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Personal finance doesn’t always have to be complex, time-consuming or headache-inducing. Some financial hacks take less time than watching a single episode of your favourite TV show — you might even be able to do some of them while watching that episode.
You can save money, grow your money or even protect your money (and credit score) with a few financial hacks, inspired by AARP’s report on financial fixes in the October/November issue (1). It’s a small investment in time that could have big rewards — all in under an hour or less.
Even better, no spreadsheet is required. Here are eight easy money moves that take an hour or less.
If you have money sitting around in a savings account that earns 0.01% interest, you’re not actually saving money — inflation is eating away at it. A Vanguard report calls “idle cash” a “savings blind spot,” with 57% of respondents reporting that their savings earn less than 3% interest, including 24% that earn less than 1% (2).
A high-interest savings account (HISA), on the other hand, can offer savings rates that range from 2.25% to 3% (or higher for promotional offers). Say you have $10,000 in savings. An account earning 0.01% would earn you a piddly $1 a year. A 3.00% APY would earn you $300. Plus, most HISAs don’t have monthly fees or penalties, low or no minimum balance requirements.
Take a few moments to download and review your credit report, since it could contain errors that hurt your credit score. This is surprisingly commonplace: A 2024 watchdog report from Consumer Reports and WorkMoney — which surveyed 4,300 participants in the U.S. — found that, of those who were able to access their credit reports, 44% found errors (3).
Errors include “having one or more on-time payments wrongly reported as late, having at least one payment incorrectly identified as missed, and debt reported to collections that the person didn’t recognize,” according to Consumer Reports.
And 27% of those errors were potentially damaging to participants’ credit scores. This is where errors can cost you money. In the case of a typical mortgage, “the difference between having mediocre credit and good credit is about $150,000 over the life of the loan,” Carrie Joy Grimes, CEO of WorkMoney, told Consumer Reports. You can check your credit reports directly with Equifax and TransUnion, through some financial institutions or from services like Borrowell.
How many times have you signed up for a ‘free’ trial subscription, only to forget about it and continue paying for it over the course of months or even years? One survey found that the average Canadian has eight recurring subscriptions, even though they think they only have four. And 66% admit to paying for a subscription they had forgotten about (4).
It’s not just streaming services; it could be apps, software, e-commerce subscriptions, fitness memberships, even meal kit services. Take an hour out of your day, figure out which subscriptions you’re still paying for, which ones you actually use, and which ones can be cancelled. Those small savings can add up over time.
Maybe you’re already putting money aside in an RRSP, but are you maxing out your contributions each year? In 2025, the maximum contribution is the lesser of $32,490 or 18% of your earned income from the previous year (5).
If you haven’t maxed out your contributions, you could consider topping it up by one percentage point — it will boost your savings and you probably won’t even notice it. Say you make $80,000 a year. An extra percentage point means saving an extra $800 a year — even more if your employer matches your contributions. And that doesn’t even account for compounding growth.
This might not seem like a way to save money, but if you ever forget to pay a bill on time, then you could be charged interest and late fees. Those fees can add up, especially in the case of credit cards, where the interest rates typically run between 19.99% and 25.99%. But the bigger picture: Late fees can hurt your credit score.
You can set up automatic payments for most bills through your bank, utility company and credit card companies. With credit cards, you may be able to set up autopay on either your full balance or the minimum payment, so you won’t miss a due date.
Auto insurance is getting more expensive. The average cost of auto insurance in Canada rose 6.2% in September compared to the same time last year, according to the Consumer Price Index (6). However, this differs from province to province; in some cases, rates could be much higher than the national average.
Online estimates from insurers or aggregators are usually fairly quick (just be sure to have your current policy handy so you can easily compare coverages). But don’t make a decision simply on the lowest rate; you’ll want to make sure it offers the right coverage and deductible for your needs.
If you’re trying to pay down credit card debt and can’t get ahead because of all the interest you’re paying, you could consider transferring the balance to a 0% APR credit card. Keep in mind, however, the 0% APR is usually offered for a promotional period, such as six, 12 or 18 months, after which time the interest rate could jump back up. The trick is to use this card strategically and pay off your debt during that promotional period.
It only takes a few minutes to apply, but you may get turned down if you have a low credit score; plus, there may be a transfer fee. You’ll also need to be disciplined: While you’re paying down your debt, you don’t want to load up your new card with new charges.
You might have money you didn’t even know about in lost or forgotten accounts, like a bank account, pension plan or insurance benefit. Consider this: The total value of unclaimed bank balances in Canada was $1.44 billion as of Dec. 31, 2024, according to the Bank of Canada (7).
Imagine finding out you have an extra $50K that’s been sitting around accruing interest all this time. It’s well worth the small amount of time it takes to do a search on the Bank of Canada’s handy online tool (8) to find out if you have any unclaimed money. In addition, Alberta, B.C., New Brunswick and Quebec have their own searchable databases.
These financial hacks typically take an hour or less, with the potential for outsized returns — especially when you combine several hacks. For example, if you increase contributions to your RRSP by one percentage point, plus discover money sitting in an old pension plan you’d forgotten about, that could have a substantial impact on future retirement savings.
Of course, it makes sense to prioritize these based on your financial pain points. If you’re about to renew your auto insurance and notice your premium has jumped by 10%, it makes sense to shop around for cheaper insurance first. If you’re saving for a down payment on a house, you’ll want to make sure there are no errors on your credit reports that could hurt your credit score. And if debt is your biggest burden, a no-interest credit card may be your top priority.
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
AARP (1); Vanguard (2); Consumer Reports (3); Hardbacon.ca (4); Government of Canada (5); Statistics Canada (6); Bank of Canada (7, 8)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.