Inspiring stories tell how people got out of debt jail

Debt is a twin-natured beast. It can be used for good – to pay for a house, car, or investment you don’t have the cash to afford. It can lead to bad times when you over-rely on credit cards and lines and can barely keep up with the minimum payments.

So it’s always great to hear about a friend or family member who has stared down the beast and turned things around. Save with SPP beat the bushes for some success stories about debt reduction – folks who got their act together and slayed the beast of indebtedness.

The Making Sense of Cents blog recounts the story of Amanda, who was able to pay off $133,763 of debt in 43 months.

How, we all ask? Let’s read on.

After piling up student loans and getting behind on payments for a new car, then getting married, Amanda and her husband Dave had over $133,000 of debt.

They got rid of the new car for a second-hand one, saving on loan payments, and then went to a “zero-based budget.” They used the “cash envelope” strategy (popularized in Canada by Gail vaz-Oxlade), putting physical money in envelopes and earmarking it for specific expenses. When the money is gone from the envelope, you don’t spend any more on that category.

They “both worked to increase our income” while not increasing their lifestyle. “After three years and seven months of hard work, we were debt-free.”

So – less loans, a strict budget, earning more but spending the same.

At the Jackie Beck blog we learn how Kaysha, “newly engaged,” managed to get rid of $43,000 of debt in two years.

“She took a three-pronged approach to it: cutting back, getting support, and making more money,” the blog explains.

“Kaysha switched jobs and got promotions — doubling her income over two years — and kept her budget the same. When she got a bonus at work, she didn’t spend a single penny of it. All that went toward debt. She also did tons of random things to make extra money on the side. (At one point, she made money sampling ice cream!) During all this, she and her boyfriend also cash flowed their wedding,” the blog reports. The term “cash flowing” refers to not having to borrow money or use credit to pay for something.

So – spending a bonus on debt, side hustles, and again, the flat budget.

Next, let’s hear about Mel, who’s debt-defeating testimonial appears on the Growing Slower website.

Despite going from a two adult, two income home to a home with three people and one income, Mel and her family paid off $25,000 in six months.

They “made sure to assess every single purchase” along the way, and found these ideas helped:

• Meatless meals
• No spend challenges
• Selling things on social media sites
• Having yard sales

“Getting out of debt was a challenge, but Mel wants others to know that you can do it! The feeling of freedom, new opportunities, and big dreams that will open up to you is so amazing!,” the blog concludes.

So – shopping smart for groceries, employing fun challenges, and turning clutter into cash.

In our personal experience, the use of bonuses to fight debt and the idea of keeping the budget flat when your pay increases are very valuable tools. We decided to make getting rid of the mortgage our number one priority, and when that happened, taking care of other debts via the “snowball method” worked. We paid off our lowest debt, then put that money on the next-lowest, and continued that way.

If you can avoid having debt when you are retired and earning less money, your future you will thank you.

You’ll also receive thanks if you are able to bolster the modest government retirement benefits you’ll receive with personal savings. If you are saving on your own for retirement, the Saskatchewan Pension Plan may be just the ticket for you.

You decide how much to contribute, or transfer in from registered retirement savings plans you may have. SPP does the rest, investing your savings in a professionally managed, low-cost pooled fund.

When it’s time to log off for good, your SPP income options include a monthly annuity payment for life, or the more flexible Variable Benefit.

Check out SPP today!

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Ways to put an end to procrastinating – and getting things done

Where there’s a will, there’s a way, they say.

However, procrastination – putting things off until later – seems to get in the way of getting things done. A recent article by Preet Banerjea of The Globe and Mail suggests that financial procrastination “is like paying another tax,” because you are enjoying fun things in the now instead of saving for the future.

Save with SPP decided to scout around the Interweb to see how others have liberated themselves from the clutches of procrastination.

The writers at Psychology Today offer up a few tips.

First, they suggest, why not break the task up into little bite-sized pieces?

“When you break a task into smaller steps, it becomes much more manageable, and taking the first step can build momentum,” the article explains.

“For example, if you’re avoiding cleaning your garage, don’t aim to finish it in one day. Instead, focus on sorting just one corner or organizing a single shelf,” the article adds.

