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Budgeting
Whether you're saving money for your next big purchase, building an emergency fund or just saving for a rainy day, it's a good idea to learn about budgeting basics. That's why TD has tips and tools available to help you learn how to budget, so you can be one step closer to reaching your financial goals.
How to make a budget
No matter where you are in your financial journey, figuring out how much money is coming in and how much is going out can help you get a better grasp of your financial health. If you're looking to save more money but don't know how, watch this video or read more on how you can make a budget, and more importantly, how you can stick to it.
Frequently Asked Questions
Everyone can benefit from having a budget. No matter what stage of life you're in or where you are in your financial journey, understanding how much money is coming in and how much money is going out can help you get a better handle on your finances.
Start off with doing a thorough review of your income, expenses, and investments. Then break down your spending vs. saving. Budget accordingly to accommodate your needs and wants. And then track and monitor your budget and adjust when needed. Be sure to be honest with yourself and stay strict with your budget so you can stay on track with your financial goals.
It's important to include how much money you take home after taxes; how much your daily expenses are; and how much you contribute to investments. You'll also want to include your needs vs. wants to help you break down how much of your income can go into each category.
We have articles, tips and tools to help you when creating a budget. If you're looking for specific financial advice, you can book an appointment with a TD advisor to get personalized recommendations for your specific needs.
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Transcript
Budgeting for the Unexpected
Super: TD presents Asking for a Friend
Budgeting for the Unexpected
Oh hi hey hello! Welcome to Asking for a Friend. I’m Neha, ready to help answer your burning financial questions.
Dear Asking For a Friend,
I totally have a budget that I follow but… my friend… doesn't know how to get started making one. Can you help them with some advice?
Sincerely,
Budget Betty
That’s a great question, Betty! Here’s some advice from TD advisors.
Super: Consider how much you’re making and spending.
First, compare how much money you’re making with how much you’re spending in any given month.
Super: TD MySpend
- Track spending
- Create savings goals
- Insights to make goals happen
The TD MySpend app can help you track your spending, create a wish list of savings goals and get insights to help you make those goals happen.
Super: Prioritize paying for your needs.
Next, prioritize paying for your needs like food, shelter, transportation and paying down your debts.
Super:
- Food
- Shelter
- Transportation
- Paying down debt
With the TD MySpend app, you can categorize your expenses from your TD deposit and credit card accounts automatically as “Needs,” “Wants,” or “Other.”.
Super: Spend less than you make.
Finally, if possible, try to spend less than you make by cutting down on your "nice-to-have" expenses.
If you find that you have any extra money left over after paying for your needs and cutting down on your wants, consider putting that extra money towards building an emergency fund. Then, if you have any unexpected expenses in the future, you’ll have savings to rely on.
That’s why I’m deleting my food and shopping apps — right after these noodles! TD advisors say to try to save up an amount that is equal to 3 months of your regular expenses, if you’re able. Having an emergency fund helps you to be better prepared in case of financial challenges in the future.
Hey, I started using the TD MySpend app to track my spending and savings. I deserve this takeout! Remember to revisit your budget regularly and adjust accordingly.
Download or open the TD MySpend app to get started.
Endslate: Visit td.com/myspend