By Karin Mizgala
A recent survey done by ING Direct, the Canadian subsidiary of the Dutch online bank, found that 41% of Canadians said that saving a small amount per week would make them happier and help them reach their most important goal – paying off debt. However very few Canadians are actually setting the money aside. 36% said that they don’t save any money on an annual basis and 54% said they live pay cheque to pay cheque.
There’s no question that it’s not cheap to live anywhere in Canada these days but is that really why most of us live pay cheque to pay cheque – even when it’s causing us a lot of stress? Or is there just something in our nature that naturally pushes us to the outer limits of our financial comfort zone?
The loop of spending as much as we earn (and often a little bit more) followed by guilt, frustration or remorse seems to be the norm in our society. Wouldn’t it be nice if we all just admitted how hard it is to do what seems so simple on paper?
Then maybe we’d be able to stop the negative self-talk – “I’m bad with money”, “I’ll never get ahead anyway” and do what it takes to start putting even $25 aside a week. Saving might not be easy but you’ll be happier if you do.
Karin Mizgala is Money Coaches Canada’s CEO and resident “money shrink”.