Another trick is to “tackle your most dreaded task first,” the magazine notes. “Say you need to call customer service to resolve a complex billing issue. This kind of task can feel exhausting before you even begin. However, if you do it first thing in the morning, you’ll free up mental space to handle the rest of your day more smoothly,” the article recommends.

An interesting one is the Two-Minute Rule, the magazine continues.

“Popularized by productivity expert David Allen, the Two-Minute Rule suggests that if a task can be done in two minutes or less, do it immediately.This rule helps eliminate small tasks that pile up,” and can feel overwhelming, the magazine notes.

The Coursera website provides a few more ideas.

Got a to-do list? Trim it down, the site suggests.

“If you begin to work with a to-do list, it’s crucial to trim where you can. There are only so many hours in the day, and if you find yourself with long lists, then some things will have to be shifted around—or dropped altogether. For starters, go through and remove anything that doesn’t need to be done that day or that week,” the site tells us.

Next, Coursera suggests, you should minimize distractions.

“Turn off your phone, stay away from social media, and make sure you’re setting yourself up to stay on-task rather than deviating to something new,” the site notes.

Be sure, the site adds, to reward yourself for completing a task.

“You can use… personal rewards as motivation, such as a break for a snack or an activity. Or, if you’re working on a more involved project, maybe your reward is something bigger, like a nice dinner when you turn in the finished product,” the site suggests.

A few more ideas come to us via the Calm blog.

Techniques “like mindful breathing and meditation” can help you manage stress and anxiety, which the blog suggest fuel procrastination.

Consider, the blog advises, getting an “accountability buddy” to help you keep yourself on track.

“Don’t hesitate to ask friends, family, or professionals to be your accountability buddy if procrastination significantly impacts your life. Getting this support and encouragement from other people may help you to stop procrastinating and can give you ideas or coping tools,” the blog notes.

Review your success with anti-procrastination tools and reflect on what worked and what didn’t, the blog concludes.

Is procrastination holding back your retirement savings efforts?

Start small, with an amount you won’t really miss, and then ramp up over time.

The Saskatchewan Pension Plan does not have a required contribution rate. That means you can decide how much you want to contribute. Contributions can be received in many ways, including through pre-authorized transfers from your bank account or credit card, or via online banking, where SPP can be set up as a bill.

No matter how your savings dollars travel to SPP, once here they are invested in a professionally managed, low-cost pooled fund. When the time comes to withdraw your contributions as income, options include a lifetime annuity or the more flexible Variable Benefit.

Check out SPP today!

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As a new year – 2026 – begins, many of us make a commitment to do something fresh and new in honour of that milestone.

Maybe it’s shedding a few post-holiday pounds, or hitting the gym more often, or learning something new.

Save with SPP took a look around the Interweb to see what sorts of things people are resolving to do in 2026.

The folks at Reader’s Digest offer up a few interesting resolutions.

How about resolving “to learn a new word every month,” the publication suggests. “One word a day keeps the boredom away (at least to us!). By learning just one word each month, you’ll be building knowledge without feeling overwhelmed,” the publication suggests.

Another interesting one is “saying `no’ more often,” the magazine continues.

“Take the time to actually focus on protecting your time and emotional well-being. By setting boundaries and refusing energy-draining activities, you preserve space for what truly matters,” Reader’s Digest tells us.

Finally, the magazine suggests we all “write a thank-you note to someone from your past.”

“Have a teacher who introduced you to your career? A childhood friend who stood by you for years? A relative who was always there to listen? Get a nice card, write down your memories of how that person changed your life, thank them and send it off,” the magazine suggests. “They will treasure your `Happy New Year’ wishes, and you’ll benefit from remembering a positive moment in your life.”

So thanks to Miss Ramsay at J.S. Woodsworth Secondary School for convincing me that learning to type would be beneficial to my future career!

Let’s click over to the Girl With Dreams site for some additional resolution ideas.

“Take a break from social media,” the site suggests. For sure, less doomscrolling ought to be a stress-reducer!

“Rather than making resolutions, set goals,” the site continues. This might be saying “lose 10 pounds by July,” rather than “try to lose weight.”

