$10/day or $300/month? What’s the difference?

On a daily basis, we brush our teeth, shower, and call our loved ones. But what if we only did each of these things on a monthly basis? Not only would we find ourselves short a few friends, but the task might seem overwhelming and stressful. The same can be said for saving for your retirement. We’ll scramble and get it done eventually, but not without paying the price of stress.

Group Retirement Savings Plan Canada


The psychology behind saving for retirement is quite simple when put into a realistic and manageable scenario. If you were to ask yourself “Can I save $300 a month?” you may be hesitant to say “yes” with all of your other financial obligations in mind. Now if you were to ask yourself if $1, $5 or even $10 a day is manageable, then you may be more inclined to answer “yes”. The fact is, to most people a small amount may seem more manageable than a lump sum. Even if at the end of the year it all ends up being the same total, $10 a day will likely seem more manageable than forking over a lump sum of $300 at the end of each month.

Think about it this way, there are on average 30 days per month. If you could find a way to set aside $10 per day (or more), that could average out to approximately $300 a month in savings. If you are part of a retirement plan with matching employer contributions that’s $600. Over 30 years that really starts to add up.


When put into perspective, think about all of the things you can accomplish with $300 per month. To most, that can include grocery expenses, car insurance payments, or phone and TV bills. But it can be overwhelming to cut monthly expenses. If you think of it on daily basis, you realize that saving an extra $300 a month is simple. Cut down on even one of your daily expenses, like the $20 you spend on gas, $10 on breakfast and coffee, $15 on lunch or $20 on after work drinks and the savings will quickly add up.

It’s all about how you look at it. Just like brushing your teeth or taking a shower, saving a little each day will feel effortless. Whether it’s $300 a month or a small daily saving, it all comes down to stress-free and simple ways to find the money you didn’t even know you had.