Hope Tuesday 2023

^{By Bromwich+Smith Staff | 739 words | Reading Time: 3 minutes and 41 seconds| Date: 2023/01/17}

It happens every year, those blue feelings of sadness when the holidays are officially over, and the bills start coming in. Its often that eye opening moment, when Canadians realize they may be in financial distress. At Bromwich+Smith, we have created Hope Tuesday, a day to start dealing with debt and rebuild your worth. We are here to help you every step to creating a brighter financial future.

If you are experiencing dread, and sadness due to overwhelming financial strain know that you have options. If you need to speak to someone regarding your financial options, a Federally Licensed Insolvency Trustee, like Bromwich+Smith is the best choice in order to learn about all available debt relief options. If you are experiencing feelings of self harm please reach out to mental health resources.  

My debt is overwhelming… how can I be hopeful?
If you are experiencing overwhelming debt, we are here to support you. There are debt relief options  available  for any situation.  There are steps you can take in order to get on top of your debt.

1. Set up a Savings plan

While we know it may sound counter productive to put money into your savings when you have debt it is a very important step to becoming debt free. Take a look back on your debt, and you will likely notice a moment when things started to pile up. Perhaps you lost your job, started caring for an ill family member, went through a marriage separation, were in a car accident, or maybe our landlord raised your rent. Those are all unexpected challenges that cause financial strain. If you are without savings, those items are often placed on credit which ends up costing more than the original cost. Be smart with your savings plan. Start small and be specific with your goal. Putting aside an emergency savings, school costs, vacation budget- whatever you determine is an obtainable goal is a great place to start.

2. Find ways to reduce your expenses

In order to shuffle around your income, one of two things must happen. Either you can generate more income or you will need to reduce your expenses and reallocate that income. Take a look at all of your costs throughout the year and examine anything that you can reduce. Maybe you can change your cable plan or cancel a streaming service. While that $10-$20 may not seem like a huge amount over the months it will add up and even a small amount will help you reach your goals. Using flyers to search for grocery store sales, and stocking up on items when they are on sale may help reduce your grocery bills. Do you find yourself buying tabloid magazines every week? Consider a magazine subscription which could save you more than you think! Often those small guilty pleasures end up costing more than you care to admit but you do need to balance the cost with the joy it brings you. We don’t want you to give up on all the small items that make you happy, we just want to ensure the cost isn’t putting you into unnecessary debt.

3. Take care of yourself

While it may feel weird to put yourself first it is important to remember how important you are. This pertains to your mental health, physical health and financial health. What do you do to support your mental health? Over the holidays we suggested gifting yourself the gift of No and we think its important to keep that going throughout the year. If you are struggling with large group get togethers, or pressure from extended family, it is ok to say No. Put yourself first, and allow yourself the ability to take care of yourself. Are you physically active? Studies are showing 75% of individuals who set time for physical activity are happier than those who don’t, and 74% are more successful in life goals.

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We hope that you take care of yourself this year and make you a priority! Financial struggles do not define who you are and what you are capable of.  Bromwich+Smith is here to support you, and want to see you succeed.

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. 

More Resources:

Hope Tuesday in 2022 (bromwichandsmith.com)
Hope Tuesday| Bromwich+Smith (bromwichandsmith.com)