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Email this2:38 pm
December 17, 2016
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From Rob Carrick in the G&M -
Saving money without pain or effort? Yes, it’s possible with these apps
The march toward a cashless society presents a challenge for old-school savers.
If you’re not paying for things with cash, you’re not getting coins back as change. And so you’re not able to drop your nickels, dimes, quarters, loonies and toonies in a change jar and watch them accumulate over time.
Never dismiss small change as a way of making big improvements in your savings habits. You can save more than $600 a year by paying for a $2.50 coffee every workday with a $5 bill and then tossing the change in a jar. Will you be able to save this effortlessly if cash falls out of use? The answer is yes – in fact, it’s already happening in a way that beats the change jar for convenience.
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I'll take a pass on this ... but thanks anyway.
2:54 pm
September 11, 2013
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How about saving pretty well the whole $5 every day by bringing your coffee from home in a thermos? Like my Dad and his work buddies used to do in the decades before Tim's, etc.
3:50 pm
December 17, 2016
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Likely because they crave and just gotta have a triple, venti, half-sweet, non-fat, Caramel Macchiato @ Starbucks... price be damned.
6:50 pm
April 6, 2013
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Just another marketing gimmick. I doubt the apps actually create real savings in the absence of the discipline to spend less than one earns.
David Chilton, of The Wealthy Barber, found that people had taken his advice of paying oneself first. People had set up a payroll deduction to take 10% off and transfer it to a savings account or RRSP. 
But, on closer look at their personal balance sheets, he found that many of the people were also regularly drawing on their home-equity lines of credit. Sadly, their line of credit balances more than offset their savings account and RRSP balances. 
People were just kidding themselves. Kind of like switching to calorie-reduced treats, with 30% less calories, and eating twice as many of them!
7:04 pm
October 21, 2013
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Slow news day, eh Rob?
In my view, it's a dull-witted person indeed who believes that putting their own money in a jar after spending an equal amount at Starbucks or Tim's constitutes "saving". I consider they lost 50% of their money on a bad investment with dubious health consequences, and they aren't getting any interest on the rest. In fact, there is every likelihood that, once the jar is full, they will empty it and start the whole process all over again, halving the money again - and again - until there's nothing left of it.
I'd be surprised if I've spent $30 in either of those establishments in my entire life. And I certainly haven't missed it. I don't like coffee of any kind, never did.
Every once in a while I get a gift card from somewhere for one of them. It usually lasts me 5 or 10 years, even if only a small amount. As of now, I have about $4 at Tim's, $5 at McDonald's, and $38 at Starbucks, all gifts or rewards. I'd love to get them out of my wallet but I keep them for the day when I'm stuck somewhere on the 401 in bad weather! Iin 2018, I managed to get rid of one Tim's card, but then another one appeared. Dang!
When I was young, none of these stores had been invented. How did we ever manage?
7:50 am
February 9, 2019
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Ha ha. I agree an app to save money...how much did it cost?
Before the days of internet, colour TV, ATMs, and debit cards I always wondered what I spent that $20 bill on? So I had this thing called a Master Charge credit card. I changed over to use it instead of cash. It cost me nothing to use it and I made a life time commitment to pay it off monthly as I still do today. I kept my receipts to match to the statement. Then I would review all the non valued items I bought and curbed my expenses that way!!!! Saved me money! Last week I negotiated my Internet from $100 a month to $35. Saved me money! I buy my gas in a lower taxed community. Saved me money! I buy my prepaid phone cards on Craigslist for 40-50% off. Saved me money! I buy iTunes cards at Costco on sale for 20% off and my Netflix is billed through iTunes. Saved me money! Would the APP do that for me? Is the APP the answer or is common sense, some effort and a bit of self control the answer? And now my Master Charge Card is called an no fee Master Card Cash Back Card and saves me money.....well not really but we “think so” 🙂
8:05 am
November 19, 2014
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I agree it's pretty easy to sneer at the people who need apps or mental tricks in order to save. But then, we're savers. It's obvious to us or we wouldn't be on a site called high interest SAVINGS.
In reality, most people in Canada are innumerate, not saving or indeed in debt of some sort or another.
If they save $2.50 it is a start. They are $2.50 ahead of someone abusing credit cards or their HELOC. People won't give up their small pleasures (there is nothing wrong with drinking coffee) but they should be encouraged to do something positive at the same time. Small steps are better than none.
8:25 am
December 17, 2016
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I agree with @ Koogie ... just look at the popularity of Canada Savings Bonds in years past ... the ability for employees to enrol in the Payroll Savings Program was an absolute no-brainer savings tool for many Canadians who likely weren't ever saving - that program vanished in 2017.
