Yearly Recap: 2022 At A Glance

_{By Bromwich+Smith Staff | 667 words | Reading Time: 3 minutes and 30 seconds.| Date: 2022/12/30}

As we come to the final days of 2022, it’s a natural time to stop and reflect on the year and create new goals- not resolutions- for the upcoming year. In 2022 were you able to stay on track, did you put away money for an emergency savings account, were you able to retire? How have you managed your short term or long term goals this year?

A great starting point is to look back on where your finances were at the start of the year, compared to now. Are you in a better place financially? Do you see any gaps or are you unsure of what you need to do and want to conquer debt fast?

Lets start with your current debt. Are you carrying more debt than you are able to maintain? Have you found that it is difficult to pay your credit cards on time and often you can only pay minimum balances? Do you have creditors calling and you are needing to stop garnishments? If this sounds like you- don’t worry. Lets end those sleepless nights, and stressful creditor actions now. Calling a Licensed Insolvency Trustee like Bromwich+Smith, will help you Conquer debt fast and get your finances back on track.

Next, lets look at your savings. Keeping in mind there are many different savings accounts, and no two people have the same life goals. We always recommend an emergency savings account. By having money set aside for an emergency you will be less likely to go into debt if something came up. That can include car repairs, home repairs, injury, traveling to see a sick loved one or many other reasons. Without savings, you may resort to putting these payments onto a credit card and with no immediate way to pay them back you could find yourself paying more in fees and interest rates. You may even find yourself looking towards payday loans, which is never a solution and will put you further into debt.

Have you thought about your retirement plan? Depending on where you are in life, it may seem a long way off but trust us when we say it is never too early to explore options and start saving!

2022 brought a year of insecurities for many Canadian families. Interest rates peaked, and prices everywhere went up. Many people struggled and continue to struggle with paying bills, buying groceries and day to day expenses. This could be a great time to evaluate where your financial situation sits. We suggest checking your credit score. This will give you a great starting off point to knowing how potential creditors see your credit, and if you are a candidate for purchases you may be looking at in 2023. Do you have a mortgage that is up for renewal in 2023? Start looking into options to make sure you are getting the best rates, and if your credit score isn’t where it needs to be to give you the best options you have time to see what changes you need to make.

While we don’t know what 2023 will bring, the best way to be prepared is to get an early reading of your finances, and by starting the year in the Black. If you are struggling with debt, start the year off with a phone call to a debt relief specialist who can review your finances, and see what options are right for you. We know those first steps may feel intimidating but it is important to know what opportunities are available to you. A no hassle, no obligation phone call could change your life and you deserve to be the best version of you for 2023 and beyond.

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.