Where do we spend all our money?

Everything you hear, see or read about saving for retirement implores you to cut back on spending so you can stash some cash away for your future.

But to do that, we have to be aware of what we are spending our loonies on. To that end, Save with SPP took a look around the Interweb to try and find out what our hard-earned cash is being used to buy.

Let’s give our first words to Statistics Canada, who last spring released a summary of the latest data on Canadian household spending, from 2023.

On average, the article notes, Canadian households spent $76,750 in 2023. That worked out to $24,671 on shelter, $12,046 on food and $12,090 on transportation.

Next, the article continues, Canadians spent $9,404 on “household operations, furnishings and equipment,” $5,231 on recreation, $4,947 on healthcare and personal care, and $8,361 on “other.”

So, based on these numbers, if you were able to save $1 of every $100 spent, you’d contribute $767.50 to long-term retirement savings. Ramping up to $5 of every $100 would net you $3,837.50, and making it a tenner per $100 yields double that, or $7,675.

Stats Canada dives a little deeper on some spending categories.

We spent $1,200 on air travel in 2023, on average, and about the same on package trips. About $400, the article says, per person was spent on restaurant alcohol, and over $3,000 on restaurant meals. Is there an opportunity to cut back, even a bit, there and direct the difference to savings?

The folks at the Fortunly blog takes at how that spending measures up in aggregate.

The blog notes that in 2024, “consumer spending in Canada grew to $1.4 trillion.” We spent, that same year, a collective total of $774.608 million on credit cards, and “personal spending on the food services and drinking subsector grew to $8.1 billion in 2024.”

The blog notes that Canada “ranks 22^nd among the world’s most expensive countries in 2025,” with 65 per cent of Canadians (in 2024) feeling “worse off” because of inflation. Visits to food banks have jumped by “90 per cent since 2019” the blog adds.

On the more positive side, the blog reports, the savings rate among Canadians grew to “7.1 per cent per household” in 2024, and salaries were expected to rise by 3.4 per cent as of last year.

Citing stats from TD Bank and Ipsos, the blog reports that “83 per cent of Canadian citizens have concerning expectations over the impact of inflation on their grocery budgets. The expected rise in food, rent, and gas prices is among their primary concerns.”

“Lower-income individuals and older people tend to be more worried about the costs of groceries and rent,” the blog states, while “younger people are generally more concerned about house prices, which makes sense, as millennials can expect to pay a third more for their homes than older generations.”

If there is a takeaway to all of this, it is that the only way we may be able to figure out how to save money is by knowing where we are already spending it. Tracking your cash flow, reports the Get Smarter About Money blog, “can give you valuable information about your financial habits. It can also show you where you might be able to adjust your spending. Use this tool to compare your money coming in, and money going out, and look for ways you could adjust if needed.”

The site provides a handy calculator to help you get going on cash flow tracking.

And once you know what you’re spending, a budget is fairly easy to create – Get Smarter About Money provides step-by-step instructions on how to get that going.

If you can live on 99 per cent of what you earn, and save the rest, you are on your way to building long-term retirement savings that can augment your income when you’re no longer willing or able to work. Start small and then ramp up when you can.

You can figure out how your Saskatchewan Pension Plan retirement savings are growing by using the plan’s handy Wealth Calculator (Wealth Calculator | Saskatchewan Pension Plan).

SPP is a made-in-Saskatchewan savings plan that’s open to any Canadian with available registered retirement savings plan (RRSP) room. You decide how much to contribute and SPP does the rest, investing your hard-saved dollars in our low-cost, professionally managed pooled fund. At retirement, your income choices include a lifetime monthly annuity payment or the more flexible Variable Benefit

Check out SPP today!

Investing during times of world turmoil – what strategies are out there?

There’s no question – amid wars around the globe and a tricky trade war here at home – that we are living in unusual times.

What, if anything, should investors be doing during this latest bout of world turmoil? Save with SPP took a look around to see what strategies commentators are suggesting to ride out the storm.

Writing in The Globe and Mail Gordon Pape suggests taking “part profits,” or selling off some of your holdings.

