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Have you ever heard of Blue Monday? Not the awesome song by New Order but the overall concept that the third Monday in January is the most depressing day of the year? In 2004 psychologist Dr. Cliff Arnall was commissioned by Sky Travel to come up with the very best time to travel. Using a formula of Weather, Debt, Monthly Salary, Time since Christmas, Time since failing at New Year’s resolutions, Low motivation levels and Feeling the need to take action, Arnall determined that the third Monday in January was the optimal time for a vacation and the most depressing day of the year. Many scientists have dubbed this pseudoscience and many claim it was all just a PR stunt. Nevertheless, early January can be a time when we feel a bit blue.
Christmas has ended, the celebrations are over (even if they were only virtual due to COVID19) and the bills are starting to come in and this can cause stress, anxiety, frustration and depression. What if we could skip Blue Monday? What if we could look forward to Hope Tuesday? Hope is a very powerful emotion and can uplift and carry us through almost anything.
Bromwich+Smith Licensed Insolvency Trustees are on a mission to create a new day after Blue Monday -- “Hope Tuesday”. It’s a day to start rebuilding your worth. You can rest assured that no matter how difficult you believe your financial situation to be, there are always options.
In a recent survey conducted by Bromwich+Smith, 40% of Canadians said that a silver lining of the pandemic was that life took on a slower pace and 28% said they were actually able to save money. Even in a global pandemic, we can find hope.
How can we build hope for January 19th now?
- Plan to take action. January is here, the credit card bills are coming and government assistance and payment deferrals are all but gone. We know this so we can plan for this, rather than try to sleep it away or ignore it. When you have a plan of action you can open those bills with hope. Plan to open the bills. Plan to look at your balance, interest rate, minimum payment amount and time to pay off your balance in full. Plan to budget paying down your debt. Have a plan for soliciting help with your January bills – you do not have to this alone. When you are armed with a plan of action, whatever the situation is, it’s less daunting and more hopeful.
- Reach out. You do not need to suffer in silence and alone. As a Canadian, the law empowers every Canadian to access debt forgiveness by working with a budget paying down your debt. 48% of Canadians say they are only $200 away from becoming insolvent – you are not alone. This pandemic has levelled the financial playing field and we are all feeling the financial affects. There is no shame or stigma in reaching out for help with your debt now to build hope and a brighter future for your family tomorrow. The moment we take responsibility to seek out the facts and seek out professional help we are back in control and can start rebuilding, that much faster. Canadians attitudes towards debt forgiveness is changing, 52% support debt forgiveness for student loans, 44% for small business, 39% for mortgage and rent and 23% support debt forgiveness for consumer debt. We have work to do in normalizing the conversation of debt and releasing the shame and stigma, but it starts with seeking out the right help.
- Next Christmas on a budget. One of the best gifts we can give ourselves is not getting huge credit card bills in the mail in January. Some tips to help set yourself up for a debt free Christmas can be found in the holiday giving without overspending blog. December seems far away a the moment, but getting a budget in place now means you have the entire year to set yourself up for a debt free Christmas. Make a list now of the people you want to do something nice for, how many hostess gifts might you need next Christmas and will you be hosting any gatherings. Try to come up with a realistic budget for these expenses, add them all up for a total. Now, divide that by 12 and that is the amount you want to put aside each month until Christmas. This will help you set yourself up for a more hopeful January.
Bromwich+Smith offers the skills, tools and information to deal with debt and it can start with a free consultation. Debt can be overwhelming but turning to an expert can help deal with creditors, eliminate your debt and get you back on track. There absolutely is hope, hope for a stronger financial foundation, hope for rebuilding your credit and hope for a fresh start. Hope Tuesday is on Tuesday January 19th, 2021 – let’s find hope in taking action and sharing resources with our friends, family and communities and get on track for a bright financial future!
Licensed Insolvency Trustees, Bromwich+Smith have debt relief specialists available to offer debt advice and debt restructuring entirely from the comfort of your own home. Now offering video appointments with clients, Bromwich+Smith’s Debt Relief Specialists are available for initial free and confidential consultation by phone at 1-855-884-9243 or request a call back at contact us page
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