Vancouver, B.c. Canada (PressExposure) March 26, 2007 -- FOR IMMEDIATE RELEASE
Local money coach takes the offensive on dismal national savings rate
Vancouver, Canada, March 2007
Canadians set aside only $1.50 out of every $100 they earn. The average salary of $39,000 translates into a mere $585 in savings each year: barely enough to fund a summer vacation much less larger goals like down payments or retirement.
Vancouver money coach, Nancy Zimmerman, believes she can help turn this around. âWe Canadians can resurrect the lost art of saving,â she says. âItâs mostly a case of simply deciding to change a habit here or there, and redirecting the money towards a savings goal that really matters.â
Zimmermanâs company, Your Money by Design, is hosting a challenge to buck the trend. Change a Habit! Save a Buck! is an online contest in which contestants choose a habit to change for the month of April. The savings that result will go into contestantsâ high-yield savings accounts such as those offered by Citizens Bank of Canada and ING Direct.
One winner who keeps their habit change for the entire month of April will receive $100 as a booster towards their savings. Two winners who keep their habit with only one miss will receive $25.
Contestants customize the habit they will adopt.
Many contestants have chosen typical challenges like taking lunch to work, or a few less lattes. One has chosen to forego 50gr of Lindt chocolate each day in favour of saving for a Knowledge Network contribution. Others are looking to increase their income: one woman plans to spend 30 minutes each day seeking ways to bring more money into her life; a self-employed man is going to put in an extra hour of work each day.
And the money coach herself? Sheâs giving up social lattes and will resolutely walk past all vending machines. The extra change will go to hungry panhandlers in the downtown eastside.
Anyone can participate by signing up on the website www.yourmoneybydesign.com . With any luck, next yearâs savings statistics will be a little better!