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Marie Alcober
Updated Jan 23, 2026
The price of almost everything – from a carton of eggs to a pound of steak – remains stubbornly high.
A Canadian family of four is expected to spend $16,833.67 on food in 2025 — an increase of more than $800 from 2024 grocery costs, according to Canada’s Food Price Report produced by several Canadian universities.
Most of us can’t control the price of necessities, but there are three things in your monthly budget you may be overpaying for – and three strategies to help you cut back.
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Overpaying on bank account fees
Most banks charge between $5 and $35 per month in account fees – for a total annual expense of $400 or more.
One way to dramatically cut this cost is to get an account with an online bank. With no brick-and-mortar locations driving up expenses, online banks can drop monthly account rates — typically charging $0 in account fees and offering higher interest rates.
For example, open a personal account with EQ Bank in just a few minutes and you get access to the best features of a chequing account combined with a high interest savings rate.
When you fund your account, you’ll start earning 1.00% interest on every dollar right away. Set up a direct deposit, you can earn 2.75% on every dollar.
The account has $0 monthly fees and no minimum balances. Plus, you can withdraw from any ATM in Canada — for free.
Paying too much on credit card interest
Do you feel like paying off your credit card debt is a constant grind, with no end in sight? You’re not alone.
At the end of 2024, the amount Canadians owed on their credit cards increased by 9% compared to the year before, according to a report by TransUnion.
Credit card interest hits harder because it compounds, which means even your interest accumulates interest. And if you’re only making minimum payments on multiple credit cards, you might end up paying more interest at a higher rate. This cycle can keep you in debt longer and make it more expensive to pay your bills.
Consider consolidating your debt by taking out a single loan at a lower rate with Spring Financial.
Instead of juggling multiple monthly payments, you'll have one predictable payment to manage each month. This can both ease your interest costs and improve your credit score.
You can apply in just three minutes and get anywhere between $500 to $35,000. To qualify, you just need a valid government ID and some form of income.
Just fill in a few quick details about yourself and choose your loan amount.
A Spring Financial associate will contact you to review your application and guide you through the next steps. Once you’re approved, Spring Financial will e-transfer the funds directly into your bank account.
If your debt is only a couple of thousand dollars and you want to clear it as soon as possible, consider looking into Mogo.
You can get a line of credit of up to $3,500, and the online pre-approval takes only 3 minutes. If you fill out their pre-approval form, you have no obligation to sign up for a loan, and it won't hurt your credit score.
The entire process — from pre-approval to funding — is completed online in minutes, so there’s no waiting days to be matched with a lender.
You can easily chat with specialists on the app, and you'll get alerts to remind you of your payments.
Protect yourself with pet insurance
If you have a pet, you know the costs associated with having a furry friend.
According to Ontario Veterinary Medical Association estimates, standard veterinary bills for a dog range from $4,100 to $5,200 per year — and this doesn’t take into account expensive emergencies.
Spot Pet Insurance can help you reduce your costs — allowing you to care for your fluffy friend without without blowing your monthly budget.
Spot Pet Insurance provides up to 90% cash back on vet bills, as well as unlimited payouts on accidents and qualified illnesses.
You can also get up to $500 cash back on kennel and pet boarding costs and up to $1,000 on alternative therapies for your pet through Spot Pet Insurance.
Life insurance premiums
Global life insurance premiums are set to increase at an annual rate of 3% in 2025 and 2026, according to a report by Swiss Re Institute.
If you have life insurance in place – especially a term policy – it may be worth comparison-shopping to find a more affordable option. You can typically cancel a term life policy without incurring any penalties.
Young families and busy professionals looking for fast and affordable insurance can easily connect with PolicyMe and get term life insurance in just a few clicks, with no medical exams or blood tests.
With PolicyMe, you can get life insurance coverage from $100,000 to $5 million, starting at around $21 per month. Couples receive 10% off in the first year. There are no hidden fees or fine print — just clear and flexible coverage you can trust.
Sources
1. Dalhousie University et al.: Canada's Food Price Report 2025
Marie Alcober
Content Strategist
Marie Alcober is a content strategist at Moneywise. She has worked as an editor, writer and producer for various media outlets, including MSN Canada, BNN Bloomberg, News UK, CBC Arts and Corus Entertainment.
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