“I don’t like selling in times of adversity. In fact, most financial experts suggest the opposite course: buy when prices are weak. But we’ve enjoyed strong stock markets in recent years, and you may hold securities that have more than doubled in value, even after last week’s pullback. Taking some of that money off the table and holding it in reserve in case the situation further deteriorates isn’t a bad idea,” he suggests, adding that you should first “check out tax consequences” and not “overdo it.”

He suggests we “check out commodities. Wars are bad news for stocks and bonds. But they can lift commodity prices, as we’ve seen with oil and gas.”

Keep an eye out for “special situations,” or companies that are doing well because of the crisis, such as energy stocks (due to impacts on oil shipping). He adds that we should consider holding some gold, as the precious metal can be a hedge against inflation and is considered a “safe haven” investment. He concludes by suggesting we all keep a bit more money in the U.S dollar, as it is “holding up well so far. Part of your cash holdings should be in greenbacks.”

He suggests things “will get better, so keep your cool and take advantage of situations as they arise.”

Writing in the Financial Post, Peter Hodson of 5i Research suggests one strategy is to be contrarian, and “buy the fear.”

“When investors panic we will often start buying. It has proven to be a good strategy, since every market downturn has ended at some point,” he continues. Sectors like energy may do quite well in these times, he adds.

“Oil of course is always a strategic asset during times of war. In the current conflict, the threat of the Strait of Hormuz closing has resulted in a big spike in oil prices. The energy sector was already doing well before this war started but has picked up steam since then,” he writes.

Gold, he concludes, “can be a good place to hide out when worried about global events, financial crises, or wars.”

An article from MoneySense from three years ago makes some still-valid points.

Alan Small writes that there is often “not a lot” investors can do when faced with a time of crisis.

“When markets sell off for reasons that are more temporary than related to economics and performance, it’s important to take emotion out of decision-making and not go into panic mode about your investments,” he writes. “Markets may dip, but they don’t usually collapse. It’s possible your portfolio’s value may drop for a period of time. In the past, after a crisis has ended—and regardless of the outcome—the markets have regained stability, and investment returns have bounced back.”

“My best advice in the face of a world crisis: Stay calm, take a deep breath and focus on the fundamentals,” he advises.

Before adopting any new investment strategy it is a very prudent idea to talk to your financial adviser. If you don’t have a financial adviser, now might be a very good time to get one and leverage their experiences with managing through things like the Tech Wreck, the World Financial Crisis and the COVID-19 Pandemic.

If you’re not experienced with managing money, but want to save for retirement, the Saskatchewan Pension Plan might be a valuable saving partner. SPP is open to any Canadian who has registered retirement savings plan room.

You can contribute any amount you choose to the plan (up to your annual RRSP limit) and can transfer in any amount from other RRSPs you might hold. Once SPP has received your savings dollars, our job is to grow them via investment in our professionally managed, low-cost pooled fund.

At retirement, your job is to receive your grown savings as income, with options including the security of a lifetime monthly annuity payment or the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Many impacts for parents when adult kids are forced to move back home

Work is done, the mortgage is paid, debt is finally under control – and then the nest, empty for years, fills up again.

What are some of the impacts on retired people when adult children – perhaps due to housing difficulties, unemployment, illness or other reasons – move back home with their senior parents? Save with SPP decided to have a look around to see what people are saying about this growing trend.

Writing for MoneyWise, Chris Clark reports that “a volatile economy, high student debt and rising housing prices have seen many adult kids `boomerang’ back to their childhood homes in droves.”

Clark cites recent research from Thrivent that found “soaring real estate costs, among other factors, have made it increasingly difficult for young adults to afford their own homes — forcing many to return to their parents as a temporary solution while they save money or search for more affordable options.”

And, Clark continues, a recent USA Today poll found that “65 per cent of parents admitted to providing some sort of financial support to their kids between the ages of 22 and 40… with parents shelling out an average $718 USD a month to support their adult kids.”

There are financial consequences for parents of boomerang kids, Clark notes.

“When kids move back in, household expenses inevitably increase. Parents may find themselves paying higher utility bills, buying more groceries, and covering additional living expenses. These increased costs can strain the household budget, especially for parents who are nearing retirement or are already retired,” Clark notes.

“Parents may dip into their retirement funds or delay their retirement plans to accommodate the needs of their adult kids — potentially jeopardizing their financial security in the long term and draining the money available for their golden years,” Clark adds.

