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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.
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
- 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. - 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. - 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
TD Compound Interest Calculator
Use the TD Compound Interest Calculator to see how your savings could grow over time.
Save Automatically to my Account
Decide how much you want to save and how often when you automatically transfer funds to your savings account. All with no setup or service fees.
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.
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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