Winterize your budget- put your debt on ice  

^{By Bromwich+Smith Staff | 600 words | Reading Time: 3 minutes | Date: 2024/01/12}

For many Canadians winter brings on many financial challenges. The holiday season has likely left a trail of bills in its path, and the cold temperatures cause us to turn the heat up inside, increasing our utility bills. With a little bit of planning and some strategic thinking, you can put debt on ice this winter, and come out ready for spring without added debt.  

We know there are some expenses that tend to go up in the colder months, and likely can not be avoided. This includes utilities, as we protect ourselves against winter’s cold. It could even include gas for your car. Think of how many mornings you start your car and allow it to warm up or defrost, and the gas used while doing so. To offset this, we need to create a realistic winter budget that you can easily stick to.  

Let’s start by exploring your spending habits. The first step is to analyze your bank account and understand where your money is going. Just by taking this step, you may identify where you may be overspending. Perhaps you can reduce costs in entertainment or travel. Keep a note that next year when the temperatures start to dip you will need to adjust your budget in these areas again!  

Are you finding the post-holiday bills are overshadowing the excitement from the season? Start planning now for next year. If you start a holiday savings account this month, you will have cash on hand to make the purchases next year, and will avoid additional debt. If you have the ability to purchase today, you will find many holiday specific items on clearance. Holiday décor, gift wrap and even artificial trees will be at a fraction of the cost and if it’s something you will need next year it could save you lots! Just make sure you are not using credit that you are unable to pay off right away in full. Trust us - future you will be grateful! 

Review your financial goals, and current situation. This is a great time to reflect on where you are with your finances, and what goals you wish to achieve this year. What steps do you need to get there? Perhaps 2024 is the year you finally plan a family vacation, or is it the year you start planning for retirement? 

Consider putting your credit card(s) on ice. Post holidays, take a month off from using credit and only purchase what you can pay for with cash or debit. If you can’t afford it this month, avoid racking up debt to make the purchase. This will take some adjustment, but you will quickly see a benefit from allowing your credit card a break.  

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Its ok to be frugal this winter, cozy up at home with loved ones and enjoy the moment. If you find yourself in a situation where you are unable to be present with loved ones because you are stressed out about overwhelming debt- let’s make 2024 the year you become debt free. We know that it can be hard to start, but we are here every step of the way. Reach out today for a simple conversation to learn what options you have. There is no obligation, no fee, no added stress.  

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, Live Chat  or you can request a call back at contact us page. We want to see you flourish!