The Times of India expands on the consequences for parents.

“The increased household costs for groceries, utilities, and healthcare are taking a toll, with some families opting to create cost-sharing arrangements,” the publication reports.

Financial advisor Alex Gonzalez tells the publication that “taking care of your adult children is an act of love, but it requires a delicate balance between a desire to help and your own financial planning.”

Indeed, the article continues, “38 per cent of parents report that their long-term savings, including retirement contributions, have been impacted by the return of their adult children. Another 39 per cent say their short-term financial goals, such as saving for vacations or home renovations, have also been affected.” The article refers to U.S. statistics.

The Times article concludes with this advice.

“As the number of boomerang kids continues to rise, American families are adjusting to the new financial realities of multigenerational living. While the return of adult children can offer emotional support, it is reshaping household dynamics and requires careful financial planning to navigate successfully.”

An article on the Focus on the Family Canada website provides some guidelines that were set by the author and his wife when their 22-year-old son faced homelessness after bouncing around and living with friends.

They set rules, such as no guests were to be allowed when the parents weren’t home, that the parents have the final word on house rules, that the son would get a job, pay his own way, and “equip himself for the future.”

While things were difficult at first, the author notes, their son has generally followed the rules and is growing more independent.

“For the first time, (our son) is making his own doctor appointments, paying his bills and taking charge of his life. In the past, we would have done all of these for him. Our decision to maintain a `hands-off’ policy has nudged Brad toward greater independence.”

Perhaps having an adult child move home will present you with an opportunity to get them thinking about long-term saving.

If your child does not have a pension plan through work, the Saskatchewan Pension Plan may offer a helping hand in the savings department. Members decide how much they want to contribute annually – the plan is open to any Canadian with available registered retirement savings plan room.

Members can also transfer funds into SPP from any RRSPs they may have to consolidate the nest egg.

SPP does the heavy lifting from there, investing all contributed funds in our professionally managed, low-cost pooled fund. When it’s time to retire, member options include the security of a lifetime monthly annuity payment or the more flexible variable benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

See Canada first – staycations popular amid U.S. trade tensions

Ever since trade tensions, increased scrutiny at the U.S. border, and annexation talk, many Canadians have dropped plans to go south of the border. A lot of people are now seeing more of their home and native land.

Save with SPP took a look around the Interweb to see what people are saying about the ultimate made-in-Canada holiday – the staycation.

The lack of Canadian visitors to the U.S. is having an impact, reports Forbes.

“One year into a boycott of U.S. destinations, Canadian travelers have cost the American economy $4.5 billion—and show no inclination of returning in 2026, as trips to the U.S. took another tumble in January,” the magazine reports.

Road trips, the article continues, were down 27 per cent in January 2026 compared to one year earlier. “There was also an 18 per cent year-over-year decline in air travellers from Canada in January 2026,” the magazine notes.

Visits by Canadians to the U.S. dipped by four million in 2025 – a drop of 22 per cent, Forbes adds.

The reasons for the decline, Forbes reports, are political.

“The relationship between Canada and the U.S. has been strained by President Donald Trump’s hefty tariffs on the country’s goods and repeated threats to make Canada the 51st state. One year ago, after Trump announced a 25 per cent tariff on Canadian goods entering the U.S., outgoing Canadian Prime Minister Justin Trudeau urged citizens to reconsider visiting the U.S. and travel domestically instead,” the article notes.

And it appears Canadians are doing just that.

The CBC reports that Canadians travelling within Canada could create a domestic economic boon.

Canadians are dropping plans for “a Kentucky bus tour… a five-day cruise to Alaska,” and “a multi-state road trip” to instead travel in their home country.

“`With everything going on in the United States at the moment, it doesn’t sit well with me to be putting our hard-earned money into their economy,’ Michelle Gardner, a B.C. resident who recently cancelled a U.S. spring break trip,” states in the CBC piece. In the end, her family toured Alberta, including a stop at the famous West Edmonton Mall.

To that end, the report continues, “provinces and territories are seeing increased interest from Canadian tourists — and they’re looking to capitalize on that momentum.”

“`With that increased national pride and sense of wanting to spend dollars here, there’s a real opportunity to get more of our provincial residents and national residents coming to different parts of the province, Jonathan Potts, CEO of Tourism Saskatchewan,” tells the CBC.

