Is it really hard to save money regularly or are we spending too much?

I was at a speaking event on April 30th and on May 21st and I was asked to talk about Personal Finance as it relates to monthly savings.

Saving money on a monthly basis is one of the most challenging things to do when you are a mother, father, caregiver, or even single folks.

I like to tell my clients that the best way to accumulate savings is through payroll at work or by setting up  direct deposit into TFSA, RRSP or a regular savings account. But the reality is that most people take out the saved funds whenever they are out of their budgeted monthly spending.

I think the ability to save money on a regular basis depends on your life stage or your knowledge about personal finance.

I have seen a 20-year-old man with over $20 000 in his RRSP because his parents taught him about personal finance at a very young age.

Based on my experience as a financial consultant, there is a correlation between our spending habit and our savings habit. It is not about how much you make, it is about how much you spend on a daily, weekly or monthly basis.

Why is it so hard to save? Please share your savings experience. 

Let's help each other learn. Let's talk Finance!

Feel free to email me directly at margmortgages@gmail.com or call 780-901-8060 with all your personal finance questions.