“Keep a daily check on your bank account,” is the site’s final bit of advice. This is a solid tip – you will be keeping track of what you’re spending as you’re spending, so no surprises at month end.

The Making Sense of Cents blog has lots of additional ideas.

“Learn a new language,” the blog suggests. This can be “a fun and rewarding goal for 2026,” the blog adds.

Another idea is to “read one book a month,” the blog continues. “Reading a book each month… can help you learn new things and grow as a person. Set aside time each day for reading. Even 15 minutes before bed can help you reach your goal. You could also try audiobooks during your commute or while doing chores,” the blog adds.

Let’s finish off with some saving-focused resolutions from the gang at The Motley Fool.

The blog points out that while more than half of us make financial goals each New Year’s, “only two in five stick with it.”

The blog’s research finds that “paying off debt” is a top resolution. Next comes “saving for a significant financial milestone,” such as a car, a home, or a wedding. Third is “increasing income,” and fourth (our favourite) is “saving for retirement.”

Interestingly, the blog’s research finds that boomers and Gen Xers see retirement saving as a higher priority than Gen Z folks and millennials.

If saving for retirement is one of your 2026 priorities, be sure you are taking advantage of any retirement program that may exist in your workplace.

If you don’t have such a program, the Saskatchewan Pension Plan may be of interest. It’s open to individual savers, but many organizations have chosen SPP to be their company pension plan.

However the dollars arrive at SPP, our professional investors grow them in a low-cost, pooled fund. At retirement SPP options include a lifetime annuity payment each month, or the more flexible Variable Benefit.

Check out SPP today!

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While out driving the other day, we spotted a young lady waiting for the bus, decked out in wide-leg corduroy overalls and platform shoes. She could have been on her way to our high school – in 1974.

That made us wonder about things from the past that are coming back. Is this a thing? We took a look to see.

According to Grocery Coupon Guide, powdered milk – an old staple from the past – is in demand once again.

“Powdered milk is experiencing a surprising resurgence in 2025 as shoppers look for affordable, sustainable, and long-lasting alternatives to traditional dairy. Rising grocery prices, increased travel, and a growing interest in emergency preparedness have all contributed to its newfound popularity,” the publication reports.

The powdered variety of milk, the article suggests, “costs significantly less per serving than fresh milk and has a far longer shelf life.” While fresh milk last weeks, the article continues, the powdered variety can last for years.

Another thing we haven’t been hearing about for a long time – “buy now, pay later” appears to be in vogue in 2025, reports The Straits Times.

Even online shoppers, the article points out, are being given the option of paying for things in instalments. “The price of skincare products that would have cost $60 to $100 apiece upfront seemed quite reasonable after being split into smaller monthly instalments,” the article notes, adding “therein lies the appeal of buying now and paying later.”

We are old enough to remember when you could buy things on “layaway,” which basically meant you paid in instalments, and when you had paid in full, you got the item.

Another blast from the past that’s coming back, reports InStyle, are ripped jeans.

“Distressed jeans could be making a comeback in 2025 as we saw on the spring/summer runways, including Ralph Lauren,” fashion expert and stylist Naina Singla tells InStyle. “This time around, the look feels more effortless and intentional rather than overly ripped and casual,” she adds.

E! reports that wired headphones are popular again.

“Turns out, Gen Z’s latest trend isn’t about vintage jeans or claw clips: it’s wired headphones. The 2025 revival of Apple’s classic $17 EarPods proves that what’s old is new again,” the broadcaster reports. “With their clean white cords and nostalgic minimalist design, these throwback essentials are suddenly the hottest accessory of the year,” the article continues.

Will pet rocks, mood rings, lava lamps and velvet black light posters be next? Let’s hope not!

Trends may come and go, but the importance of saving for retirement seems to be a constant. If you have a workplace pension program, be sure to sign up and contribute as much as possible. If you don’t, and are having trouble figuring out how DIY retirement savings works, have a look at the Saskatchewan Pension Plan (www.saskpension.com).

SPP is a made-in-Saskatchewan retirement savings program that is open to any Canadian with registered retirement savings plan (RRSP) room. You decide how much to contribute – or to transfer in from other RRSPs you may have – and SPP does the rest. Our professional investors grow your savings in our low-cost, pooled fund.

