A bank wants us to save money for tough times? What next? Pt 3

A recent news article said Scotiabank is starting a “Let the savings begin” initiative.

I’m for it. (Please read Part 1 and Part 2 for additional and brilliant information).

I want to see folks reduce spending, pay down debt and save money for tough times ahead.


["Wanna save $10 per week? Cut back on restaurant meals."]

And when a bank encourages the same thing I have to ask, what next?

900 sq. ft. houses? Enclosed scooters that get 100 mpg? City planning that encourages walking? (Oh, I hope so!)

TV personality Valerie Pringle will act as a “savings ambassador.”

“We are trying to encourage Canadians to make small changes,” said Pringle. “It’s something that’s really important and we have to take responsibility for it. It has to become a habit.”

Excellent.

Small changes, e.g., even saving $10 per week, may produce big results, especially if the habit grows to $20 per week, then $30, and so on.

Though 55 per cent of Canadians save on a regular basis, the amount may not be enough to ensure all their future expenses are covered in a reasonable manner.

The other 45 per cent can likely look forward to feeling the squeeze year after year. (If the rent is right, the basement at your parent’s house might start to look pretty good in 2025).

Banks and governments also know that our national debt is growing and we have a poor track record related to paying debt down. (Since 1960, we have grown debt in about 80 per cent of our annual federal budgets. Our provincial record is almost as bad).

Any efforts by the powers that be (though several years late) to get people to become more financially responsible is a good thing.

Let the savings begin.

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Let me know when you see a developer design and promote a 900 sq. ft. house.

I’ll take a picture.

How can people save $20 per week?

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