My financial resolutions as a parent of young kids | Canada Voices

After a roller-coaster year in which Canadians endured tariffs, job market uncertainty, a drop in interest rates and yo-yoing inflation, it’s hard to know what’s in store in 2026.

So what should parents of young kids be thinking about when setting financial goals for 2026?

First, if you’re like me and the 60 per cent of other mortgage holders whose terms run out in 2025 or 2026, be strategic about renewing, as you’ll likely see payments increase. I know there’s no chance we’ll be renewing the mortgage on our rental property at the 2.24 per cent rate we secured in 2021.

My goal is to plan ahead, mapping out the expected increase and how that will affect our monthly budget. I’m a big fan of Ratehub’s mortgage renewal calculator as a starting point.

Depending on your financial situation and how much equity you have in your house, a renewal can be an opportunity to lower overall debt payments – for example, by consolidating higher-interest lines of credit or credit cards.

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I’m also considering extending the amortization period to reduce monthly payments at a time when I have high child-care costs (though of course this means it will take longer to pay off the mortgage).

Speaking of houses, a recent BMO survey found that 45 per cent of Canadian parents and grandparents plan to help their adult children financially in the next 12 months. I expect I will be one of those parents in 20 years (considering it will likely continue to be difficult to break into the housing market), so I’m resolving to start a down payment fund for my kids in 2026, in addition to the existing contributions I make to their RESPs.

While there are no registered savings options for young kids, I’ll start a separate TFSA in my name and automate a small amount every month to start, supplementing with any holiday gifts they receive. My goal is to have compound interest work its magic. Then, through even small contributions, my kids can have a meaningful amount of money to put toward a down payment or other investment in their twenties.

It’s unclear how tariffs and inflation will affect the cost of food, clothing and other kid-related items in 2026. One way I’m resolving to combat increasing costs, assuming they continue to go up, is to buy less stuff. Yes, because it saves money, but also because, like many parents, we already have so many toys, trinkets and other kid-related items in our home.

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We just don’t need more stuff. There’s a reason the “deinfluencing” trend is gaining steam on TikTok. In a world of overconsumption, influencers such as Bradley on a Budget are talking followers out of buying things, reminding them that it’s normal not to have 62 different water bottles.

This year, I’d like to urge our family members to gift our kids books (you can never have enough), experiences or clothes that they need instead of plastic toys. I’m also tempted to ask for charitable donations at their birthday parties. (I struggle with this last one because what four-year-old doesn’t love opening presents?)

In this vein, my final goal is to invest in experiences for our family, not things. For us, this means spending money on travel. We’re planning a couple of trips in 2026, including an extended vacation to South America and a family getaway over the holidays next year.

In the spirit of buying things more intentionally, our kids’ Christmas gifts included a screen-free audio player my parent friends swear by and some travel kits to keep our kids amused while we’re all on the road. I’m excited to expose our children to new foods, languages and cultures – experiences that, I hope, will be priceless.

Whatever your resolutions, if any, I hope this year is rich in time together, and that you check off your financial goals for the future while still enjoying the present.

Erin Bury is the co-founder and CEO of online estate planning platform Willful.co. She lives in rural Ontario with her husband and two young children.