When work is in the rearview mirror, you can turn those savings into income. Options include a monthly lifetime annuity payment or the more flexible Variable Benefit.

Check out SPP today!

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There’s a lot of uncertainty out there these days – the trade war, higher costs for essentials like food and fuel, a tougher job market.

Canadians are good at keeping calm and carrying on, so Save with SPP decided to look into exactly what we are cutting back on, given the choppy economic waters.

A recent poll carried out by the publication INsauga, located in Mississauga, Ont., got nearly 4,000 responses to the question “what’s the first thing you cut back on when money gets tight?”

Near the top of the list, the publication reports, is travel.

“More than a quarter of voters said vacations are the first to go. For many, that means skipping sunny getaways or pushing back long-awaited trips abroad,” INsauga notes.

Next, the article continues, comes entertainment.

“Live concerts, movie nights, and other entertainment events ranked high on the list of sacrifices. This shows that while people still crave experiences, they’re more likely to wait until times feel more financially comfortable,” the article explains.

Other things Canadians commonly cut back on, the article adds, are “shopping for new clothes and extras” and “streaming services.” The number one thing that gets cut, the article concludes, is “eating out, with 38.6 per cent saying restaurant meals are the first to go.”

Affordability is such a problem, reports CTV News, that some of us have “skipped paying a bill to afford groceries.” That and other surprising findings are covered off in a recent poll by Nanos Research, the broadcaster notes.

“The survey found adults under 55 were four times more likely to put off payments for their cars, credit cards and electricity bills to buy food,” the article continues. Shopper Almas Patel, 23, of Charlottetown tells CTV “`my phone bill, the rent, the groceries…my car insurance, the fuel… it all adds up.’”

“The Nanos survey found 18.1 per cent of those aged 18 to 34 said they missed a bill sometimes or often. That nearly matches the 17.9 per cent reported by those 35 to 54. The figure drops to 4.2 per cent for those 55 and older,” CTV reports. Chief Data Scientist Nik Nanos tells the network that “inflation and high housing costs are major factors contributing to the generational divide.”

According to Popwire, Americans are facing higher costs as well, prompting spending cutbacks.

Data from Empower, the article reports, shows Americans cut their spending on clothing by 20 per cent in the first quarter of this year, compared to the last quarter of 2024.

“That’s an average monthly spend of $573, down from $732, signaling that consumers are actively reducing their spending on clothes, shoes, and accessories. It seems a wardrobe refresh is taking a backseat to more pressing financial priorities,” Popwire notes.

Spending on luxury items, like “premium products and designer brands,” is down by five per cent and spending on beauty and personal care products “is getting a trim,” the publication reports.

“Over 60 per cent of American consumers anticipating spending less on beauty products, according to an L.E.K. Consulting survey from October 2025. It appears now that the desire for a simplified routine and a healthier bank account is stronger than the allure of a fully stocked cosmetics drawer,” Popwire concludes.

If you’re cutting back on luxury expenses, if it is possible, you may want to consider directing some of the savings towards your long-term goals, such as retirement. Even if money is tight today, you’ll appreciate having retirement savings when you’re older and less able to work.

A great savings partner for the long-term is the Saskatchewan Pension Plan. Open to any Canadian with registered retirement savings plan (RRSP) room, SPP invests the money you contribute in a professionally managed, low-cost pooled fund. They’ll grow your savings, and when it’s time to collect, your options include receiving a monthly annuity payment for life, or the more flexible Variable Benefit.

You can even consolidate your savings within SPP by transferring any amount in from other RRSPs you may have.

Check out SPP today!

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As happy retirees, we are often asked what being retired is like. Is it, one younger friend asked, like being on vacation 24/7?

No, we said – but it is more like waking up and every day is the weekend.

That got us thinking – what do famous people say about retirement?

Let’s start with the great Gordie Howe, whose epic long career in professional hockey with the NHL, the WHA, and back to the NHL again, will likely never be matched.

The Internet Pillar site quotes him as saying “I don’t want to retire, because you stay retired for a really long time.”

He also once said “it’s not easy to retire. No one teaches you how. I found that out when I tried it the first time,” the site notes.

