How to start saving money

If you want to start saving money, it's a good idea to first come up with a savings strategy. Having an eye to the future and staying focused on your financial goals can help make it easier to stay motivated and stick with your savings plan. When you can see the potential of putting money towards your savings over time, it can help you feel like you're in the driver's seat – at least when it comes to your finances. Book an appointment with a TD advisor. They can help you to set your goals for the future using TD Goal Builder. They can assist you to figure out what to prioritize and can help you create a realistic plan that can help get you where you want to be, financially. Once your goals are set using TD Goal Builder, you will be able to keep track of your progress online.

Start your savings

Saving money is not only helpful for your future goals, like buying a home, but it can also help you handle unexpected expenses, so you can feel more financially secure.

A general guideline is to save 10% of your income. How much you save can depend on factors like what you’re saving for, constraints attached to your goal and if you want to pay off any high-interest rate debts.

Money saving tips that could really add up

  1. Stick to that shopping list
    Make a shopping list to help you remember what to buy and stick to what you need to help prevent those impulse buys.

  2. Buy off-brand
    When grocery shopping, look for off-brand items. Many pantry basics can be as good as brand name ones – and ring in at lower prices.

  3. Have a night in
    Instead of meeting friends for dinner, consider having a get-together at your place. It will be a quieter, more intimate setting, which can be more ideal for catching up.

Tools that may help you with your saving goals

Have a plan to save money

Having a savings plan can help you to save money, whether your financial goal involves saving for a vacation, a down payment on a home or your retirement. Tools like the TD Retirement Calculator can help you figure out how much you'll need to save, while other tools like the TD Compound Interest Calculator can show you how your long-term investments can grow in the future.

Remember: Spending less can also help you save more money. Even slightly cutting back on your expenses can add up and help you reach your financial goals.

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