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Smart Saving

Save for the short term

What’s on your shopping list? The latest smart phone, a new computer, the latest must-have running shoes or trendy handbag? Plan to get what you want with these smart savings tips

Start by setting a savings goal, and work toward it in small stages. These tips will help you get there faster.

Make it automatic

Open up a savings account that you won’t need for day-to-day expenses. Then make small, regular deposits automatically, so you essentially “pay yourself first,” before all the other bills come in.

Here’s one possible two-step savings strategy TD Canada Trust can help with:

1. Open a TD Canada Trust Guaranteed Investment Account.

This type of investment account has higher interest rates than most regular savings accounts. And unlike some other short-term investments, you don’t have to lock in your money for a set amount of time. You’ll earn interest and still have access to your cash through an ABM, EasyWeb Internet banking, EasyLine telephone banking, or any branch.

2. Set up a Pre-authorized Transfer Service (PTS).

You can automatically transfer money from another TD Canada Trust account, or even from another financial institution, into your Guaranteed Investment Account on a regular basis. You can opt to transfer a pre-determined amount (say, $25 or $50) on a monthly, weekly or bi-weekly basis. Not only do you save money, you’ll earn more interest as your savings accumulate over time.

Consider other low-risk investments

Don’t be intimidated by the word “investment”. There are many low-risk, no-hassle choices that can potentially earn you more money than a regular savings account and don’t require a lot of money upfront. These include:

Guaranteed Investment Certificates (GICs). There are many different types of GIC investments, and while they generally require locking in your money for a period of months or years, you’ll likely earn more interest than with a regular savings account. To learn more about your many options, check out TD Canada Trust GICs.

Money market investments. When you invest in these kinds of short-term investments, you’re essentially lending your money to governments, banks or corporations in exchange for a set interest rate. These investments include things like low-risk, government-issued Treasury Bills. You can also buy units of money market mutual funds. Learn more about the TD Canada Trust Money Market Investments and see how they can work for you.

Feel free to ask questions!

Even if you’re a finance student, nobody expects you to figure out your first-time investment options on your own! You’ll be able to make better decisions by talking to your bank and asking for more detailed explanations to know what’s right for you. Make an appointment with a TD Canada Trust representative for guidance on investing in your future.