By Carmen Chan

You’ve got your mortgage and car loan to pay, credit card bills and HELOC payments, and a running list of utility bills and other key expenses – does it feel like your fixed monthly expenses are eating up all your income?

Canadians’ budgets are being stretched thin. According to a May 2026 report issued by credit monitoring bureau Equifax, insolvencies climbed 18.8% year-over-year, reaching their highest levels since 2009.

Mortgage delinquencies are climbing fast. Ontario’s rate jumped 52% year-over-year to 0.36%, while British Columbia rose 36% over the same period. Both provinces currently carry some of the country’s heaviest mortgage loads, and more pressure is coming: roughly 1.15 million Canadian mortgages are up for renewal in 2026. Homeowners coming off five-year fixed terms locked in at historic lows face average payment increases of 15–20%, according to analysis by the Bank of Canada. That’s roughly $425 or more a month, with even steeper jumps in pricier markets.

If you’re wondering how to lower your fixed monthly expenses so you can keep up with your monthly bills, here’s a look at 4 key strategies to save money so that you can also pay down debt.

Eliminate Subscriptions and Recurring Monthly Bills

Pore over your bank statements, credit card statements, and any other financial documents and list out every single direct debit that’s taken out of your account. You can also search your email inbox for any recurring receipts that are quarterly or annually.

You may find over the years you’ve subscribed to:

• cable, internet, and phone services
• gym, yoga, or spin class memberships
• grocery delivery services or meal prep service kits
• streaming services, like Netflix, Disney+, Spotify, and Amazon Prime
• newspaper and magazine subscriptions
• roadside assistance for your automobile
• apps for brain exercises, fitness and calorie counting, or other hobbies

The list goes on – and when you add them up, recurring costs can amount to a mighty sum. Don’t shy away from making steep cuts to your subscriptions, especially ones that have been barely touched. You could save hundreds by simply cancelling, reducing, or temporarily suspending some accounts.

Subscription Costs, Stop the Silent Spender