Your 2026 month-by-month money checklist including key dates

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.

This is also a good time to review the areas in which you’re overspending, spot unnecessary subscriptions, and make note of emotional spending patterns. The goal is to “make sure every dollar you spend is giving you as much fulfilment and value as possible,” says Nicole Victoria, money coach and author of “More Money Now: A Millennial’s Guide to Financial Freedom and Security.”

Knowing exactly what you’re spending each month and on what will help you create action-based goals instead of outcome-based ones, Victoria says. For example, instead of “save $10,000 in six months,” try “set an automatic transfer for $500 every pay cheque into my high-yield savings account.”

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’re better prepared to pay tax on withdrawals during retirement.

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 through 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’t have to scramble to come up with a big lump sum at the beginning of next year.

Most Canadians aren’t financially prepared for emergencies. A 2024 poll from RBC found that 60 per cent worry they don’t have enough money to cover unexpected expenses.

“Having zero money for unexpected expenses can set you so far back,” 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’ll have $6,500 at the end of the year.

You have until April 30 to file your income tax return — if you owe the CRA money, it’s 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.

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’re not missing out on potential savings.

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’re budgeting to pay off as much as you can each month.

Victoria recommends writing down every debt you have, including balances, interest rates and minimum payments. “Seeing it all in one place takes you out of avoidance mode and gives you clarity on what to tackle first.” She suggests using the avalanche method: paying your debts by tackling the ones with the highest interest rates first so that you’re reducing the amount of money you’re losing to interest every month. “This alone can save people thousands of dollars over time,” she adds.

This is also a good time to check your credit report — 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.

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. “Start transferring money into those categories now so you can enjoy your summer without stressing over your credit card bills later,” Victoria says. The goal is to prevent reactive or emotional spending before it starts.

Use this month to build your investing confidence. “Learn how the stock market actually works — including average market returns, the power of index funds and ETFs, and why time in the market always beats trying to time it,” Victoria says.

If you’re 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’re not chasing hot investments that don’t align with your plan.

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. “Automation is the secret to staying consistent,” Victoria says. “When your financial life runs in the background, you free up mental space and build wealth without relying on discipline or motivation.”

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?

Victoria suggests setting up a meeting with your boss to go over their expectations and how you can exceed those expectations. Come prepared with proof of your results and your plans for the future. “That’s kind of like your brag book,” Victoria says, which can clearly show the value you bring to the business. “You can be the best worker in the world, but if nobody knows what you’re doing, you’re not going to get the recognition for it.”

With the end of the year in sight, October is a good time to revisit your plans for the future. 

Review important documents including your life insurance policy and your will. Make sure everything is up to date, including your beneficiaries and executor — especially if your family has experienced any big changes in the last year (such as births, divorces or deaths). 

If you’re still using a student Visa that earns you points for free movies but now you’re more interested in saving on food, you could be missing out on cash back from a grocery store credit card. “Once you’ve figured out what points you need, you should get a credit card that offers you those points,” says personal finance and travel expert Barry Choi. 

It’s worth checking out what welcome bonuses or offers are available, too — 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.

For the past 31 years, Lovett-Reid has used the lazy days between Christmas and the new year to sit down with her husband and complete a net worth statement. “We list everything that we own and everything that we owe, and then we make sure that we understand the interest,” Lovett-Reid says.

“This is a great time to get curious,” says Yanchuk Oleksy. “How’s your credit? How much debt do you have? Did you put money into savings?”

Reviewing your net worth and asking yourself these questions will help you plan better for 2027.