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What Canadians would sacrifice for an extra $250 a month

Jennifer Kwan
Pay Day

You couldn't pay some people to use Facebook, Twitter and Instagram, but it appears many Canadians would happily swap their social-media habits in exchange for $250 a month in extra savings.

Nearly three-quarters of Canadians say they would give up social media for three months in exchange for the chance to set aside that extra money, according to a survey released this week by ING Direct, with more men than women willing to say bye-bye to social networking for the short term.

The findings are part of a broader trend that shows many Canadians don't save regularly, but some 80 per cent would be willing to give up some things in exchange for a richer savings account.

"The survey found more than half of Canadians don't feel confident that they're saving enough each month, but with simple planning, budgeting and by making small changes to their day-to-day spending habits, Canadians can in fact grow their future savings," Peter Aceto, president and chief executive of ING Direct, said in a statement. The online survey was conducted in February on 1,506 Canadian adults.

Other sacrifices include three months worth of personal grooming trips such as the hairdresser or nail bar, as well as eating out or going to the movies. About half of the Canadian surveyed said they would give up one month of cellphone use for the chance to save more money.

But some things just aren't worth sacrificing, namely sex. Forty-four per cent of respondents said they would not give up six months of sex for the extra $250, though women are far more willing to abstain than their male counterparts.