One thing you can do before you start saving is try to pay down or pay off your debts, especially the high-interest rate ones. If you're not making progress on paying down debt due to high interest, you may consider a debt consolidation loan where the interest rate could be lower and all your debt could be consolidated at that lower rate. Use the TD Debt Consolidation Calculator to help you see how you can pay down or pay off your debt. Once you've paid off debt, you may find that you have more money available to put towards your savings.

Making a budget can help you get a sense of your monthly expenses and see where there may be potential to cut back on your spending. Did you know? TD MySpend can help you keep tabs on spending from your TD deposit and credit card accounts. For example, you may notice you're spending a lot on your cellphone service. Does your cell phone provider offer a family data sharing package that's more affordable but still meets your needs? Taking another look at your expenses and where you might be able to save money because it can make a difference.

Having a clear goal to work towards can be a fantastic motivator when trying to save money. Choose something you want to buy as a family and work to save towards it. It can be a big goal, like a dream vacation or a new house, or a smaller one, like a new tablet or tickets to a sports event. No matter what you choose, every time you follow your budget and cut down on expenses, you’ll be that much closer to achieving your goal.

One way to help you cut down on expenses is by making changes, even small ones, to your family's everyday spending habits. Over time, you may see a difference in your saving each month. Doing just one or more of these things can help you save money. These small changes may include:

Create a family budget for your household. Sit down and try to get an understanding of where your money is going. TD MySpend can help you get started because it tracks your spending made through your TD deposit and credit card accounts, while the TD Cash Flow Calculator can help you get a view on all your expenses over a longer period of time. With these tools, you'll be better able to plan your family budget on a monthly and annual basis.

Don't know where to turn for financial advice? The TD Financial Health Index† recently reported that many Canadians surveyed aren't financially confident they are on track to meet their long-term financial goals and that 62% of them don't know where or who to turn to for financial advice. Close family members or friends can be a good place to start. You can also help boost your financial confidence by attending an adult financial literacy program like Money Matters. We're also here for you and you're always welcome to book an appointment with us if you have any questions about your finances.

This is a routine family or household budget check that you can do every month or quarter. It involves looking back at the previous month's spending to see if you’re meeting your goals. Having this type of regular check-in can really help you achieve financial discipline for your spending and saving habits. Simply check if your spending falls within the family budget to be sure you’re still moving towards your financial goals.