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