians have admitted that saving money is more difficult today. With that said, 31% of Canadians have admitted that they are no where close in reaching their 2011 financial goals; they are remaining positive in hoping that they can still accomplish their goals.
Peter Aceto, President and CEO, ING Direct explained that the there are increasing pressure that makes it difficult to save, however a lot of average Canadians appear to be unwilling to commit to the small changes that will allow them to save a little money each week.
By changing little habits, you can have an impact on your finances; forgoing that Tim Horton’s cup of coffee every morning, and brewing your own can save you a little bit that can go straight to your savings.
How could I save $25/ week?
The respondents in the survey were asked what they could do to save an extra $25 per week, and the responses were to cut back on small everyday expenses by:
- Eating out less (47%)
- Doing less shopping (40%)
- Making lunch and coffee and home (24%)
- Using coupons (23%)
- Cutting down on groceries (23%)
Truthfully, if you were to commit to saving, putting away $25 a week is not that difficult. By saving an extra $25 per week equals more than $1,300 per year, plus interest. $25 per week investing into ING Direct’s high interest, no fee savings account compounded over the last 10 years at an average rate of 1.53% would have yielded close to $15,000 today.
Aceto explained that the point of saving is not to cu tout your daily indulgences, but to put a limit on them and find a good balance between spending and saving.
If you are really serious about saving money, then cutting back on certain luxuries should not be too difficult of a task. Consider the possibilities and I am sure you will find a way to make it work.
Are you able to save at least $25 a week?