Top Tips to Save Money in 2026
Tanya Toye • December 22, 2025
As we head into 2026, many Canadians are feeling the impact of a higher cost of living. From groceries and utilities to insurance and housing costs, every dollar seems to stretch a little less. I see firsthand how small financial adjustments – paired with the right mortgage strategy – can make a meaningful difference over time. Saving money isn’t always about drastic change – it’s about being intentional, informed and proactive.
Here are some practical tips to help you save money in 2026 and protect your financial well-being:
- Review your mortgage regularly. Your mortgage is likely your largest monthly expense, so it should always align with your current financial situation. If your income has changed, your family has grown or you’re feeling the pressure of rising costs, it’s time for a mortgage review. Refinancing, adjusting your amortization or restructuring debt may help reduce monthly cashflow strain and create breathing room in your budget.
- Consolidate high-interest debt. Credit cards and unsecured loans often carry much higher interest rates than a mortgage. Rolling high-interest debt into your mortgage can lower your overall interest costs and simplify payments. This can be a powerful way to reset your financial plan and regain control.
- Build a flexible budget. Budgets should evolve with your life. Revisit your spending categories and look for areas where costs have crept up. Even modest adjustments – like renegotiating phone plans or reviewing subscription services – can free up cash you can redirect to savings or debt reduction.
- Plan ahead for rate changes and renewals. Waiting until renewal time can be costly. Reviewing your mortgage options early gives you more control and flexibility. A proactive approach can help you avoid payment shock and take advantage of better options if they become available.
- Use home equity strategically. If you’ve built equity, it can be used wisely – for home improvements that increase efficiency, consolidating debt or investing in long-term goals. The key is ensuring it fits into a well-thought-out plan, not a short-term fix.
- Ask for help early. One of the biggest mistakes homeowners can make is waiting to find a solution after finances already seem unmanageable. If you’re feeling the strain of higher living costs, that’s the right time to reach out. I don’t just find rates – I also help clients problem-solve, adjust strategies and create sustainable plans.
Any time there’s a change in your financial circumstances – income shifts, family changes, new goals or increased expenses – scheduling a mortgage review can uncover options you may not realize you have. Together, we can find ways to ease the pressure, reset your plan and help you move forward with confidence in 2026 and beyond.
Wondering how to make the most out of your finances in 2026? I’m here to help you navigate your options.
604-788-8693 |
tanya@tanyatoye.ca
Your Lender Is Not Obligated to Renew Your Mortgage Many homeowners assume that if they’ve made every mortgage payment on time, their lender is automatically required to renew their mortgage at the end of the term. That’s a common belief—but it isn’t true. When you sign a mortgage, you’re agreeing to a contract for a specific term . Once that term ends, the lender has the legal right to either renew the mortgage or call the loan . There is no obligation to offer a renewal. In practice, most lenders do renew mortgages—but certain situations can prevent that from happening. Reasons a Lender May Decline to Renew A lender may choose not to renew if: Mortgage payments were missed during the term A bankruptcy or consumer proposal has occurred There is a separation or divorce Employment or income has changed A borrower on the mortgage has passed away The lender no longer prefers the property’s location or market The lender is no longer licensed to lend in Canada Even one of these factors can change how a lender views the risk. Why This Matters Because renewal is not guaranteed, waiting until the last minute can put you in a difficult position. Understanding this reality early gives you time and control. How to Protect Yourself at Renewal The best approach is to be proactive. Ideally, you should begin reviewing your options 120 days before your mortgage term ends . This gives you enough time to explore alternatives and make informed decisions—rather than reacting under pressure. Even if your current lender offers a renewal, that’s just one option , not automatically the best one. The lender that was right for you years ago may no longer offer the most competitive rate, terms, or flexibility today. The goal at renewal isn’t convenience—it’s reducing your total cost of borrowing and choosing terms that align with your current situation. Why Work With an Independent Mortgage Professional Working with an independent mortgage professional ensures someone is advocating for you , not the lender. Instead of being limited to one set of products, you can compare options across multiple lenders and choose the solution that best protects your interests. Final Thoughts Whether your lender is offering a renewal or not, the smartest move is to review all your options before signing anything. If your mortgage is coming up for renewal—or if you want to plan ahead—feel free to connect anytime. I’d be happy to help you protect your options and make a confident decision.
How Mortgage Payment Frequency Affects What You Pay Over Time You’ve probably heard the saying that there are two certainties in life: death and taxes. When it comes to your mortgage, there’s really just one certainty—you’ll repay what you borrow, plus interest. What is flexible, though, is how often you make your mortgage payments. And that choice can have a meaningful impact on how quickly you pay down your mortgage and how much interest you pay over time. The Six Mortgage Payment Frequencies Most lenders offer the following payment options: Monthly – 12 payments per year Semi-monthly – 24 payments per year Bi-weekly – 26 payments per year Weekly – 52 payments per year Accelerated bi-weekly – 26 payments per year Accelerated weekly – 52 payments per year Standard Payment Frequencies The first four options are designed to align with how you get paid. For example: Paid monthly? Monthly mortgage payments may make sense. Paid every two weeks? Bi-weekly payments can align nicely with your cash flow. With these standard options, regardless of how often you pay, the total amount paid over the year is the same —it’s simply divided into more frequent payments. What Makes “Accelerated” Payments Different Accelerated payments work differently—and this is where the real savings happen. With accelerated bi-weekly or accelerated weekly payments, you’re paying a slightly higher amount each time. That extra money goes directly toward reducing your mortgage principal, which lowers the interest you’ll pay over the life of the mortgage. A Simple Example Let’s assume a $1,000 monthly mortgage payment: Monthly: $1,000 once per month = $12,000 per year Semi-monthly: $500 twice per month = $12,000 per year Bi-weekly: $1,000 × 12 ÷ 26 = $461.54 every two weeks = $12,000 per year Accelerated bi-weekly: $1,000 ÷ 2 = $500 every two weeks = $13,000 per year With accelerated bi-weekly payments, you effectively make two extra payments per year without having to think about it. Those extra payments reduce your principal faster, which lowers interest costs over time. Accelerated weekly payments work the same way—you just make smaller payments more frequently. Why This Matters Long Term While it’s difficult to calculate exact savings due to variables like interest rates, terms, and amortization changes, maintaining an accelerated payment schedule over the life of your mortgage can reduce your amortization by up to three years and save a significant amount of interest. The Bottom Line Accelerated payments are a simple, automatic way to lower your overall cost of borrowing—without needing to make lump-sum payments or drastically change your budget. If you’d like to see how different payment frequencies would impact your mortgage specifically, feel free to reach out anytime. I’d be happy to walk through the numbers with you and help you choose the option that fits your goals.
