How to start saving better – now!

If you want to start saving, or you want to save more, this step-by-step guide can help. Just find your starting point and discover the saving solution that’s right for you.

“I’m not saving at all”
Solution: Start saving, anything

  1. At the end of each day or each week, empty the change from your wallet into a jar.
  2. After a month, count it up. Congratulations! You’ve just saved this amount without really trying.
  3. Use this tally to estimate how much you could put aside into a savings plan without missing the cash, and proceed to the next saving solution.

“I save a little, but I also spend a lot — I’d like a painless way to save more”

Solution: Ramp it up

  1. Use the savings-in-a-jar approach (see above), but with a more sophisticated, high-tech twist – sign up for the TD Canada Trust Simply Save program.
  2. All you need is a TD Canada Trust Chequing Account or Savings Account, plus an Access Card.
  3. Choose an amount from $0.50 to $5.00 to be transferred from your Chequing Account into your Savings Account each time you use your Access Card.
  4. Choose what kind of transactions to include (debit purchase, ABM withdrawal or both).
  5. Each day, week or every other week (it’s your choice!), your chosen amount will be transferred into your savings account.
  6. Voilà! Instant savings.

“I save a little, but I’d like to save more deliberately”

Solution: Begin a savings program

  1. Open a Savings Account.
  2. Set up a Pre-authorized Transfer Service, so you can start moving money into your savings account automatically.
  3. Arrange for the smallest amount of money you think you can safely put aside on the day you get paid and still meet financial obligations. (You don’t want to have to pull money out of savings because you’ve created a cash flow problem.)
  4. Set a reminder in your calendar to reassess your cash flow after three months. Do you miss the money? Could you increase the amount slightly? Make adjustments, and you’re on your way to being a better saver.

“I’m saving money, but I have a specific goal I want to meet”

Solution: Take a strategic approach to savings

  1. Use Your Savings Tool to estimate how much you need to save in order to meet the amount and timeline of your savings goal.
  2. Use this information to start your savings program (see “Begin a savings program,” above). If your goal is to save for education or retirement, visit these sections for more targeted saving strategies.