Brian Gallaugher, 66, tells the CBC he scrapped plans for a Kentucky trip and instead will tour through “eastern Ontario and Quebec.”

Discussing the 51^st state talk, he adds that “we really don’t plan on going back to the States until that kind of rhetoric stops,” the CBC notes.

Tourism industry operators are seeing a jump in bookings, reports the National Post.

The Clements family, who operate a 100-cottage resort near Ontario’s Sandbanks Provincial Park, saw bookings jump 87 per cent last year after the first presidential remarks about Canada having a governor.

“As Canadians started rallying, I think we realized we’re probably going to do better than we believed,” Scott Clement tells the Post.

The Globe and Mail reports that domestic flight bookings were up nearly 10 per cent last year, and that “the number of Canadians planning travel to another province within the country increased by 11 per cent.”

There’s a lot to see without leaving Canada, Renee de Ronde of Burlington, Ont. tells the Globe.

“You could spend a lifetime exploring Canada and barely scratch the surface,” she states in the article.

The Globe notes that “online searches for domestic stays by Canadians on Airbnb’s platform climbed nearly 20 per cent year-over-year” in 2025 compared to the year before. Locations most frequently searched include “Comox-Strathcona, B.C., as well as Quebec City, Waterton Park, Alta., and Moose Jaw,” the Globe reports.

Canadian air carriers, the newspaper adds, are adding more in-Canada flights and are cutting back on flights to the U.S.

In Ontario, reports the CBC, restaurant and hotel groups are calling on the province to restore an in-province travel credit that was introduced during the pandemic.

So, consider seeing a little more of your own country to help boost our economy, and your knowledge of the sights and sounds of beautiful Canada.

Travelling is something we all expect to do in retirement – but it generally costs a few bucks to gas up the car, jump on a train or bus, or fasten your seatbelt aboard a jet plane.

It can be difficult to put away money for the future when you are in your younger working years. But the Saskatchewan Pension Plan makes things easy for you. You decide how much you want to save, and we do the rest – investing your savings dollars in our low-cost, professionally managed pooled fund.

At retirement, your savings can be turned into retirement spending money in several different ways, including the security of a monthly lifetime annuity payment, or the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Can going down to one vehicle be a savings strategy?

You’ve both logged off at work for the last time – no more driving to work, getting stuck in traffic, paying for parking passes, and fueling up all the time!

But now that you’re on a lower retirement income, can your household afford to have more than one vehicle on the road? Save with SPP took a look around to figure out the pros and cons of going down to one vehicle.

The Money Crashers blog notes that the cost of running two cars, “based on 2019 calculations from AAA (in the U.S.)… could be anywhere from $12,120 to $25,114 per year.”

Could you save by going to one car, the article asks. “The answer to that question is a definite maybe,” Money Crashers reports.

First, the article explains, you’ll get some cash by giving up your second car.

As well, getting rid of an extra vehicle “allows you to reap ongoing savings year after year. The exact amount varies based on what car you have and how much you use it,” the article continues.

How much you’ll save depends on how much the second car is costing you, the article notes.

If there is a loan to pay off for the car you’re selling, you might not see as much money in your pocket from selling the vehicle. However, even so, paying off the loan could save you around $500 per month or $6,000 per year, the article explains.

Other savings – which depend on your individual circumstances – include fuel, insurance and maintenance. You will also save on registration and licence costs, the article notes.

Throw in tolls and parking and the savings can truly add up.

There can also be a downside, the article concludes.

“Giving up a car can also create new costs. You need another way to get around, and in some cases, that could mean using your remaining car more,” the article notes. You might be able to offset that through carpooling, using public transit, walking, or biking, the article adds.

The Arner Adventures blog offers up some more thoughts on the topic.

“Becoming a one-car household can be less overwhelming than you think. If you have always had your own car and are not sharing one, you may feel a sense of loss or a lack of independence,” the blog begins.

“Fear not. You truly can live without a second vehicle. Most Americans own only one car. Only 33 per cent of car owners own two vehicles,” the blog notes.

The blog authors then list their reasons for going to one car – “having two cars increased our carbon footprint,” they write. Going to one vehicle thus had environmental benefits.

