ING Direct Canada's new mobile app, Small Sacrifices, for Android and iOS, lets customers see how much money they would save if they sacrificed small everyday expenses such as coffee, lottery tickets and cigarettes. The goal is to help users redirect such indulgences towards bigger savings goals.
"Small Sacrifices is there to help [users] 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," said Peter Aceto, president and CEO of ING Direct Canada, in a press release. "By cutting back on what seems like small everyday spending, Canadians can easily save to meet their savings goals, like retirement, a new home or a vacation."
Charaka Kithulegoda, ING Direct's chief information officer, added, "Our goal is to give our clients the appropriate tools they need so they can bank whenever, wherever and however they want. This new addition to our mobile app is another example of how we're making saving easier and more accessible to Canadians."
To begin saving money on this new tool, users must choose a small sacrifice, like passing on their daily coffee purchase. Then they'll decide which goal to redirect the money to, such as retirement or savings. Clients will enter in how much money they spend on their average purchase as 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). The next time customers are tempted to spend on their non-essential purchase, they can choose to instead redirect that money from their THRiVE Chequing Account to a savings or retirement account.
ING Direct Canada has more than 1.8 million clients and close to $40 billion in total assets.