Canada is known for its diversity. As a newcomer, you likely want to begin here on a positive note. Feeling secure about your finances can likely help you settle into your new life in Canada.

Fortunately, there are many helpful ways to begin saving money that may help you feel more secure about your finances.

Why should I save money?

Saving money is important for the financial well being of most Canadians including newcomers to Canada. In fact, achieving financial well-being  might be one of the goals for many Canadians as it helps meet your current needs and handle the possibility of future financial challenges.

Here are some reasons to save money:

• Emergency Expenses: Life is full of surprises. You might face unexpected costs like car repairs, medical emergencies, or even losing a job. Having extra funds set aside in a savings account may help you handle these situations.
• Goals and Dreams for the future: Achieving milestones such as buying a home or a car, or saving for retirement in your new country often requires careful planning. By saving money, you may make steady progress towards reaching your goals.

Useful tips to save more?

Starting with a plan may make a difference in saving money. Here’s how you can get going:

• Budgeting and Tracking:

Setting up a budget may help you manage your money better. Why not begin to track your expenses and see how much you spend? This might help you cut back on expenses and save more. Tools like the TD MySpend App may help you monitor your spending and stick to your budget.

• Smart Buying:

Save more on your purchases by looking for newcomer discounts and shopping during sales. Keep an eye out for special promotions for New Canadians and take advantage of them whenever you can.

• Choose appropriate Savings and Investing Products:

Carefully selecting savings products which are suitable to your individual needs may help you save money. Explore different options that may help grow your money and align with your short-term and long-term goals. Here are some Canadian financial products you can consider:

Registered Accounts:

Be sure to check your eligibility and your contribution limits when making any contributions to the above registered accounts. As a newcomer, saving money may be the answer to achieving your short term and long term financial goals. Whether you’re preparing for unexpected expenses, pursuing future ambitions, or wanting to invest wisely, it all starts with planning. By budgeting, making smart purchasing decisions, and exploring different savings and investment options, you may begin to take steps towards achieving your goals. To further assist you in achieving your savings goals, consider using available TD tools and calculators.

Start early to achieve your short and long term goals.

Why Choose TD?

150 years helping Canadians:

TD has a proud history of delivering financial solutions to Canadians for more than 150 years. TD also brings a century of experience helping newcomers navigate the unique challenges of the Canadian banking system.

With over a thousand branches, a reputation for excellence in financial services, and the ability to also serve you in more than 80 different languages, TD has become one of the largest and most trusted banks in Canada, now serving 16 million Canadians.

TD offers online support and resources of interest to newcomers on topics such as banking basics, moving to Canada, credit score essentials, and more. TD is open longer hours for your convenience and has thousands of ATMs across Canada to help you take care of your everyday banking needs quickly and easily.