Managing your personal finances doesn’t have to be complicated or time-consuming. In fact, making small, strategic changes can significantly improve your financial health without requiring hours of effort. Here are eight simple steps you can take in an hour or less that could help you save more, grow your money and protect your credit.
1. Put Your Money to Work in a High-Interest Savings Account (HISA)
If your extra cash is sitting in a regular savings account with minimal interest, it's essentially losing value over time due to inflation. Traditional bank accounts often offer rates as low as 0.01%, which barely keeps up with rising costs. However, high-interest savings accounts (HISAs) provide much better returns. As of March 2026, the best HISA rates in Canada range from 1.5% to 4.75%, depending on the provider and any promotional offers.
For example, $10,000 in a regular savings account might earn just a few dollars a year, but the same amount in a HISA with a 2.5% rate could generate around $250 annually. Some accounts even offer higher introductory rates for new customers. HISAs are a great way to grow your money while keeping it accessible. Look for no-fee options with competitive rates, like the EQ Bank Personal Account, which offers up to 2.75% interest with no monthly fees and CDIC deposit insurance eligibility.
2. Double-Check Your Credit Report
Reviewing your credit report regularly is a quick and effective way to ensure there are no errors that could hurt your credit score. Mistakes such as late payments you didn’t make or unrecognized accounts can negatively impact your ability to secure loans or credit at favorable rates.
In Canada, you’re entitled to a free credit report from both Equifax and TransUnion. These reports may vary slightly in content and scoring criteria, so it’s important to check both. Look for inaccuracies such as incorrect payment dates, unauthorized accounts, or outdated balances. If you find an error, you can dispute it for free. This simple step helps protect your creditworthiness and ensures you’re getting the best possible rates when you need to borrow.
3. Cancel Unused Subscriptions
Many people continue paying for subscriptions they no longer use, often without realizing how much this adds up over time. Free trials are easy to sign up for, but equally easy to forget about. A quick review of your bank and credit card statements can reveal subscriptions you’ve been paying for without using.
Common examples include apps, streaming services, gym memberships, and online shopping programs. Set aside an hour to categorize your subscriptions into “keep,” “cancel,” or “decide later.” You can also set reminders to cancel free trials before they renew. Even cutting out a few small monthly charges can free up money for savings or debt repayment.
4. Top Up Your RRSP Contributions
If you're already saving for retirement through a Registered Retirement Savings Plan (RRSP), consider maximizing your contributions. The maximum contribution limit for 2026 is $33,810, based on 18% of your prior year’s earned income. Unused contribution room rolls over indefinitely, so if you haven’t used all of it, now is a good time to put it to work.
You can increase your RRSP contributions through your employer’s group plan or by opening a new account. For example, even a 1% increase in contributions can add up over time. Additionally, the 2026 Tax-Free Savings Account (TFSA) contribution limit is $7,000, and if you’ve never contributed since 2009, your total available room is now $109,000. Maximizing both your RRSP and TFSA can help you take full advantage of tax-advantaged savings.
5. Set Your Bills on Pre-Authorized Debit
Automating your bill payments can help avoid late fees and interest charges. Setting up pre-authorized debit (PAD) ensures that your bills are paid on time every month. Most banks and service providers offer this option for things like credit card minimum payments, phone and utility bills, insurance premiums, and subscription services.
Using a no-fee account, such as the Simplii Financial No Fee Chequing Account, can make it easier to manage automated payments. This simple step not only saves you time but also protects your credit and financial stability.
6. Put the Brakes on Pricey Auto Insurance
Car insurance premiums have been rising steadily, with some provinces experiencing increases well above the national inflation rate. For example, in Ontario, the average premium is $2,133, while Alberta saw an 8.2% increase in 2025. Urban areas tend to have even higher rates.
One effective way to lower your costs is to shop around and compare quotes from different insurers. Use tools like Rates.ca to quickly compare coverage limits, deductibles, and optional add-ons. Switching to a more affordable policy can save you hundreds of dollars a year without sacrificing necessary protection.
7. Use a 0% Balance-Transfer Credit Card (Carefully)
If you're struggling with high-interest credit card debt, a 0% balance-transfer credit card can help you save on interest. These cards offer a promotional period where you pay no interest on transferred balances, allowing you to focus on paying down the principal.
However, it's important to use these cards responsibly. Be aware of transfer fees and the fact that the 0% rate is temporary. Once the promotional period ends, interest will apply to any remaining balance. The Tangerine Money-Back Credit Card, for example, offers 1.95% on transferred balances for the first six months, but a 1% fee applies.
8. Search for Lost or Unclaimed Money
You might be owed money that you've forgotten about. The Bank of Canada holds unclaimed balances from dormant accounts, and the Canada Revenue Agency maintains a list of uncashed cheques, including tax refunds and benefits. Both searches are free and can be done in minutes through their respective websites.
Taking control of your finances doesn’t have to be overwhelming. Small, consistent actions can lead to significant long-term benefits. By implementing these strategies, you can protect your credit, reduce expenses and grow your savings. Start with the steps that matter most for your situation and watch your financial health improve over time.
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