A new year offers a fresh start for Canadians when it comes to their money.\u00a0One TD survey found that 61 per cent of us\u00a0made a new year\u2019s resolution related to our finances last year,\u00a0from saving money to paying down debt and cutting spending.<\/p>\n
Setting big financial goals can feel overwhelming when you think about everything you want to achieve all at once \u2014 so we\u2019ve simplified it with this month-by-month 2026 financial checklist, including key dates you\u2019ll want to remember.<\/p>\n
January: Start tracking your spending<\/p>\n
The beginning of a new year is the best time to do an audit of your spending in the previous year. Take a close look at your income, assets and liabilities, monthly expenses and debts, says Stacy Yanchuk Oleksy, CEO of Money Mentors, an Alberta-based non-profit credit counselling agency.<\/p>\n
This is also a good time to review\u00a0the areas in which you\u2019re overspending,\u00a0spot unnecessary subscriptions, and make note of emotional spending patterns. The goal is to \u201cmake sure every dollar you spend is giving you as much fulfilment and value as possible,\u201d says Nicole Victoria, money coach and author of \u201cMore Money Now: A Millennial\u2019s Guide to Financial Freedom and Security.\u201d<\/p>\n
Knowing\u00a0exactly what you\u2019re spending each month and on what will help you create action-based goals instead of outcome-based ones, Victoria says. For example, instead of \u201csave $10,000 in six months,\u201d try \u201cset an automatic transfer for $500 every pay cheque into my high-yield savings account.\u201d<\/p>\n
February: Review your retirement savings strategy<\/p>\n
The deadline to contribute to your RRSP for 2025 is March 2, so use February to prepare: crunch the numbers to see how an RRSP contribution could impact your tax refund. If you do expect a refund, Victoria says, plan to reinvest it so that you\u2019re better prepared to pay tax on withdrawals during retirement.<\/p>\n
Now is also the time to set up automatic RRSP contributions for each pay day in 2026. Check your contribution limit for the year (you can find this\u00a0through your CRA My Account online) and figure out how much you can afford to save from each pay cheque. That way, Victoria says, you won\u2019t have to scramble to come up with a big lump sum at the beginning of next year.<\/p>\n
March: Start building an emergency fund<\/p>\n
Most Canadians aren\u2019t financially prepared for emergencies. A 2024 poll from RBC found that 60 per cent worry they don\u2019t have enough money to cover unexpected expenses.<\/p>\n
\u201cHaving zero money for unexpected expenses can set you so far back,\u201d says Pattie Lovett Reid, chief financial commentator at HomeEquity Bank. The idea of setting aside enough money to cover a few months of expenses can seem daunting, but Lovett-Reid says automating weekly deposits is much less overwhelming. For example, if you set aside $125 each week, you\u2019ll have $6,500 at the end of the year.<\/p>\n
April: File your taxes (and don\u2019t leave money on the table)<\/p>\n
You have until April 30 to file your income tax return \u2014 if you owe the CRA money, it\u2019s due at the same time. Those who are self-employed or whose spouses are self-employed have until June 15 to file their taxes, but any taxes owing are still due April 30.<\/p>\n
You can save money by taking the time to look into tax deductions and\/or credits you may be entitled to, says Lovett-Reid. Look into employment expenses, child-care expenses, donations and more to make sure you\u2019re not missing out on potential savings.<\/p>\n
May: Create a debt repayment plan<\/p>\n
The biggest mistake people make when it comes to paying off debt is only making the minimum payment, says Lovett-Reid, so make sure you\u2019re budgeting to pay off as much as you can each month.<\/p>\n
Victoria recommends writing down every debt you have, including balances, interest rates and minimum payments. \u201cSeeing it all in one place takes you out of avoidance mode and gives you clarity on what to tackle first.\u201d She suggests using the avalanche method: paying your debts by tackling the ones with the highest interest rates first so that you\u2019re reducing the amount of money you\u2019re losing to interest every month. \u201cThis alone can save people thousands of dollars over time,\u201d she adds.<\/p>\n
This is also a good time to check your credit report \u2014 check for any errors that need to be corrected and look at ways to adopt better habits to build a stronger credit score over time.<\/p>\n
June: Watch out for lifestyle creep<\/p>\n
