You don’t need superpowers to succeed in saving…just effort and a little imagination! Three savers tell us the secrets of their success.
Saving money is not easy, and overall we are not saving enough. According to the 2018 Sun Life Financial Barometer, a national survey of 2,900 Canadian adults between the ages of 20 and 80, workers have an average of $18,660 in non-mortgage debt, and 24% of them have already drawn into their retirement savings to pay off debts, pay for health-related expenses or take vacations.
But the world also has super-savers! Jackie Silverberg, a 68-year-old retiree, takes three trips a year but rarely spends her travel budget. Jason Campbell, 40, took three sabbaticals and has already paid off half of his mortgage four years after becoming a homeowner. Erica Berman, 44, and her partner paid cash for their car. As a result, they are mortgage-free and have already saved a considerable amount for their retirement.
How did these people manage to save, and what advice can they give to those who can’t? Here are their recommendations.