“We figured we would save money significantly on auto insurance, maintenance, fuel, and auto issues as they arise. The average amount we would save a year is roughly $2,000 per year. We do not have car payments, so if you do, then add those to your savings. The relief of not having a car loan could be its own category,” the authors report.

They also say they have had “more adventures” by going to one car. Say what? Let’s read on.

“By exploring alternative transportation, we found that the Amtrak railway system is an option for us. When thinking about upcoming plans to travel, we know that we can cut our travel costs by utilizing the train system. How fun is a train ride?! It’s an adventure, we will tell you that,” the blog enthuses.

It’s an interesting topic. For sure you have to cooperate more with your partner on who needs the car to go where, and when. But the money you save can really add up.

And a nice place to stash that extra cash could be your retirement savings account.

If you lack a workplace retirement plan, and are trying to save for your retirement on your own, a great partner can be found via the Saskatchewan Pension Plan. SPP is open to any Canadian with unused registered retirement savings plan room. You can contribute any amount each year, up to your RRSP limit.

As well, you can transfer in any amount from other RRSPs you might have.

SPP then takes on the hard part – investing your precious savings dollars in our low-cost, professionally managed pooled fund. At retirement, SPP helps you turn those savings into retirement income, via such options as our lifetime monthly annuity offerings or the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Saving trends, strategies and other ideas as we sail into 2026

In this resolution-focused time of a new year, saving more is tops on the list for many of us.

But how do we eke out savings from our already-tight, post-holiday budgets? Save with SPP decided to take a look around to see how people are planning their saving strategies for 2026, focusing on new trends and ideas.

At MoneySense, there’s agreement that saving is difficult “with budgets tight and inflation driving the cost of groceries and everyday necessities higher.”

But the article suggests that making “small monthly changes can add up over the year.”

Certified financial planner Kelly Ho tells the publication that few people have a good handle on how much they make, and how much they spend. “It’s just a matter of really understanding how much money is coming in and how much is going out,” she tells MoneySense.

Once you have that nailed down, you can increase what’s left after the bills are paid through mini-cuts to your budget. Have a good look, Ho suggests, at what you are paying out in subscriptions for TV shows, music, and other services.

These invisible little costs — $10 here, $15 there – can add up to a hefty burden on the credit card, the article explains. If you cut a service – even just $10 a month – the savings can add up. “You multiply that by 12 months, multiply that over several years, plus, you know, potential investment growth. That’s a lot of money on the table,” Ho tells the magazine.

Another good idea in the article is being “intentional” about what you spend when you are on vacation. “Every single individual I’ve spoken to has underestimated the cost of travel,” she tells MoneySense. “I don’t know if many people actually keep track of what they’re spending when they’re there at their destination.” So, don’t stop budgeting just because you’re on vacation – establish a budget and stay within it.

From This Is Money in the U.K. come three more ideas.

There’s the 100-envelope challenge. You get 100 envelopes, the article explains, and number them from one to 100.

“Each week, savers pick out two envelopes at random and put the amount shown on the front into them. In 50 weeks, they would have saved £5,050 (or in Canada, that much in dollars),” the article explains – an amount that could “turbocharge” your savings.

Other 2026 trends include “no spend” and “no buy” challenges, the article continues.

“As part of the no-spend challenge, people will go through strict periods of not purchasing anything beyond absolute necessities or use up all the products or food they already own before replacing them as a way to save money,” the article tells us.

“There is a ‘no buy’ thread on social media platform Reddit where revenge savers share the savings they have made from limiting their spending,” the article continues.

“Revenge saving?” Let’s read on.

“It involves carefully tracking how much you are saving, as with normal budgeting activities,” the article notes. “But revenge saving goes a step further by deliberately not spending and taking part in savings challenges to build up a pot of savings.”

So, a savings plan enhanced by conscious non-spending challenges. Wow.

The Dallas Express, via Yahoo! Life, offers up some more strategic saving thoughts.

There’s the classic, sound idea of “automating savings transfers,” the “setting up… of automatic moves from chequing to savings right after payday – even as little as $10 or $20 per paycheque – helps `pay yourself first’ without relying on willpower.”

What about cutting back on food delivery?