Summer is one of the easiest times to overspend, Victoria says. Her suggestion: choose three things you care about spending on (such as a week at summer camp for the kids, a cottage getaway and a day at a theme park), and let the rest go. \u201cStart transferring money into those categories now so you can enjoy your summer without stressing over your credit card bills later,\u201d Victoria says. The goal is to prevent reactive or emotional spending before it starts.<\/p>\n
July: Build your wealth through investing<\/p>\n
Use this month to build your investing confidence. \u201cLearn how the stock market actually works \u2014 including average market returns, the power of index funds and ETFs, and why time in the market always beats trying to time it,\u201d Victoria says.<\/p>\n
If you\u2019re already investing, use July for a mid-year portfolio audit. Look at your asset mix, your fees, whether anything needs to be rebalanced, and make sure you\u2019re not chasing hot investments that don\u2019t align with your plan.<\/p>\n
August: Set up automatic contributions for everything\u00a0<\/p>\n
As you get ready to wrap up summer and move into the fall, get your finances back on track by setting up automatic payments for your bills, savings, investments, emergency fund, etc. That way, you can set it and forget it. \u201cAutomation is the secret to staying consistent,\u201d Victoria says. \u201cWhen your financial life runs in the background, you free up mental space and build wealth without relying on discipline or motivation.\u201d<\/p>\n
September: Go for that promotion at work<\/p>\n
Take advantage of the motivational back-to-school spirit in the air and reflect on where you are in your career: Is it time to ask for a promotion or a raise?<\/p>\n
Victoria suggests setting up a meeting with your boss to go over their expectations\u00a0and how you can exceed those expectations. Come prepared with proof of your results and your plans for the future. \u201cThat\u2019s kind of like your brag book,\u201d Victoria says, which can clearly show the value you bring to the business. \u201cYou can be the best worker in the world, but if nobody knows what you\u2019re doing, you\u2019re not going to get the recognition for it.\u201d<\/p>\n
October: Update your estate plan<\/p>\n
With the end of the year in sight, October is a good time to revisit your plans for the future.\u00a0<\/p>\n
Review important documents including your life insurance policy and your will. Make sure everything is up to date, including your beneficiaries and executor \u2014 especially if your family has experienced any big changes in the last year (such as births, divorces or deaths).\u00a0<\/p>\n
November: Take advantage of credit card rewards<\/p>\n
If you\u2019re still using a student Visa that earns you points for free movies but now you\u2019re more interested in saving on food, you could be missing out on cash back from a grocery store credit card. \u201cOnce you\u2019ve figured out what points you need, you should get a credit card that offers you those points,\u201d says personal finance and travel expert Barry Choi.\u00a0<\/p>\n
It\u2019s worth checking out what welcome bonuses or offers are available, too\u00a0\u2014 especially for those planning to travel. Choi points out that you can sometimes book a round-trip ticket to Vancouver from Toronto for 50,000 Aeroplan points, and a sign-up bonus for an Aeroplan credit card may be worth the same amount.<\/p>\n
December: Complete a net worth statement<\/p>\n
For the past 31 years, Lovett-Reid has used the lazy days between Christmas and the new year\u00a0to sit down with her husband and complete a net worth statement. \u201cWe list everything that we own and everything that we owe, and then we make sure that we understand the interest,\u201d Lovett-Reid says.<\/p>\n
\u201cThis is a great time to get curious,\u201d says Yanchuk Oleksy. \u201cHow\u2019s your credit? How much debt do you have? Did you put money into savings?\u201d<\/p>\n
Reviewing your net worth and asking yourself these questions will help you plan better for 2027.<\/p>\n","protected":false},"excerpt":{"rendered":"A new year offers a fresh start for Canadians when it comes to their money.\u00a0One TD survey found…\n","protected":false},"author":2,"featured_media":206888,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[138,246,111,139,69,244,245],"class_list":{"0":"post-206887","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-finance","10":"tag-new-zealand","11":"tag-newzealand","12":"tag-nz","13":"tag-personal-finance","14":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/206887","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=206887"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/206887\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/206888"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=206887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=206887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=206887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}