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
Thinking About Selling Your Home? Start With These 3 Key Questions Selling your home is a major move—emotionally, financially, and logistically. Whether you're upsizing, downsizing, relocating, or just ready for a change, there are a few essential questions you should have answers to before you list that "For Sale" sign. 1. How Will I Get My Home Sale-Ready? Before your property hits the market, you’ll want to make sure it puts its best foot forward. That starts with understanding its current market value—and ends with a plan to maximize its appeal. A real estate professional can walk you through what similar homes in your area have sold for and help tailor a prep plan that aligns with current market conditions. Here are some things you might want to consider: Decluttering and removing personal items Minor touch-ups or repairs Fresh paint inside (and maybe outside too) Updated lighting or fixtures Professional staging Landscaping or exterior cleanup High-quality photos and possibly a virtual tour These aren’t must-dos, but smart investments here can often translate to a higher sale price and faster sale. 2. What Will It Actually Cost to Sell? It’s easy to look at the selling price and subtract your mortgage balance—but the real math is more nuanced. Here's a breakdown of the typical costs involved in selling a home: Real estate agent commissions (plus GST/HST) Legal fees Mortgage discharge fees (and possibly a penalty) Utility and property tax adjustments Moving expenses and/or storage costs That mortgage penalty can be especially tricky—it can sometimes be thousands of dollars, depending on your lender and how much time is left in your term. Not sure what it might cost you? I can help you estimate it. 3. What’s My Plan After the Sale? Knowing your next step is just as important as selling your current home. If you're buying again, don’t assume you’ll automatically qualify for a new mortgage just because you’ve had one before. Lending rules change, and so might your financial situation. Before you sell, talk to a mortgage professional to find out what you’re pre-approved for and what options are available. If you're planning to rent or relocate temporarily, think about timelines, storage, and transition costs. Clarity and preparation go a long way. The best way to reduce stress and make confident decisions is to work with professionals you trust—and ask all the questions you need. If you’re thinking about selling and want help mapping out your next steps, I’d be happy to chat anytime. Let’s make a smart plan, together.
Why the Cheapest Mortgage Isn’t Always the Smartest Move Some things are fine to buy on the cheap. Generic cereal? Sure. Basic airline seat? No problem. A car with roll-down windows? If it gets you where you're going, great. But when it comes to choosing a mortgage? That’s not the time to cut corners. A “no-frills” mortgage might sound appealing with its rock-bottom interest rate, but what’s stripped away to get you that rate can end up costing you far more in the long run. These mortgages often come with severe limitations—restrictions that could hit your wallet hard if life throws you a curveball. Let’s break it down. A typical no-frills mortgage might offer a slightly lower interest rate—maybe 0.10% to 0.20% less. That could save you a few hundred dollars over a few years. But that small upfront saving comes at the cost of flexibility: Breaking your mortgage early? Expect a massive penalty. Want to make extra payments? Often not allowed—or severely restricted. Need to move and take your mortgage with you? Not likely. Thinking about refinancing? Good luck doing that without a financial hit. Most people don’t plan on breaking their mortgage early—but roughly two-thirds of Canadians do, often due to job changes, separations, relocations, or expanding families. That’s why flexibility matters. So why do lenders even offer no-frills mortgages? Because they know the stats. And they know many borrowers chase the lowest rate without asking what’s behind it. Some banks count on that. Their job is to maximize profits. Ours? To help you make an informed, strategic choice. As independent mortgage professionals, we work for you—not a single lender. That means we can compare multiple products from various financial institutions to find the one that actually suits your goals and protects your long-term financial health. Bottom line: Don’t let a shiny low rate distract you from what really matters. A mortgage should fit your life—not the other way around. Have questions? Want to look at your options? I’d be happy to help. Let’s chat.
