Queen of Your Finances: Tips for Financial Empowerment

_{Bromwich+Smith Staff | 1088 words | Reading Time: 5 minutes and 26 sconds | Date: 2023/05/05}

Moms deserve a lot of credit for what they teach us about money. You may or may not be aware of it, but you have likely absorbed your moms money habits- both good and bad and adapted them over the years into your own. We’ve rounded up some of the best financial and money-saving tips that Bromwich+Smith employees have heard from our moms to pass onto you.  

1. If it sounds too good to be true- it probably is.  
   We love this tip for every aspect of life- not just for our financial wellbeing. By taking the time to stop, think about the information given to you, and analyze it will help you tremendously. We live in a time where online and phone scams are abundant and sadly the most vulnerable tend to fall victim. The next time you are given a special promotional offer, or hear the news you have been awarded a prize you don’t remember trying to win think of your mom. What would moms advice be, and take the time to stop, and think about it. You may save yourself a lot of stress and financial strain by delaying your reaction and thinking about the information you are being given. 

2. Saving for a rainy day.  
   We all experience rainy days, and for many Canadians right now there is a flood going on! If you took moms advice early on and have a nest egg saved for emergency savings, you may not be feeling the financial stress right now. For many others, the added expenses at the grocery stores, gas pumps, interest rates, mortgage and rental increases has been piling on and for many it has reached the tipping point. If you have not put anything into savings- it is never to late to start. You may feel like its counter productive to start saving if you are struggling to pay off any debt. Trust us and mom when we say that its never too late to start saving. It feels like Murphys Law, that the world kicks you when you are already down. The washing machine breaks down the same week your car broke down and needed a tow and repair. Maybe you just received your mortgage or rental renewal notice and see an increase that you think you can handle but the following day you are let go at work. It is so important to have an emergency savings account, no matter how little you can afford to put in towards it.  

3. Are you sure you need it? 
   Moms everywhere are asking the time old question- is that a want or a need? Your inner child may be saying I need it while the adult you knows that its something you want. We are not saying not to buy things that you want, but to examine if it is the right time for that purchase. There are many factors to consider starting with do you have the means to purchase the item. If you are putting it on credit and not sure if you will be able to pay for it in full come pay day then maybe consider waiting for another day. Often having a price limit in mind will help guide you to making smart financial moves. Perhaps you use the 24 hour notice on any purchase over $100. If after 24 hours you still want the item and see the value in its purchase you go back and buy it.  

4. Nothing in life is free. 
   There is a cost associated with everything, it might be a monetary value or the value of your time. This can be relevant to everything you do. Think of how much time you have spent stressing out about your current debt, and put a financial value to it. 10 hours a week, at minimum wage is $7,800 in a year. We bet you have a better use of nearly eight thousand dollars instead of spending it worried. If you find yourself in a constant state of worry about your financial situation, know that in Canada there are debt relief options build into our laws. Meaning you do not need to struggle, and you do not need to worry about how you are going to pay your bills. Reach out to a Licensed Insolvency Trustee to learn your rights, and debt relief options. 

5. Spend Less Than You Earn. 
   The idea seems simple, and it all comes back to basic budgeting. Knowing your income including benefits, pay from an employer, or any additional income source will be the first thing to know. Secondly look at your expenses, start with the known expenses the ones that do not change month over month. This can include any child support payments you make, mortgage or rent, taxes, insurance etc. Then look at the variable expenses. This includes groceries, utilities, credit cards. Once you know what you are expecting to pay, you will be able to see what you have left over for debt repayment, savings and spending money. If you find there isn’t enough left over to cover each month and you are putting things on credit or loan to balance out lets take a look at your budget. Start by cutting out expenses you do not need, that might be entertainment, gym memberships, daily coffee stops, road insurance on a vehicle you no longer drive etc. If cutting back on spending isn’t an option and we understand that it isn’t, its time to explore how you can add to your income. Can you take on more hours at work or pick up a part time job? Can you make money with a hobby by selling items, or services like lawn care? There are always ways to increase your income but you need to be aware of any tax implications of added income as well as the emotional strain it may bring in your life. Exploring all options available will help you make an informed decision. 

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We know moms give great advice, even if we aren’t always willing to hear it. Another tip from mom- shes is always there for you and just like mom, Bromwich+Smith is there every step of the journey to help you achieve financial freedom and rebuild your worth.  

If you are facing overwhelming debt, remember that you are not alone. Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at 1.855.884.9243, or request a call back at contact us page.