What exactly are my needs?
Understanding your needs is a big step in getting your budget to a good place. This makes sense, as everything that falls under this category accounts for most of your budget.
The part that requires the most discipline, is separating your needs, that in truth, are actually wants. For example, your Netflix account has a bill that you need to pay. So, it’s a need… right?
Not so fast. If you only had $15 in your account and you had to choose between putting $15 worth of gas in your car (which you need for work) versus, $15 so you can binge on the latest series of Top Chef – you all of a sudden understand the difference.
Understanding these differences are crucial, especially when you have a tight budget.
Basically, if you can survive without certain things, they’re not needs – they’re wants.
Another thing to consider when you’re figuring out your budget, is the type of bank account you’ll need. If you’re regularly using your debit card, makingInterace-transfer® transactions and withdrawing cash, a TDUnlimited Chequing Accountmay be right for you as it offers unlimited transactions1. Alternatively, TD also offers othertypes of chequing accountsthat can help suit different needs. If you're still undecided, ourDiscovery Toolcan help you decide which account is best suited for you.
All that being said, your needs can – and most likely will – change. Your career, your living arrangements and other events can cause these shifts. So, reviewing your budget from time-to-time may be a good idea, allowing you to re-allocate your money into other buckets, like savings, for example.
