ING Direct in Canada has released a novel mobile banking app that tells users how much they could save by skipping occasional indulgences and everyday purchases.
Called Small Sacrifices, the new tool graphically shows users the financial gains that could be made over the long and short-term by foregoing their daily, weekly and monthly spending on non-essential items by redirecting that money through incremental deposits into an assigned savings account.
Peter Aceto, president and CEO, ING Direct says: "Small Sacrifices is there to help Canadians make small choices throughout the day to put that extra few dollars aside instead of spending it on lunch or dinners or another cup of coffee."
Customers key in how much money they spend on targetted indulgences, and Small Sacrifices creates a chart showing how much that weekly amount would grow to in the near term (five years) and long term (25 years).
A poll of 1000 Canadian commissioned by the bank showed that many respondents admit to spending as much as $35 a week on non-essential purchases, or "spending vices" like lunch out, coffee and lottery tickets.
Says Aceto: "By cutting back on what seems like small everyday spending, Canadians can easily save thousands of dollars to meet their savings goals, like retirement, a new home or a vacation."