Translation Memory (TM) is a CAT (computer-aided translation) tool feature that enables users to store their translations in bilingual (or multilingual) format with context and identification data (when, who, document name). Thanks to that feature of CAT tools, you can easily update your already translated documents without re-translating everything. You just need to translate new content, however the document should be translated in a CAT tool previously. If not, you need an alignment with the source and target files to create a TM. Apart from consistency and quality, this helps you to save time and money.