Chicago certified financial planner Valerie Rivera tells the Express “after housing and childcare, the third-largest expense I often see is food delivery… Think about what would happen if you redirected $50 every month that was going to takeout and put it in a savings account.”

Final ideas from the Express including shopping more often at thrift stores, reducing electrical costs by such measures as switching to LED bulbs, and building an emergency fund.

We can add two more that worked for us. We had a variable mortgage. When interest rates went down for our second five-year term, we kept paying what we had paid before at the higher interest rate. We didn’t feel any pain but were paying the mortgage off more quickly.

Another tip, which we picked up from doing this blog, was the idea of simply taking a set percentage of your take-home pay off the top of every paycheque and putting it into savings. We started small, at three per cent, and increased the amount when we could. Then you live on the 97 per cent. It has worked.

If you are saving for retirement via the Saskatchewan Pension Plan, the idea of paying your future self first can easily be arranged. SPP permits pre-authorized contributions from bank accounts or even credit cards.

That way, you are directing savings dollars in a “set it and forget it” way to SPP, who will then grow those savings by investing them in our low-cost, professionally managed pooled fund. At retirement, you can collect a lifetime monthly income via an SPP annuity, or opt for the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Is cooking from scratch – a way to save on food costs – making a comeback?

Long ago when we were youngsters in school, mom made us breakfast, lunch, and dinner. In those days – long before the arrival of frozen dinners and the microwave – this mostly involved cooking things from scratch.

In an era where you can have meals delivered to your door, where there are restaurants and fast-food outlets around every corner, and where there are frozen meals you can just nuke, you would think that cooking from scratch is a long-forgotten art.

But for an unusual reason – the high cost of groceries and dining out – it appears cooking from scratch is making a comeback. Save with SPP examined this trend by doing a little reading.

A Globe and Mail article from last year tells the story of Cyndy Nelly-Spence, who cuts costs in retirement by making her own yogurt from scratch, saves all her bones to make soup stock, and more.

She and her husband “also batch-cook four to six weeks’ worth of homemade cereal with oatmeal and quinoa, and cook 12 servings worth of stew or chili at a time, all of which they store in glass containers in their pantry or one of two large freezers they keep in their basement,” the Globe reports.

Making things from scratch, the article continues, ensures the couple is avoiding “ultra processed foods, which have been linked to an increased risk of chronic diseases including obesity, heart disease, Type 2 diabetes, fatty liver disease and colon cancer,” the article notes.

The Kuzina Messer Culinaire blog looks at the benefits of cooking at home versus eating out, ordering in, or buying “ready-made or boxed meals.”

“There’s something deeply rewarding about cooking from scratch. Not only does it offer countless health benefits, but it can also save money, improve your cooking skills, and bring people together in ways that pre-packaged food simply can’t,” the blog suggests.

In addition to providing you control over things you may want to avoid in your food – sugar, salt and fat – home cooking can save you money, the blog continues.

“While cooking from scratch may seem like it takes more time, it can actually save you money in the long run. Pre-packaged meals, takeout, and even some convenience foods can add up quickly, whereas buying raw ingredients in bulk and cooking at home is often much more economical,” the blog reports.

Advantages of preparing food from home include saving on food by buying in bulk, reduced food waste, and improved cooking skills, the blog notes.

The Art of Growing blog also talks of the benefits of cooking at home, from scratch.

“My biggest reasons for making homemade meals over convenience foods? Health, taste, cost, and enjoyment,” the blog begins.

“Using whole ingredients supports a healthy diet, reduces the risk of food allergies, and makes it easier to maintain nourishing, homemade meals. Even a slow cooker/instant pot recipe can be loaded with fresh ingredients and pantry staples, making a simple meal both convenient and wholesome,” the blog continues.

“Cooking from scratch gives me control. I know exactly what’s going into my meals — no hidden sugars, additives, or unpronounceable `flavour enhancers.’ I can choose organic produce, swap sugar for honey, or use the veggies growing just outside my kitchen door. It’s empowering to know I’m feeding my family food that’s both nutrient-dense and honest,” the blog’s author adds.

“Homemaking is an ongoing education — and I love that. Scratch meals are like little lessons in patience and creativity that pay off in so many ways. Over time, you develop basic cooking skills that make everything else easier — from simple meals to more complex homemade recipes like yogurt or ferments,” the blog concludes.

