8 smart money moves that take only 60 minutes or less — and why ignoring them could cost you a lot more than you realize

Managing your personal finances can be much easier and less time-consuming than you might believe. In fact, you can make simple changes that help you save more, grow what you have and protect your credit in as little as one hour.

Many financial experts say even small steps — like monitoring your credit report, reviewing your budget or cutting unnecessary spending — can make a huge difference in your financial health.

Here are eight simple money moves you can make in one hour or less that could help improve your savings, stretch your dollar further and support your long-term financial goals — no stress required.

1. Put your money to work in a high-interest savings account (HISA)

If your extra cash is parked in a savings account earning almost no interest, it’s actually losing value over time as prices rise. Many traditional savings accounts at major banks pay very low rates — sometimes as little as 0.01% — which hardly offers any growth. For example, some basic savings accounts pay no significant interest on balances under $10,000.

Meanwhile, high-interest savings accounts pay higher rates, often as much as 1% to 3% or more, depending on the bank or online provider.

For example, if you have $10,000 sitting in a regular savings account at 0.01% interest, you might earn several dollars in interest over a year. But in an HISA that has a rate of around 2.5%, that same $10,000 could earn around $250. Some accounts give promotional offers that can take it even higher for a limited time, and you may earn a higher interest rate with a higher cash balance.

Why an HISA makes sense:

• Many online banks and credit unions offer competitive savings rates, often higher than regular savings accounts found at big banks
• Some institutions offer introductory rates — for example, 4% or higher for several months for new clients — which typically change to a lower rate after the promo ends
• A Tax-Free Savings Account (TFSA) offers high-interest savings without taxing you on interest you earn

HISAs doesn’t lock your money in like other investments. It’s a safe place to grow your cash, with the flexibility to use it as you need it.

Look for a high-interest savings account (HISA) that consistently offers high earning rates and strong promotions. For instance, the no-fee high-interest savings account from Simplii Financial let's you earn 4.5% interest for the first 5 months (on deposits up to $200K). But you need to open an account before January 31, 2026 (terms and conditions apply).

2. Double-check your credit report

It only takes a few moments to review your credit report, and it’s worth doing on the regular. Mistakes can show up on your file, and they can hurt your credit score without you realizing it.

The Financial Consumer Agency of Canada (FCAC) warns that credit reports can sometimes include errors, such as late payments that you made on time, or accounts you don’t recognize. The government recommends you check your report often, even if you haven’t been a victim of fraud.

Since your credit score determines the interest rates you qualify for when you borrow, errors matter. A lower credit score means higher mortgage rates, vehicle loan costs or being denied credit altogether. Over time, these higher rates can add up to tens of thousands of dollars in extra interest, especially on a large loan, like a mortgage.

There are two main credit bureaus in Canada: Equifax and TransUnion, and you’re entitled to your free credit report from both. Be sure to consult your report from both bureaus, as their information and score criteria isn’t identical. When you check, look for:

• Payments flagged as late, when you paid them on time
• New accounts of collections you don’t recognize
• Inaccurate account balances, or accounts that should be closed

If you find an error, you can dispute it for free. The credit bureaus must investigate and correct or remove any incorrect information. The 15 minutes it takes to review your report is essential to protecting your creditworthiness.

3. Cancel unused subscriptions

Free trials are easy to sign up for, and equally easy to forget about. Many of us continue to pay for subscriptions they no longer use, sometimes for months or even years. And the cost adds up fast.

An Angus Reid poll found just over one-third (32%) of Canadians had cancelled at least one streaming service in the previous six months as consumer budgets became tighter (1). It’s a good idea to check on what you’re paying for, and whether you still use it.

Subscriptions that can quickly fade into the background without regular use include:

• Apps and software
• Gaming or music services
• Online shopping memberships
• Fitness plans or gym memberships
• Meal kits and delivery programs

Set aside an hour to review your bank and credit card statements. Place your subscriptions under three categories to help scale down: keep, cancel and decide later. Another strategy to keep subscriptions from piling up unused, is to set a reminder to cancel any free trial before it renews.

Cutting out even a couple small monthly charges can free up money to put toward savings or debt repayment.

4. Top up your Registered Retirement Savings Plan (RRSP) contributions

You might already be saving for retirement through a Registered Retirement Savings Plan (RRSP) — but are you putting in as much as you comfortably can?

The maximum contribution to your RRSP is set by the Canada Revenue Agency (CRA). It’s based on 18% of your earned income, up to an annual maximum. Your personal limit shows up on your CRA Notice of Assessment, so it’s easy to check.

Every year, the CRA adds a new RRSP contribution room based on your income. If you don’t use it all, any unused portion rolls over into the following year, indefinitely.

For example if you just started earning $80,000 annually and decide to catch up on years where you haven’t made RRSP contributions, you can use that unused portion to bulk up your contribution for that year. Any extra room, you can use in subsequent years.

If you have a group RRSP through your employer, you can increase your contribution amount, and it only takes a few minutes. As little as a 1% increase can strengthen your retirement savings.

You don’t have to “catch up” all at once. Using even a bit of your unused RRSP room each year can make a meaningful difference over time.

