Saving money is not easy, it takes focus, organization, and determination. It takes ‘focus’ to constantly remind yourself that saving money is a priority. It takes ‘organization’ to better understand how you spend your money. And, it takes ‘determination’ to keep yourself on track and not give in to the temptation of unnecessary spending.
Saving Money = Focus + Organization + Determination
Constantly reminding yourself that you need to save money is the worst. You might as well say good bye to having fun and enjoying the moment. This is not true. Saving money to do something spectacular later, or paying off your debt, are some of life’s most enjoyed moments. As shown by Walter Mischel’s marshmallow test, individuals that delay gratification, can lead a successful life.
Being organized can be very time consuming. But what people don’t realize is that by taking time to organize yourself now, you save more time later. Not only do you save more time, you save more money. This is why a majority of financial tip blogs mention that creating a budget is a must to save money.
Having the determination to keep on track and not give in to temptation takes a lot of energy. There is no simple science to determination. The amount of determination that is placed towards saving money is all based on the individual, yourself. This is why maintaining the determination to save money is the most difficult of all. In fact, many Canadians presently struggle with being determined to save money.
Canada’s Current Debt Situation
How are Canadians struggling to save money? To better understand debt in Canada, the Financial Planning Standards Council (FPSC) and Credit Canada administered the 2019 Household Debt Survey. The survey showed that nearly 20% of Canadians need to liquidate their assets to help pay off their debt. To add, nearly 60% of Canadians anticipate their debt growing this year.
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