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.
High investment fees
If you’re invested in mutual funds with a high management expense ratio (MER), those fees are cutting into your potential returns in the long run.
Consider opening a self-directed investing account with an online discount brokerage like CIBC Investor’s Edge instead, where you’ll pay low commissions on trades and have no or minimal account maintenance charges, depending on the size of your portfolio.
Get 100 free online equity trades when you open a CIBC Investor’s Edge account using promo code EDGE100†. Offer ends September 30, 2025.
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.
A better option is to consolidate your debt by taking out a single loan at a lower rate. This can both ease your interest costs and improve your credit score.
With Loans Canada, you can shop for the most competitive interest rates on personal and debt consolidation loans, since Loans Canada specializes in comparing rates offered by different lenders.
You don’t need a minimum credit score or annual income to receive personalized loan offers.
What is the best credit card in Canada? It might be the RBC® British Airways Visa Infinite which offers $1,176 in first-year value. Compare more than 140 cards in just 5 seconds with the Money.ca credit card comparison tool.
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.
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 1.25% interest on every dollar right away. Set up a direct deposit, you can earn 3.50% on every dollar.
The account has $0 monthly fees and no minimum balances. Plus, you can withdraw from any ATM in Canada — for free.
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
This article originally appeared on Money.ca under the title: Stop overpaying for these 5 things ASAP
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.