According to the AZquotes website there are some other interesting thoughts.

“In the end, it’s not the years in your life that count. It’s the life in your years,” U.S. President Abraham Lincoln once said.

“You know you’re getting old when you stoop to tie your shoelaces and wonder what else you could do while you’re down there,” quipped the late comedian George Burns, who lived beyond age 100.

Children’s writer A. A. Milne of Winnie the Pooh fame once noted “don’t underestimate the value of Doing Nothing, of just going along, listening to all the things you can’t hear, and not bothering.”

Southern Living provides us with a few more thoughts.

“Often when you think you’re at the end of something, you’re at the beginning of something else,” Fred Rogers, star of Mr. Rogers’ Neighbourhood, once said.

The late actress Betty White, the publication reports, once said “retirement is not in my vocabulary. They aren’t going to get rid of me that way!”

Actor Chris Pine, the magazine notes, once said “my father calls acting `a state of retirement with short spurts of work,’” and golfer Chi-Chi Rodriguez noted that “when a man retires, his wife gets twice as much husband for half as much money.”

Comedian and philosopher Will Rogers summed retirement up this way, the magazine tells us. “Half our life is spent trying to find something to do with the time we have rushed through life trying to save.”

Let’s finish off with some quotes from the Lasting Quotes website.

“I can’t say I was unhappy, but I was not as happy as I am now since I’ve retired,” notes author Garrison Keillor.

“You know you’re getting old when the candles cost more than the cake,” the site quotes Bob Hope as saying.

And a final, anonymous thought – “retirement is not the end of the road. It is the beginning of the open highway.”

If there’s a theme to all these quotes, it perhaps is that while it is often hard to give up what you’ve been doing for years – decades, even – you may get a chance to be happy doing something else, for yourself, in retirement.

If you’re saving on your own for life after work, a willing and capable partner is the Saskatchewan Pension Plan. Open to any Canadian with registered retirement savings plan (RRSP) room, SPP is a voluntary defined contribution plan.

You can contribute any amount you want, up to your RRSP limit, each year – and you can transfer in any amount from other RRSPs you might have.

SPP’s job in all of this is to grow your savings in our professionally managed, low-fee pooled fund. When work’s in the rearview mirror, your retirement income options include a monthly SPP annuity payment for life, or the more flexible Variable Benefit.

Check out SPP today!

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The phrase “sustainable fashion” jumped out at us from the morning paper recently, so we decided to figure out what this emerging lifestyle trend is all about.

According to the Dear Canada blog, sustainable fashion or “eco-friendly apparel” is a movement that “highlights the benefits of choosing sustainable garments, which include reducing waste and lowering carbon emissions.”

“The concept of Sustainable Fashion is gaining traction across the globe, and Canada is at the forefront of this movement. Initiatives by Canadian fashion brands to adopt more eco-friendly practices represent a significant shift towards environmental responsibility in the fashion industry. This transformation is driven by both increased consumer awareness of environmental issues and the innovative approaches of Canadian designers and manufacturers,” the blog explains.

“Not only does it help in reducing the carbon footprint, but it also promotes fair labour practices and reduces waste. Canadian brands are increasingly experimenting with organic materials, employing eco-friendly production techniques, and ensuring fair wages for workers, setting a commendable example in the industry,” the blog continues.

The organic materials for making clothes include “natural fibres like bamboo, hemp and organic cotton,” the use of which “significantly cuts down on the chemicals used” in creating other types of clothing material, the article states.

The “eco-friendly production techniques” include, the article continues, “technologies that reduce water use and improve recycling processes.”

Elle magazine (Indian edition) refers to sustainable fashion as “a call to rethink how clothing is made, worn, and ultimately valued.”

It is not, the article insists, about “wearing sackcloth to save the planet.” Instead, the article continues, “it’s about designing and producing clothing that respects both people and the environment. It means slowing down the endless churn of fast fashion and prioritising longevity, ethical labour, and environmental responsibility. From fabric choice to fair wages, it’s about reimagining fashion as a circular system rather than a disposable one. It’s slow fashion, circular fashion, conscious fashion — different words pointing to the same idea: garments that last, are ethically made, and tread lightly on the earth.”

