You’ve likely heard this question before, but how many of us actually take the time to sit down and create a budget along with a monthly savings goal? And then follow through with it? A budget that is right for you may change over time and should be revisited periodically or when you have significant changes in your life. Even if this is your first budget, it likely won’t be your last. One of the first things to look at is your cashflow: how much money is coming in vs. how much is going out. Cashflow will tell you if you have money you can put into savings, or if you need to start cutting back on expenses that you are able to.

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You can sign-up for a pre-authorized transfer service that automatically transfer funds from everyday banking accounts into savings accounts. It might not sound like a big deal, but think about how many times you may have looked at your bank account and in the moment saw that you could afford that fancy restaurant or a last-minute getaway. We like to call these type of things “nice to haves,” not “need to haves.” If your goal is to save X amount of money each month (for a bigger vacation or even a home) then using the pre-authorized transfer service could help take away the temptation to spend in the moment so you can focus on your long term saving goal.

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Next to paying rent or a mortgage, the food you eat each month can be a significant expense. When was the last time you added up the cost of everything you ate in one week? You might be a little shocked when you see how much it really is. One way to stretch your money farther is to take advantage of any loyalty programs at your grocery store, or to look for items on sale.

And you might start reconsidering those “mandatory” daily mocha lattes and start making coffee at home. In general, it’s cheaper to eat food you make for yourself than ordering take-out or sitting on a restaurant patio. This doesn’t mean you should not treat yourself to the occasional dinner out. All we’re saying is understand the cost and plan for it so you can achieve your savings goal.

One way to save money is to reduce what you spend. So actually, reviewing what you spend on can be helpful. For example, if you have a credit card, go through each item on your statement and ask yourself if you really need that item. Maybe you can do with a lesser version of it? Another way to cut down on everyday spending is to make two lists: needs and wants. It’s easier to cut back when you know what you need to live and what you could live without.

People often don’t like to talk about their debts, or the interest they’re paying to carry those debts. A common example is a credit card balance. Do you know the interest rate on most credit cards? It can range from 9 percent to 29 percent. If you have a credit card and happen to fall in the higher end of the interest rate range, that can add more cost to what you already owe. So make a plan to pay off higher interest rate debts or consolidate them to a lower interest rate loan to help reduce the amount of interest you could be paying. Just know this, you’ll likely breathe a big sigh of relief when you see less of your hard-earned money going towards paying interest that you owe.

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This one makes a lot of sense, but may be the hardest to do. With all your expenses, it’s hard enough to keep things on track financially. And if there is money left over at the end of the month, shouldn’t you be tucking that away into savings or investing it? The answer is yes, but still try to see if you can build a fund specifically to address any disruption an emergency expense may cause. A general guideline is to set aside money that can be easily accessed sufficient to cover between three to six months of living expenses.

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.