As many abandon the tradition of New Year's resolutions, bestselling author and financial educator David Chilton actively champions it. In a recent discussion, the mind behind The Wealthy Barber outlined his pragmatic approach to financial improvement for 2026, touching on modern topics like cryptocurrency and artificial intelligence while reinforcing timeless money principles.
Building a Foundation: Tracking and Mindful Spending
Chilton, who released a fully updated third edition of his iconic book in late 2025, argues that becoming proactive with personal finances should be a top priority for Canadians. He acknowledges the daunting shadow cast by high grocery and housing costs but insists a positive financial course is still possible.
His first and most impactful recommendation is to maintain a detailed spending summary. "There’s very few experiences that people go through financially that are as illuminating and as impactful," Chilton stated. This process, where every purchase is recorded, reveals where money "leaks" away, often on items that provide little joy. The goal, he clarifies, isn't just higher savings but "better spending and spending that leads to more happiness."
The Core Principles: Pay Yourself First and Tackle Debt
Chilton strongly advocates reinstating the classic rule: pay yourself first. He suggests setting up a dedicated savings account and automatically diverting funds—"even if it’s $25, $50 a month"—before any other spending occurs. "Get in the habit of taking some money off the top of the paycheque before you have a chance to spend it. That’s vital," he emphasized.
For January, his advice is direct regarding credit card debt: stop using the cards and focus intensely on paying down balances. "Put them away, literally," he advises. Chilton finds that people often gain positive energy and momentum from this focused effort without feeling they are making huge sacrifices.
Planning for the Future and Embracing Technology
Chilton, who splits his time between Waterloo and Sarnia, Ontario, also offers one piece of advice that may be emotionally challenging for younger adults: establish wills and powers of attorney. He believes this step, much like debt repayment and spending audits, helps jump-start the broader financial planning process.
While focusing on these fundamentals, Chilton also engaged with contemporary financial topics like cryptocurrency and artificial intelligence. His insights suggest a balanced approach: understanding emerging trends while maintaining a disciplined foundation in personal money management. For Canadians looking to navigate an uncertain economic landscape in 2026, Chilton's blend of old-school wisdom and new-world awareness provides a actionable roadmap.