8:41 am
February 9, 2019
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Top It Up said
I agree with @ Koogie ... just look at the popularity of Canada Savings Bonds in years past ... the ability for employees to enrol in the Payroll Savings Program was an absolute no-brainer savings tool for many Canadians who likely weren't ever saving - that program vanished in 2017.
Yup I did that too! It paid my property taxes with it. I forget how it worked and even though I cashed it in, I was still ahead.
9:22 am
October 29, 2017
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Lmao, that first app rocks. Koho, buy stuff and round up the cost that will go into savings. Buying stuff is not saving and this is what is being taught, what a joke. Come on everyone, spend spend spend, that’s how you save.
Oh that’s right, I forgot, the whole premise of today’s world is to get people to spend. Hmmm, I wonder what needs to change to get people out of too much debt and into more savings.
It’s a self generated problem that’s going to explode under its own pressure, soon.
9:34 am
October 29, 2017
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Yes, use my special, magical credit card, and it saves you money. Meanwhile, I’ll rack up interest payments from your over spending and impulse buying.
9:49 am
February 17, 2013
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I think it's a pretty good idea for those that have difficulty saving. No one's saying go out and spend, spend, spend to squirrel away a few cents. BUT...you HAVE to spend to live. Stay within your budget and pay off the card every month and you will end up with a few bucks set aside in a separate account. Over time, you won't have a retirement fund, but you will have a decent amount stashed away. Sort of like a cashback CC or Tang M/C's monthly deposit to my savings account. Adds up over time.
Thing I see with the younger generation, is there is always some reason that pops up to raid the TFSA, savings, even RSPs to fund something or another.
10:46 am
October 29, 2017
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Lol, then why are the savings on $10 items and below. Those aren’t necessities of life.
The only solution is to rigorously teach budgeting in public school or to limit credit cards to a max balance of disposable income minus mortgage, car loan and a reasonable savings amount.
But who am I to tell people how to live and spend. It’s a free for all out there.
10:57 am
December 17, 2016
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Certainly don't need anyone lecturing people on how they should or shouldn't spend their disposable income now, do we? Next thing you know, someone's going to be telling me I shouldn't be treating myself to 10€ cocktails whilst travelling in Europe.
4:20 pm
October 21, 2013
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People can spend their money however they like, as long as it doesn't negatively impact the rest of us.
When large numbers of people are over-extended (not necessarily from over-spending, but often), then it affects the rest of us.
There are lots of other ways that other people's spending or bad spending affects the rest of us too, but not worth getting into here.
5:22 pm
February 17, 2013
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Vatox said
The only solution is to rigorously teach budgeting in public school or to limit credit cards to a max balance of disposable income minus mortgage, car loan and a reasonable savings amount..
You're asking a lot. I'd be happy if they taught them how to make change from a twoonie for a 1.69 coffee without checking the register first.
5:23 pm
June 3, 2015
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Loonie said
People can spend their money however they like, as long as it doesn't negatively impact the rest of us.
When large numbers of people are over-extended (not necessarily from over-spending, but often), then it affects the rest of us.
There are lots of other ways that other people's spending or bad spending affects the rest of us too, but not worth getting into here.
I just had my 3rd Starbucks of the day....didn't really want it, but took pleasure in knowing it pissed some people off.
Tangerine....Canada's best bank. LBC.............Canada's 2nd best bank.
Hubert.....worst bank in Canada.
5:36 pm
January 3, 2013
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LOL! Some people need to read the "common sense" in an article to believe it 😀
6:05 pm
October 15, 2015
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Personally i am using koho and wealthsimple to round up. For koho i use it to budget my eating out. Its a prepaid card and useful that way. I'm not hoping for a lot, just some extra money for a mortgage prepayment. Why not? You would think from the commentary here that i am stupid to do this.
Self righteous anyone? Wow! Yes i'm a saver but i don't judge other people who may not be able to save as much. Some people don't even make enough money to save.
6:39 pm
March 17, 2018
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christinad said
Personally i am using koho and wealthsimple to round up. For koho i use it to budget my eating out. Its a prepaid card and useful that way. I'm not hoping for a lot, just some extra money for a mortgage prepayment. Why not? You would think from the commentary here that i am stupid to do this.Self righteous anyone? Wow! Yes i'm a saver but i don't judge other people who may not be able to save as much. Some people don't even make enough money to save.
I don't get the point of Wealthsimple now that there are all-in-one funds like the Vanguard ones ( Vbal,Vgro, Vcns ) and the Ishare ones (Xbal, Xgro). If you have a Scotiabank Itrade account you can buy and sell Xbal and Xgro for zero commission, otherwise you can pay a 9.99 fee for the Vanguard funds at Itrade.
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