Making sense of day-to-day spending amid COVID-19
For many Canadians, building a budget and tracking spending can be a challenge at the best of times. But at a time when people across Canada are facing enhanced financial hardships as a result of economic disruptions caused by COVID-19, those challenges may be amplified.
"What many customers are looking for is a way to revisit personal and family budgets to understand how and where their money is going in order to reprioritize and focus on essentials during this difficult time," says Imran Khan, Head of Digital Customer Experience at TD.
"We know that many of our customers are looking to take greater control of their finances and trying to adjust their day-to-day spending during this time of uncertainty," Khan said.
One way we have to help you track your spending is TD MySpend, a money management app that can help you with financial goal-setting and automatically tracks spending from your TD deposit and credit card accounts in real-time.
"TD MySpend has features that can help our customers if they are feeling any pressure during these unusual times to adjust their day-to-day expenses and help them create better spending habits for themselves," Khan said.
Khan explains how the features can help you better understand your day-to-day spending and then be able to rethink your budget.
- Category Spending – TD MySpend automatically tracks and categorizes transactions from TD deposit and credit card accounts to help you quickly see where your money is going. Many find it helpful because they can see spending by category, which then helps to differentiate between spending on 'wants' like entertainment and 'needs' like groceries.
- Spending Notifications – TD MySpend can help you immediately see where your money is going with instant notifications about how and where you're spending. A Spending Insights meter updates in real-time after each transaction, providing a quick snapshot of whether you're above, at, or below your typical monthly spending. When budgets are tight, this feature can help flag when spending is higher than usual.
- Setting Targets and Goals – Setting monthly category spending targets can help track spending in key areas. The app lets you adjust these targets and prioritize essentials like groceries and utilities over dining out and entertainment. A new feature within TD MySpend called Wish List allows you to set financial goals when saving for larger ticket items and easily track your progress. When operating on a tighter budget, financial experts advise that it's critical to get into the habit of setting aside money when you can – even if it’s a small amount – to help finance larger spends, including potential emergency expenses, in the future.
"Now is a time when many of our customers are closely watching their spending and making sense of their finances can be a tough topic to tackle," Khan acknowledged. "TD MySpend is an easy way for our customers to see where their money is going and help boost their financial confidence about their spending during these difficult times."
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DISCLAIMER: This content discusses current topics of interest in a general and informational manner only and may not be appropriate in all circumstances. Please ensure that you seek advice personalized for your situation from the appropriate professional, consultant or subject matter expert on the topic of interest to you.
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