Financial resolutions you can keep in 2026

We'll explore realistic, actionable financial resolutions designed not just for the start of the year, but for lasting success, helping you stay on track of you

Getting one’s finances in order is a common new year’s resolution, but knowing exactly what that means can be daunting.

Duane Francis, a portfolio manager at Capital Wealth Partners, Mandeville Private Client, told CTV Your Morning Ottawa on Monday that there are some resolutions you can make this year that you can keep through 2026 to help prepare your finances for the future.

Tackle inflation and rising cost of living proactively

The first step is to think of your finances in the short term.

“We’re in times that can be a little challenging. Usually, as inflation cools, prices don’t fall back. So, what we’re trying to do is review your spending plan or budget quarterly, as opposed to annually,” Francis said.

“Some people set their budget annually, but as things change, let’s review it quarterly and see if those changes are more proactive.”

If you review your finances now, take another look in April, again in July, and then in October, for example.

Strengthen cashflow and emergency readiness

The next step is to ensure you’re prepared for emergencies.

“In volatile times, with some uncertainty, we need to be financially resilient. Let’s aim for three to six months of emergency cashflow or accessible savings,” said Francis.

“Let’s also look to automate your savings, similar to the way you automate your bill payments. As opposed to ad-hoc, let’s do it automatically.”

You can set up automatic transfers into a savings account through your bank, which will help ensure you have savings set aside, in case you don’t always remember to do it manually.

Francis says paying down debt is also important.

“If you have any debt—high-interest credit cards, lines of credit—review those and prioritize those. Pay those down, because those things can be extremely costly.”

Having savings set aside for emergencies—and opportunities—can help you avoid needing to rely on credit cards or other high-interest debt to cover the unexpected.

Optimize RRSP, TFSA, and FHSA

Next, it’s time to think long-term. There are several kinds of bank accounts that can help you save money and build your wealth, says Francis.

“Many Canadians, unfortunately, don’t take advantage of these incredible tax-efficient accounts. Tax-free savings accounts, you can save and take money out when needed but also gives you flexibility and tax-free compounding,” he said.

“The FHSA, the First Home Savings Account, is really for younger Canadians who are looking to get into the market,” Francis said. “As we know, homeownership right now is going to be a long-term challenge going forward, so making sure you can put your money in a first home savings account.”

Like RRSPs, contributions to an FHSA are generally deductible and can be used to reduce your tax; however, transfers from an RRSP to an FHSA are not deductible, according to the federal government.

You can review eligibility for a FHSA here: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/opening-your-fhsas.html

Francis says retirees should work with a financial advisor to make sure any income they do earn is tax efficient. No plan is one-size-fits-all.

Align investments with long-term goals, not headlines

When you’re investing, focus on your long-term goals, and try not to let the daily headlines influence your decisions.

“Markets will continue to move regardless, whether it’s elections, or interest rates, or global uncertainty. Align your goals based on time horizons, diversification and rebalance your portfolio with discipline,” said Francis.

“Try not to chase the hot stocks but be focused on consistency and discipline in your investment planning.”

Build and update a comprehensive wealth plan

Finally, make a roadmap of where you are and where you want to go.

“Unfortunately, too many Canadians don’t have a financial roadmap. I think it’s so important to have a plan in place—we call it a wealth plan or a financial plan—that outlines tax planning, estate planning, financial planning, investment planning is obviously a piece of that,” said Francis.

In particular, when it comes to estate planning, Francis said people should review things fairly regularly.

“Some people need to review their will at least every three to five years, powers of attorney, guardians if you have young children and insurance costs,” he said.