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
When you’re buying a home, two terms often cause confusion: deposit and down payment . While they’re related, they serve very different purposes in the homebuying process. Here’s what you need to know. What Is a Deposit? A deposit is the money you provide when you make an offer on a property. Think of it as a show of good faith that proves you’re serious about purchasing. How it works : Typically, you provide a certified cheque or bank draft that your real estate brokerage holds in trust. If your offer is accepted, the deposit remains in trust until the deal moves forward. If negotiations fall through, the deposit is refunded. Connection to your down payment : Once the sale is finalized, your deposit becomes part of your total down payment. Why it matters : The amount is negotiable, but a larger deposit can make your offer more attractive in a competitive market. Keep in mind, however, that if you back out after conditions are removed, you risk losing your deposit. What Is a Down Payment? Your down payment is the amount you contribute toward the purchase price of your home when securing a mortgage. Minimum requirement : In Canada, the minimum down payment is 5% of the home’s purchase price. Anything less than 20% requires mortgage default insurance. Sources : Down payments can come from your savings, the sale of another property, RRSP withdrawals (through the Home Buyers’ Plan), a gift from family, or even borrowed funds. Example: How They Work Together Imagine you’re buying a $400,000 home with a 10% down payment ($40,000). When you make your offer, you provide a $10,000 deposit . Once conditions are met, that deposit is transferred to your lawyer’s trust account. At closing, you add the remaining $30,000 to complete your full down payment. The lender provides the rest—$360,000—through your mortgage. The Bottom Line Your deposit shows commitment and secures your offer, while your down payment is what makes the mortgage possible. Together, they work hand in hand to get you into your new home. 📞 If you’d like clarity on deposits, down payments, or any other part of the mortgage process, let’s connect. I’d be happy to walk you through it step by step.
Being self-employed comes with plenty of advantages, including the ability to structure your business how you choose and claim expenses to reduce your taxable income. But, when it comes time to apply for a mortgage, those same tax strategies can sometimes make qualifying more complicated. One of the first considerations is how your business is structured. There can be differences in how lenders assess income for someone who is incorporated compared with someone who operates as a sole proprietor or partnership. Depending on the lender and the circumstances, income may be reviewed using personal tax returns, corporate financial statements or a combination of documents. Another important factor is the level of business write-offs you claim. As a business owner, reducing your taxable income can make good financial sense. However, a lower reported income can also mean a lower qualifying income when a lender assesses your mortgage application. This can create a frustrating situation where you may have strong cashflow and the ability to comfortably afford the mortgage, but your tax returns don’t necessarily tell the whole story. That doesn’t automatically mean you need to start declaring significantly more income and paying substantially more to the CRA just so you can qualify for a mortgage. Alternative mortgage solutions may be a great option Depending on your circumstances, there may be alternative mortgage solutions available that take a broader view of your financial situation. Some lenders have different approaches to self-employed income and may be able to consider additional documentation or alternate methods of demonstrating your ability to repay the mortgage. This can create an important financial decision for self-employed borrowers. Is it more beneficial to pay additional taxes to show a higher income or consider a mortgage option with a higher interest rate that may allow you to qualify based on your existing financial structure? There isn’t a one-size-fits-all answer. The right approach depends on your income, business structure, financial goals, credit profile, down payment and how long you expect to be in that mortgage. The key is to have the conversation before you make changes to how you report your income. A mortgage broker who understands self-employed borrowers can help you explore your options and compare the potential costs of different approaches. Instead of assuming you need to change the way you run your business to qualify for a mortgage, it may be worth looking at the lending solutions available to you first. Being self-employed shouldn’t automatically make getting a mortgage more difficult. It just means your mortgage strategy may need to be as individual as your business. Let’s discuss your options. 604-788-8693 | tanya@tanyatoye.ca
