What to know<\/p>\n
\u201cSoft saving,\u201d a social-media popularized trend, encourages people to balance enjoying life now while still putting aside small amounts of money for the future.<\/p>\n
Some Torontonians say they already practice it informally, like rotating subscriptions or saving small amounts while still spending on treats.<\/p>\n
Experts say the approach pushes back against aggressive saving and hustle culture, reflecting a post-pandemic shift toward financial balance and well-being, especially among younger generations.<\/p>\n
Financial educators stress that saving anything is better than nothing, and starting small, automating savings, and auditing subscriptions can help build sustainable habits over time.<\/p>\n
Living your best life without breaking the bank \u2014 that\u2019s what the \u201csoft saving\u201d financial practice is all about.<\/p>\n
It\u2019s a term that gained popularity on social media in recent years.<\/p>\n
Many Torontonians often do the practice without realizing the name for it.<\/p>\n
One resident named Roberto told Now Toronto they lived paycheque-to-paycheque, so they often tried to save money where they could, and put some in savings.<\/p>\n
\u201cWe try to save some things,\u201d he said. \u201c[For] streaming, I try to use one month, then cancel, then use another month.\u201d<\/p>\n
Others said they still saved small amounts here and there, while also indulging in sweet treats and drinks.<\/p>\n
What are the experts saying?<\/p>\n
Jessica Moorhouse, an author and financial educator, told Now Toronto she\u2019s never heard of the term \u201csoft saving\u201d before the social media popularization, but knows of the practice.<\/p>\n
\u201cThe idea behind soft saving is the anti-aggressive saving that we\u2019ve probably seen over the past couple decades, where if you want to save, you\u2019ve got to make a lot of sacrifices,\u201d Moorhouse said.<\/p>\n
It\u2019s a movement that combats the existing FIRE approach: Financial Independence, Retire Early, or as some simply call it, hustle culture.<\/p>\n
\u201c[It\u2019s] trying to introduce the concept of more balance where we are kind of taking care of our financial goals, saving for the future, or whatever those goals are, but also not to the detriment of our mental health, physical health, our nutrition, our happiness and enjoyment out of life,\u201d Moorhouse added.<\/p>\n
Moorhouse said the concept is definitely specific to younger generations, such as Gen Z, and wasn\u2019t one she ever heard from her older clients.<\/p>\n
\u201cThe overall concept of creating balance with your financial management strategies has definitely been on the up and up, especially since post-covid,\u201d she said. \u201cOver the years, because there\u2019s been a big kind of mindset shift on mental health, especially balance and just lifestyle. We\u2019re seeing that across the board\u2026\u201d<\/p>\n
Moorhouse added that hustle culture was more of the trend pre-COVID, since around 2016. Since the pandemic, the culture has seen a shift into a more relaxed lifestyle.<\/p>\n
\u201cPeople were being vocal [saying] \u2018I don\u2019t actually think that is the right path,\u2019\u201d Moorhouse said.\u00a0<\/p>\n
\u201cIt\u2019s a bit of a trade off,\u201d Preet Banerjee, the founder of online financial tool MoneyGaps, told Now Toronto. \u201cIt\u2019s sort of trying to strike a balance, where you\u2019re living a little bit of your life today while also saving a little bit for the future.\u201d<\/p>\n
Banerjee said its popularization was not for the most positive of reasons.<\/p>\n
\u201cWhen they feel [they are close to buying a home], they do tighten their belt, they save a little bit more towards building up that down payment, they reduce their spending a little bit, and they kind of stretch to get into that goal,\u201d he said. \u201cAnd then there are people who have given up, and they think that there is no way that my generation is going to own a house and because of that, they start to spend a lot more, they save less, and they take more risk, because they basically said, what\u2019s the point?\u201d<\/p>\n