Italy’s Notizie.it calls sustainable fashion “the future of well-being and style.”

“In the last few years, sustainable fashion has gained significant momentum, becoming not just a trend, but a real cultural movement. (Sustainable brands) are pioneers in the use of recycled materials and ethical practices, demonstrating that it is possible to combine style and environmental responsibility,” the article tells us.

“To wear sustainable products; it’s not only an eco-friendly choice, but also a personal wellness choice. Natural, chemical-free fabrics can improve skin health, while purchasing quality garments reduces the need to frequently update your wardrobe, contributing to a more minimalist and mindful lifestyle,” the article adds.

“A future is foreseen where fashion and well-being are increasingly intertwined. With the rise of social awareness and the adoption of sustainable practices, the fashion industry is set to transform radically. Industry experts encourage investing in clothes that reflect personal values ​​and supporting brands that respect our planet,” the article concludes.

So now we know a little more about sustainable fashion!

When we turn our minds from fashion to retirement, there is a different kind of sustainability to think about – will we have sufficient income after leaving the workforce to keep up with our personal cost of living?

If you have a workplace pension program of any kind, be sure to join it and contribute to the max. If you don’t, you may want to take a hard look at the Saskatchewan Pension Plan.

The SPP is open to any Canadian with registered retirement savings plan (RRSP) room. You can make annual contributions to SPP up to your RRSP limit. You can also transfer in any amount from existing RRSPs you may have to consolidate them in SPP.

Once you put money into your SPP retirement nest egg, our investment team takes over and does the rest – investing your hard-saved loonies and toonies in our low-cost, professionally managed and diversified fund. Once work is over, your SPP income choices include receiving a monthly annuity payment for life or the more flexible Variable Benefit option.

Check out SPP today!

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Retirement is a lot like being a student – you get a lot of choice about what to do with your time, and you’re not (yet) punching a clock after a long commute to work.

So, if retirement is one of life’s sweet spots, what tips and tactics do people suggest we consider in order to make that time as long and as healthy as possible? Save with SPP took a look around to see what is being said on this topic.

Medical News Today starts us out with a few positive ideas – “being physically active, not smoking, managing stress and maintaining a good diet.”

As well, the publication suggests, “not regularly drinking alcohol excessively, good sleep hygiene, and positive relationships” are great ways to add years to your lifespan.

Science News Today suggests a few more ideas.

Heart health, the publication notes, is essential. “Protecting your heart is one of the most effective strategies for living longer,” the publication reports.

“Science shows that controlling blood pressure, maintaining healthy cholesterol levels, exercising, eating well, and avoiding smoking dramatically reduce heart disease risk,” the article adds.

As well, the publication continues, it is important to “keep your brain active and sharp.”

“Lifelong learning, reading, solving puzzles, learning new skills, and even playing musical instruments strengthen neural connections and may delay cognitive decline. Physical exercise and a healthy diet also protect the brain by improving blood flow and reducing inflammation,” the article observes.

An article on the Today show website covers some of the same ground, but also points to the importance of having a healthy blood sugar level, or A1C. The article also describes the need to have and maintain good relationships and to ensure that you have “meaning in life” once work is done.

Another tip identified by Today is avoiding the risk of skin ageing. Be sure, the article explains, you wear sunscreen.

“`UV rays from the sun ages us,” causing brown spots, skin cancer and wrinkles, Dr. Shari Lipner, associate professor of clinical dermatology at the Weill Cornell Medical Center, tells Today. `Using sunscreen can protect us from these changes,’” the article notes.

Finally, the Today article expands on the virtues of maintaining “muscle and bone strength” via cardio and strength exercise.

“Exercise is one of the most powerful longevity tools for all parts of the body, but especially for helping people live independently into their 80s and 90s. It also reduces the risk of chronic conditions,” the article notes.

“The goal in exercising is maintaining functional strength as long as possible, which allows people to engage in their normal behaviors, such as grocery shopping, driving, cooking and cleaning,” the article adds.

Examples of exercises you can do with longevity in mind include “running, dancing, or walking,” as well as “weightlifting and body-weight activities, such as yoga, Pilates or tai-chi.” The article suggests we should aim for about 150 minutes of exercise per week.

