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Aditi Ganguly
Updated Jun 18, 2026
If your budget has felt harder to manage lately, you're not imagining it.
Rising energy costs tied to instability in the Middle East have kept inflation stubbornly high, and with layoffs making headlines across several sectors, financial anxiety is something many Canadians are sitting with right now.
Small, deliberate changes to how you manage debt, savings and fixed costs can make a real difference.
Here are six essential money moves worth considering today.
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Build your own investment portfolio and enjoy low commissionsEarn more with a high-interest savings account
A high interest savings account can help you grow your savings faster. It often pays to shop around because some banks offer special interest rates for new customers.
For example, open a personal account with EQ Bank and in just a few minutes you get access to the best features of a chequing account combined with a high-interest savings rate.
When you fund your account and set up a direct deposit, you can earn 2.75% on every dollar deposited into the account.
The account has $0 monthly fees and no minimum balances. Plus, you can withdraw from any ATM in Canada — for free.
Check if your profession unlocks better banking
You may qualify for profession-specific banking perks that can help reduce everyday banking costs.
For example, National Bank offers specialized banking packages for professionals in fields like healthcare, engineering, IT, finance, law, teaching, public service, administration, architecture, agriculture and more. Depending on eligibility, the offer can include:
- Up to 3 bank accounts with no fixed monthly fees, with an eligible Mastercard rewards credit card (Certain fees apply)
- Personal and home equity lines of credit with preferred terms and conditions
- Preferred value-added services like legal assistance and identity theft protection
- Access to a financial advisor
- An eligible Mastercard rewards credit card (Certain fees apply)
According to National Bank, eligible professionals can unlock up to approximately $1,313 in annual savings with higher savings available for select professions such as healthcare and IT.
The special offer covers more than 150 professions, including a wide range of professionals and specialists — and eligible individuals can enjoy even more savings when you combine specific banking products and services.
Find out if you work in an eligible profession and make an appointment to explore your options.
Maximize savings on fixed costs
Every dollar spent overpaying on a monthly bill is a dollar not compounding in your TFSA or RRSP or going toward mortgage prepayments.
For instance, auto insurance premiums have climbed 18.9% since October 2020, according to Statistics Canada. This jump suggests you might be overpaying every month if you've simply just auto-renewed your policy.
While average annual premiums in Ontario hover around $1,927, many experienced drivers with good credit and a clean record can find rates closer to the $1,500 mark by shopping around.
By using a comparison platform like Rates.ca, you could potentially save $500+ by comparing 20+ quotes from top-rated auto insurance providers to ensure you aren't paying a hidden 'loyalty tax' to your current insurer.
Just answer a few basic questions, and Rates.ca will show you the most affordable deals in your area in as little as 3 minutes.
Not only is the process 100% free, but you could also potentially save 20% by bundling your auto and home insurance together.
Consolidate your debt and repay it faster
Paying down your debt is one of the smartest financial decisions you can make. If you have massive credit card debt or recently took on a big expense, like car repairs, chances are you will be on the hook for quite some time and will have to pay a substantial amount in interest.
A better option is to consolidate your debt by taking out a single loan at a lower rate. This can both ease your interest costs and improve your credit score.
With Loans Canada, you can shop for the most competitive interest rates on personal and debt consolidation loans, since Loans Canada specializes in comparing rates offered by different lenders.
You don’t need a minimum credit score or annual income to receive personalized loan offers.
If you owe a substantial amount, you may also want to see if you qualify for a debt relief program to clear a significant portion of your debt.
You can get a free consultation with a debt relief expert who can work with you to help clear your debts and rehabilitate your credit with a plan tailored to your needs.
Avoid surprise costs
If you have a pet, you know the costs can add up fast: food, grooming, toys and especially vet visits.
According to the Ontario Veterinary Medical Association, routine veterinary care for a dog can cost between $4,100 and $5,200 per year. And this doesn’t account for expensive emergencies.
That’s why paying for pet insurance often ends up being more affordable than paying out of pocket for surprise vet bills.
Instead of absorbing big, unexpected bills all at once, Petsecure² helps cover up to 80% of eligible vet bills, including taxes and exam fees.
Petsecure also offers four tiered plans depending on what you actually need — from essential coverage to unlimited accident and condition protection, plus dental and optional wellness care.
Sign up today and you can get 10% off your first year of pet insurance.
Optimize your mortgage
For many Canadians, a mortgage is the single largest monthly expense — and also one of the most overlooked opportunities to save.
A quick five-minute application with Homewise can help you secure a great rate on a new mortgage, without the stress of shopping around yourself.
Their free online tool compares offers from over 30 banks and lenders to ensure you find a mortgage you can comfortably afford, so you aren't overleveraged from day 1.
From approval to close, you can expect support from a personal Homewise Advisor — for free — so you get transparent advice that can potentially save you thousands of dollars in interest.
And the good news is that you don't even need a credit check to fill out their online application, whether you're trying to get a pre-approval as a first-time homebuyer, shopping around for the best rate or planning ahead for a mortgage renewal.
Protect your family's financial future
Dave Ramsey recommends families choose term life insurance over whole life insurance — and invest the significant savings in a tax-advantaged retirement account.
Term life insurance offers coverage for a period typically ranging from 10 to 30 years. If the insured person dies during this term, the policy pays a death benefit to the designated beneficiaries. Term insurance is usually less expensive and more flexible than whole life insurance — and the payout is tax free.
With PolicyMe, you can get an instant life insurance quote after you fill out a form with your age, income and smoking status. You'll get quotes based on the coverage amount and term length you select.
More money moves to make right now
Kraken
Questrade
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Earnings for the Neo Savings account, a Neo Cash account, are derived from the interest Neo earns on the funds. Earnings are calculated daily on the total closing balance and paid monthly. Rates are per annum. Minimum combined balance required to earn boosted rates. The minimum combined balance required to qualify and the corresponding rates are subject to change without notice. For more details see this page.
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The views and information shared in this article are based on my personal experiences and general understanding. The author is not a licensed insurance agent, broker, or advisor, and nothing in this piece should be interpreted as insurance advice or a recommendation.
Aditi Ganguly
Staff Writer
Aditi is an experienced content developer and financial writer who is passionate about helping investors understand the dos and don'ts of investing. She has a keen interest in the stock market and has a fundamental approach when analyzing equities.
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