Gen Y: don't love budgeting? Some tips to make it more loveable

Two-thirds of young Canadians don't track expenses 
TORONTO, Oct. 7, 2013 /CNW/ - With a plethora of online budgeting tools 
available, the habit of tracking spending should be a fairly straightforward 
routine to get into. However, this is not the case for Gen Y; while they have 
embraced the importance of saving, they are slower to embrace the habit of 
tracking where their money goes each week, month and year. According to new 
research from TD Canada Trust, more than half (55%) of Gen Y save at least 10% 
of each paycheque, but in contrast, 66% either do not have a budget or do not 
follow the one they created. This helps explain why Gen Y says they are most 
likely to overspend on entertainment (48%), snacks (41%), fashion (38%) and 
tech gadgets (29%). 
"Budgeting is the key to battling the habit of overspending," said Raymond 
Chun, Senior Vice President, TD Canada Trust. "Cash flow clarity is essential 
to gaining control of where your money is going and ultimately reaching 
financial goals. Just like building an exercise routine, it's tough to start, 
but eventually becomes easier and more automatic." 
Building a budget can be as simple as tracking income against expenses, and 
following Chun's simple tips, it doesn't have to be a chore. 
1. Create a Budget Template 
"There's a misconception that budgets mean complex spreadsheets - this doesn't 
have to be the case with a personal monthly budget," said Chun. "An effective 
budget can be as simple as a sheet of paper with two columns: one for money 
coming in and one for money going out." 
The key to developing a good template is to allow space to capture all income 
and expenses in any given month, including discretionary spending. The 'money 
out' column should allow space for everything from monthly rent and living 
expenses down to snacks and miscellaneous spends. 'Money in' should capture 
any incoming funds like paycheques and government rebates. 
Example: 
 _______________________________________________________________
|Date: October 1, 2013                                          |
|_______________________________________________________________|
|Money In                           |Money Out                  |
|___________________________________|___________________________|
|Paycheque: $__.__                  |Breakfast: $__.__          |
|___________________________________|___________________________|
|Provincial sales tax rebate: $__.__|Rent: $__.__               |
|___________________________________|___________________________|
|Birthday gift: $__.__              |Transit Pass: $__.__       |
|___________________________________|___________________________|
|                                   |Groceries: $__.__          |
|___________________________________|___________________________|
|                                   |Dinner with friends: $__.__|
|___________________________________|___________________________|
|                                   |RRSP Contribution: $__.__  |
|___________________________________|___________________________| 
2. Track your Spending 
"Once you have a template in place, track every single expense," says Chun. "A 
great starting point is to take advantage of virtual tools that are already 
tracking spending - like online debit or credit card statements - and then 
build on anything additional that's not tracked online." 
At the end of the month, all the documented expenses simply need to be 
categorized into essential and non-essential expenses. 
"However you track your spending, the goal is to have a full picture of how 
and where money is being spent," says Chun. "It can be surprising to some to 
see how non-essential spending can really add up, but the clarity helps in 
finding out where adjustments are needed." 
3. Review Spending Habits 
With spending habits in hand, it's time to see if changes should be made. 
While fixed expenses like rent and transportation may not change, look closely 
at discretionary categories like entertainment, eating out and shopping. Set a 
maximum monthly spend for each category and, if this results in a surplus at 
the end of the month, consider putting it towards a savings account or paying 
down debt. 
4. Repeat, repeat, repeat 
As with any strong routine, getting into the habit through repetition is key. 
It is important to review the budget each month, especially if income or 
lifestyle changes take place. 
"Always push yourself on whether it's possible to put more money towards 
savings," said Chun. "Life and circumstances are ever-changing, and a 
monthly budget will reflect this. The good news is, once a regular habit of 
budgeting has been adopted, making changes will be a piece of cake." 
For more resources and tools to make everyday finances easy, please visit: 
tdcanadatrust.com. 
About the TD Canada Trust Cash Confessions Poll 
TD Bank Group commissioned Environics Research Group (www.environics.ca) to 
conduct an online custom survey of 6,014 Canadians aged 18 years and older, 
including 1,072 Millennials (born 1981 to 1999). Responses were collected 
between January 10 and 25, 2013. 
About TD Canada Trust  
TD Canada Trust offers personal and business banking to more than 11.5 million 
customers. We provide a wide range of products and services from chequing and 
savings accounts, to credit cards, mortgages and business banking, to credit 
protection and travel medical insurance, as well as advice on managing 
everyday finances. TD Canada Trust makes banking comfortable with 
award-winning service and convenience through 24/7 mobile, internet, telephone 
and ATM banking, as well as in over 1,100 branches, with convenient hours to 
serve customers better. For more information, please visit: 
www.tdcanadatrust.com. TD Canada Trust is the Canadian retail bank of TD Bank 
Group, the sixth largest bank in North America. 

SOURCE  TD Canada Trust 
Sheri Papps / Jillian Turgeon Paradigm Public Relations 416-203-2223 
spapps@paradigmpr.ca /jturgeon@paradigmpr.ca 
Sandra De Carvalho TD Bank Group 416-944-7095 sandra.decarvalho@td.com 
Image with caption: "Gen Y: Curb that urge to splurge (CNW Group/TD Canada 
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http://photos.newswire.ca/images/download/20131007_C7490_PHOTO_EN_31722.jpg 
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CO: TD Canada Trust
ST: Ontario
NI: FIN ECOSURV  
-0- Oct/07/2013 12:30 GMT