Many retirees worry about longevity in a different way – will they outlive their savings?

The Saskatchewan Pension Plan offers a way for its members to receive a guaranteed lifetime income in retirement, through its annuity program.

With an annuity, in exchange for some or all of your SPP savings, you’ll receive a monthly payment for life. There are a number of different SPP annuity options available, including the option of having your annuity payments continue to a surviving spouse.

Check out SPP today!

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We often read (or hear) about the fact that as our parents and grandparents age and pass away, there’s a phenomenal transfer of wealth from old to young underway, via inheritance.

But sadly, a lot of people who get an inheritance windfall blow it all within a couple of years. Save with SPP decided to probe into this issue a little more.

In an article posted on LinkedIn, financial author Jake Gaudet refers to getting an inheritance as “Sudden Wealth Syndrome.”

He reports that according to the National Endowment for Financial Education, “nearly 70 per cent of people who receive a large windfall lose it within just a few years.”

In exploring why this happens, Gaudet says he sees a pattern amongst those who burn through mom and dad’s cash.

There’s “performative generosity,” or “spending to earn love or loyalty,” he explains. There’s “unconscious rebellion,” or “overspending as a rejection of past deprivation.” Next is “shame-based discipline,” or “saving out of fear, not strategy.” Finally, there’s the “martyrdom mindset,” or “feeling obligated to fix everyone else’s struggle.”

The Ask the Money Coach blog explores the “why” of inheritance-blowing as well.

“One of the most significant dangers of receiving an inheritance is impulse spending. It’s tempting to splurge on luxury items or experiences that you’ve always wanted. You might think, `I deserve this after all I’ve been through,’ and while treating yourself isn’t inherently wrong, it’s essential to strike a balance,” the blog tells us.

Even those who decide to invest their inheritance need to be careful, the blog continues.

“Another common mistake people make with their inheritance is diving headfirst into high-risk investments. The allure of quick returns can be hard to resist, especially if you’re feeling confident after receiving a substantial sum of money. However, high-risk investments can lead to significant losses just as easily as they can lead to gains,” the blog explains, citing the risk of chasing a “hot stock” or “cryptocurrency.”

Other pitfalls include “lifestyle inflation,” where the sudden appearance of wealth in your bank account prompts you to “live beyond your means,” the blog reports. Other dangers include “a lack of financial planning” and “ignoring taxes and fees.”

The Finance Key blog notes that “70 per cent of inherited wealth disappears by the second generation, and 90 per cent by the third.”

“A survey by Ohio State University revealed that individuals typically save only half of their inheritance and spend or lose the rest,” the blog reports.

The blog suggests that the newly wealthy inheritors “embrace financial literacy,” as “understanding how money works is the first step in protecting it.”

A professional’s assistance, the blog continues, is also a wise step. “Working with a certified financial planner can provide structure and clarity when managing a large sum. These professionals help create sustainable spending plans, tax strategies, and diversified investments,” the blog asserts.

Be sure, the blog continues, to avoid “emotional spending.”

“Retail therapy or celebratory splurges may feel justified after a financial windfall, but they often lead to regret. A Credit Karma study found that 58 per cent of Gen Z and 52 per cent of millennials identify as emotional spenders, with many racking up debt because of it,” the blog tells us.

In addition to establishing “clear financial goals” for your inherited money, the blog suggests that you “implement a waiting period before major purchases,” particularly if you now have hundreds of thousands of dollars burning through your pocket.

“This pause gives time to assess whether a purchase fits long-term goals or stems from emotion. It also allows for comparison shopping, consultation with advisors, or even discovering better alternatives. Building this habit fosters more intentional, value-driven spending,” the blog adds.

The blog concludes by suggesting a diversified investment portfolio (repeating the idea of avoiding putting your inheritance eggs in a high-risk basket) and thinking long-term.

“Inheritances represent more than just money—they often carry the hopes and sacrifices of previous generations. Reflecting on this deeper meaning can help guide how the money is used. Aligning spending and investing decisions with personal values creates a more fulfilling financial journey,” the blog states.

A definite take-away from these articles is that you need to think before you spend – a slow and steady approach may be the most successful.