Many of us – lacking, perhaps, any type of retirement savings program to sign up for at work – are left figuring out how to save for retirement from “scratch.”

It can be daunting if you aren’t familiar with investing, the various types of savings vehicles, risk, volatility, and more. But don’t worry – there’s help for do-it-yourself savers.

The Saskatchewan Pension Plan is a retirement savings partner available to any Canadian with registered retirement savings plan room. Once you’ve opened your SPP account, you decide how much you want to contribute annually – any amount up to your RRSP limit. As well, you can transfer in any amount from other RRSPs you may have to consolidate your savings nest egg.

SPP does the heavy lifting – we invest your hard-saved dollars in a low-cost, professionally managed pooled fund. When it’s time to leave work behind, SPP income options include the security of a lifetime monthly annuity payment, or the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Side hustles – what people are doing to increase their earning power

An often-overlooked way to increase your savings is by increasing your income through a “side hustle,” a part-time gig that lands you more cash.

Save with SPP took a look around to see what some of the top side hustles are these days.

According to BlogTO, side hustles are growing in popularity.

“Inflation, economic uncertainty, and stagnant wages have made it expensive to live in Canada, so finding side hustles is one way to earn extra income,” the blog begins. As well, the blog continues, Canadians are saving just seven per cent of their earnings, “rather than the 20 per cent rule of thumb.”

That’s why, the article notes, “nine million (28 per cent) of Canadians reported being part of the gig economy,” according to recent research from Leger.

“Nearly half of Canadians, including those earning over $100,000 in their primary jobs, said they’d be financially stressed without their side hustle. A total of 55 per cent said that income from their side hustles goes towards non-negotiable needs, and 59 per cent put their extra earnings towards savings,” the article adds.

OK – so exactly what kind of gigs are people doing?

Freelance work exists for those with graphic design skills, and “if you can fact-check, research, edit and understand Search Engine Optimization (SEO), you might want to consider remote writing or editing jobs,” the blog tells us.

Another category, the blog continues, is e-commerce, or selling things online.

“Whether you enjoy making jewellery or candles, you can turn your hobby into a passive source of income by selling your creations online. If you’re not that crafty, you could declutter your home by selling items you no longer use,” the blog reports.

Other ideas: delivery jobs, dog walking, or teaching others a skill – such as music lessons, the blog adds.

The Made in CA blog provides us with a few more ideas.

Renting out extra space, the blog explains, can be a great way to make more money.

“If you have unused space, this is a great way to make extra money in Canada. You can rent out spare rooms for short or long-term lets, basements and attics for storage, or even parking spots, especially in busy urban neighbourhoods where parking is expensive and in high demand,” the blog tells us.

Another possibility is “social media management.”

“If you enjoy creating content for social media, you might try your hand at offering your services as social media manager. Many small businesses need help with posting content and ad campaigns on social media platforms to increase brand visibility and recognition. Social media managers generally offer services such as brand strategy development, post scheduling, and analytics tracking to support businesses in growing their online presence,” the blog explains.

We already heard about dog walking as a side hustle, Made in CA also suggests pet-sitting as a way to make some extra cash.

Some final ideas from the Thrive North blog include being a “virtual assistant,” hired to work from home on helping with “scheduling, research, email and bookkeeping.”

Another idea that it is demand these days is snow removal, the blog continues. Along with junk removal or seasonal work (lawn cutting), such gigs are frequently available, the blog points out.

“The best side hustle for you will depend on your skills, available time, and income goals. Start small, stay consistent, and watch your side hustle grow into a sustainable source of financial freedom,” the blog concludes.

If you are hoping your side hustle will create more money to save long-term, you may want to consider opening a Saskatchewan Pension Plan account.

SPP is ideally suited for bits and pieces of savings. There is no fixed contribution rate, so you contribute any amount you like to grow your retirement nest egg. You can also transfer in money from registered retirement savings plans (RRSPs) you might have.

SPP will then carry out the job of investing those hard-earned dollars in our professionally managed, low-cost, pooled fund. When it’s time to turn savings into income, SPP options include the security of a lifetime monthly annuity payment, or the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

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!

Join the Wealthcare Revolution – follow SPP on Facebook!

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!

Join the Wealthcare Revolution – follow SPP on Facebook!