To get started, open a no-fee RRSP high-interest savings account with EQ Bank. For a limited time, get up to $200 cash when you add new deposits to your EQ Bank RRSP account.

5. Set your bills on pre-authorized debit

This might not sound like a huge money-saving move, but automating bill payments can protect you from making mistakes that will end up costing you in the long run.

If you forget to pay a bill on time, you’ll likely get charged interest or a late-payment fee. For example, credit cards are especially expensive when you carry a balance. Many standard credit cards charge purchase interest rates around 19.99% or higher, and store or specialty cards charge even more.

Setting up a pre-authorized debit (PAD) helps protect you against this. Most Canadian banks and service providers offer this service, so your bills are paid on time every month. You can usually set up PAD for:

• Credit card minimum payments
• Phone, internet and utility payments
• Insurance premiums
• Subscription services

Setting payment reminders or PAD as a simple way to stay on top of bills and avoid any unnecessary fees.

The easiest way to automate your bill payments is to set up recurring payments through your bank. Avoid fees by using the Simplii Financial No Fee Chequing Account. Open an account before January 31, 2026 and earn $300 and a $50 Skip The Dishes gift card. (Terms and conditions apply).

6. Put the brakes on pricey auto insurance

Car insurance premiums are another expense that keeps rising. According to the Consumer Price Index (CPI) from Statistics Canada, passenger vehicle insurance premiums rose 7.3% year-over-year in October 2025 (2). Rate increases were especially noted in provinces like Alberta and Ontario.

In Ontario, the Financial Services Regulatory Authority (FSRA) reports the average annual insurance premium in Ontario reached approximately $2,120 by mid-2025 — and urban centres such as the Greater Toronto Area (GTA) could saw even higher rates (3).

An effective way of lowering what you pay is to shop around and compare insurers. Insurance companies use different formulas to set their premiums, so the same driver could pay different prices across various providers. Comparing quotes lets you find the best coverage at a better price.

Some major insurers and brokers offer online tools for quick quotes. Use your current policy information to compare things like:

• Coverage limits
• Deductibles
• Optional add-ons

Switching your policy when you find a better deal can find you savings without sacrificing the protection you need.

7. Use a 0% balance-transfer credit card (carefully)

If you’re trying to pay down credit card debt and most of your payment is going toward interest, a 0% balance-transfer credit card could help — if you use it the right way.

Some credit cards offer a 0% promotional interest rate on balance transfers for a limited time. These offers let you move existing debt from high-interest cards to a new card where you pay no interest for a set period, often several months.

It usually takes only a few minutes to apply, but approval isn’t guaranteed: If your credit score is low, you’ll be rejected. Many balance-transfer offers also charge a one-time transfer fee, often a small percentage of the amount you move over.

There’s also an important catch: the 0% rate is temporary. After the promotional period ends, any remaining balance will start accruing interest at the card regular rate, which can be high. That’s why this strategy is only effective if you have a clear plan.

The goal is to pay down all, or as much of the balance as you can before the offer expires so you avoid adding new debt.

Some issuers clearly explain how promotional balance transfers work, including the time limit and associated fees. As always, read the fine print of any promotional offer carefully so you fully understand the terms and conditions.

When used carefully, a balance-transfer card can be a useful tool to pay off debt faster. But without mindfulness and dedication, it can leave you with the same debt — plus interest — once the promo period ends.

Transfer the balance from a high-interest credit card to the Tangerine Money-Back Credit Card and pay only 1.95% on the balance for the first 6 months (and 22.95% on any unpaid balances after 6 months). You'll pay a Balance Transfer Fee of 1% on the amount transferred, but earn up to 10% cash back (up to $100) on the first two months of spending.

8. Search for lost money or unclaimed money

You might be owed money you didn’t even know about. People often lose track of funds when they move, change jobs or forget about old accounts. This can include things like uncashed cheques, forgotten bank balances or old pensions.

Two government-run programs make it easy to search:

1. The Bank of Canada (BoC). Check for unclaimed balances from accounts — like old savings accounts or term deposits — that financial institutions have transferred to the BoC after they’ve become dormant due to inactivity. The BoC’s Unclaimed Properties Office holds billions in dormant balances waiting to be claimed.

2. The Canada Revenue Agency (CRA). The CRA keeps a list of uncashed cheques issued by the federal government — including tax refunds, GST/HST credits, Canada Child Benefit (CCB) payments and other benefits. Many Canadians don’t even realize they have money out there waiting for them.

Track your financial goals the smart way. Try Monarch Money to plan, budget, and grow your wealth without overspending. Try for free using code WISE50 to get 50% off your first year.

Bottom line

Working on your finances can seem daunting and be a pain point for so many people. But it’s not necessary to spend hours on budgeting or poring over complex spreadsheets to improve your finances and keep them healthy. The small moves outlined here can be done in an hour or less.

On their own, they seem minor, but combining them can have significant impact. When you make them a habit, the benefits add up. They can protect your credit, lower your costs and help your money grow. The key is to focus on the steps that matter most for your specific circumstances, goals and needs.

— With files from Melanie Huddart

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Angus Reid (1); Statistics Canada (2); FSRA (3)