Slow and steady also works if you are saving for retirement, as does starting young. If you’re saving on your own for retirement and aren’t sure how to build a diversified portfolio, perhaps the Saskatchewan Pension Plan may be of assistance. Any Canadian with registered retirement savings plan (RRSP) room can join.

You decide how much to contribute – and you can also consolidate other RRSPs within your SPP account.

SPP does the rest – we invest your savings in a professionally managed, diversified and pooled fund that operates at a low cost. Over time, and with contributions and transfers from you, your balance grows, and at retirement, your choices include a monthly annuity payment that you can’t outlive or the more flexible Variable Benefit.

Check out SPP today!

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What gets people to start saving?

Saving is a lot like staying in shape, or losing weight – you know you should be doing it, you know it makes sense for you, yet it’s easier to not think about it and do something else.

Save with SPP decided to try and find out if there was a particular trigger, or strategy, that got people started on their saving journey – and tips on how they stuck with it.

At the Bustle blog, Allie, age 22, says “my best tip (which stems from my lack of self-control) is to pretend like that money isn’t even there. I set up direct deposits so that the money is taken right out, and I factor my savings into my monthly overhead as if it’s non-negotiable. (And I can negotiate with myself preeeetty well when it comes to money!)”

So, her plan is to pay herself first, and to make it automatic.

Erin, 29, tells Bustle she has developed a strategic approach to saving.

“Since I started working full-time, I’ve adopted a system of ‘hiding’ money from myself. I set up automatic transfers of 15 per cent of my paycheque to the other accounts. That way, I was able to build my (emergency) fund up to equal six months of my living expenses in a couple years. To help me save more money, and replenish my (emergency) fund, I’m currently trying out spending ‘fasts,’ where I try to live off as little as possible. My goal is to keep my spending under $100/week. I also made sure to participate in company-sponsored retirement plans and max out any matching, when I had the option.”

Erin also automates saving, but uses savings challenges to jump-start her efforts.

Lisa Picardo, Chief Business Officer at Pension Bee in the UK, tells MSN that she got more serious about saving as she got older.

“Like many people, I wasn’t as engaged as I could have been in my early career, so I just made minimum contributions into the workplace pension I was auto-enrolled into, and then forgot about it,” she tells MSN. Later, she didn’t contribute at all, but when she joined Pension Bee (a retirement savings app/program), “I started to consolidate my old workplace pensions into one easy-to-manage plan and became a more active saver. I now use the PensionBee app to track my pot, top up contributions and have felt empowered to actively select a plan that invests my savings in line with my values and goals.”

Lisa consolidated her savings into one plan, and ensures she contributes to the maximum, and uses a savings app to monitor her progress.

Kate Dore, 32, tells Money Rates believes in the power of starting the savings journey early.

“When I was in my early 20s, I wasn’t earning a lot,” Dore tells Money Rates. “But I knew that I had to start saving anyway, even if it was just a little. When I was 18, I contributed $1,000 a year. That was my goal, even when I was waiting tables. Since then, I’ve tried to contribute as much as I can to that.”

It was the need to become more self-reliant after a divorce that got Oraynab Jwayyed on the savings bandwagon later in life, around age 42, Money Rates reports.

“I knew that I had to take care of myself financially after the divorce,” Jwayyed tells the publication. “I had decided it was time to focus on saving for retirement and I wasn’t going to let my divorce stop me from doing that.” She now contributes 10 per cent of her earnings to her retirement account.

She’s catching up on savings in early middle age.

Sooner or later, something will get you to start saving. Maybe retirement age is fast approaching. Or you’re just starting out in the work world, and want to put a bit away for the future. Maybe it’s a life changing event that forces you to take on more saving. All reasons to start saving are good and valid ones.

And if you are saving for retirement on your own, the Saskatchewan Pension Plan may be just the partner you have been looking for. With SPP, you can contribute any amount you wish, right up to your annual registered retirement savings plan limit. You can also transfer in any amount from a non-locked in RRSP to consolidate your nest egg.

SPP will then take those hard-saved dollars and invest them in a low-cost, professionally managed pooled fund, growing them for your future. When it’s time to turn savings into retirement spending money, SPP options include a lifetime monthly annuity payment or the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!