Many of us have financial goals we want to work towards. Whether it’s saving money for a vacation, buying a home, or planning for retirement, there’s certain milestones that Canadians want to hit.
But, the problem is many of us don’t have an action plan in place. In other words, we know what we want, but we don’t necessarily know how we’re going to achieve it.
A recent TD survey found that 61% of Canadians surveyed do not have a financial plan in place for 2025, and 70% don't use budgeting tools, such as spreadsheets or mobile apps, to help with their finances.
“What we find from our surveys is that there's a lack of confidence in Canadians’ financial futures,” said Pat Giles, the Vice President, Saving & Investing Journey at TD.
"I think a lot of that comes back to the fact that many Canadians haven't established plans in place to reach their financial goals.”
So how do you go about actually setting – and achieving – financial goals? According to Giles, the first step is setting a financial goal that is realistic and unique to your life situation or set of circumstances.
Tips on how to set financial goals
Financial goals can be big or small, short-term, medium-term, or long-term. An example of a short-term goal might be saving for a vacation. A medium-term goal might be saving money for a down payment on a home, and long-term goal could be investing in your children’s education fund.
Financial goals should be personal and reflect an objective that you want to reach in a certain timeframe.
Once you know what you want to achieve, it’s time to develop a realistic plan to get there. One of the best ways is to turn your goal into a SMART goal, meaning it is specific, measurable, achievable, relevant, and time bound.
If you want to save for a vacation, for instance, you could start by calculating how much money you’ll need to save, how long it will take you to save it, how you’re going to achieve it, and by when.
Working with a TD Personal Banker can also be a helpful process. When you meet with a TD Personal Banker, they can use the TD Goal Builder to help you develop customized goals and translate them into a tangible roadmap that you can adapt or modify over time. What’s more, you can track your progress using the TD Goal Builder dashboard.
“What's great about TD Goal Builder is that it helps make your financial goals SMART goals, because you end up talking about the specifics, the attainability and, of course, the time horizon,” Giles said.
“Based on customer feedback, we find that Canadians’ confidence in their financial future rises dramatically after they've had a conversation with a TD Personal Banker while using TD Goal Builder. It really helps them understand how achievable their goals are and what steps they can take to reach them.”
The importance of revisiting financial goals
Financial goals can evolve over time as your needs and lifestyle change, or as you accomplish one and set another. That’s why it’s important to regularly check in on your goals to ensure you are staying on track and making any tweaks as necessary.
On top of personally monitoring your progress, Giles advises that TD customers meet with a TD Personal Banker at least once a year to revisit their goals.
Importantly, Giles stresses that it’s never too early or too late to start thinking about your financial future. He reminds Canadians that when you're just starting to save, it's not so much the dollar amount that matters, but the habit of saving and building a strong foundation for future financial health.
“There’s a myth that persists that you need a certain amount of money to start saving, investing, or to come in and speak to a TD Personal Banker,” Giles said.
“Any Canadian at any stage of their saving and investing journey can and should speak to a TD Personal Banker. There's no fee to book an appointment to speak to them, and they can help you realize that your goals are reachable.”
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