Published by Leonardo Calcagno
So just picture this: it’s a Friday night, and instead of relaxing, you’re staring at a stack of bills, feeling completely overwhelmed. The sinking feeling in your gut is real—like you’ve hit financial rock bottom, and there’s no way out. If this sounds familiar, take a deep breath. You’re not alone, and believe it or not, there are a lot of Canadians out there who just can’t simply handle unexpected expenses that get thrown their way.
Now, with all of that said, there are some steps that you can take to pull yourself out of this situation. While sure, it might not be easy, but it’s definitely possible. Now, let’s go ahead and take a look.
Assess Your Situation
The first step is to get a clear picture of where you stand financially. You’re going to have to keep in mind that avoiding your bills or your bank account isn’t going to make the situation disappear. Sit down, grab your statements, and go through everything. It’s crucial to know exactly how much you owe and to whom.
Once you’ve got a list, prioritize the essentials, like rent, utilities, and groceries, and separate these from non-essential expenses. Is this super obvious and generic? Sure, but this step is about facing the problem head-on, not about beating yourself up over past decisions.
Create a Game Plan
Now that you know where you stand, it’s time to make a plan. Well, the best way to do this is by setting a budget—one that’s both realistic and strict. You ll need to cut down on unnecessary spending and direct as much as you can toward paying off debt.
So, you should consider looking for side gigs or temporary work to bring in extra income. It’s also worth exploring government programs or assistance that could help you get through this tough time. There are more resources out there than you might think, so don’t hesitate to ask for help.
Speak to a Professional
Are you feeling lost about how to move forward? Well, just keep in mind that you’re not expected to know everything about finances, which is why speaking to a financial advisor or debt counselor can be a game-changer. Most people will go this route, and they can help you explore options like debt consolidation or a consumer proposal. Now, both of these can reduce your debt and give you more manageable payments. But overall, a professional will offer advice tailored to your situation and can guide you through the process without judgment.
How You Can Deal with the Emotional Side of It
So you really need to keep in mind that hitting financial rock bottom isn’t just about numbers; it takes a serious emotional toll, too. Sure, it’s easy to spiral into feelings of shame, guilt, or hopelessness. But remember that finances don’t define your worth. It’s okay to feel overwhelmed but don’t let that stop you from taking action.
Again, so many people are in debt, it’s very hush-hush, and debt never defines your worth. Celebrities, influencers, CEOS, and companies are all in such massive debt, too, but they get to stay on their pedestals. The same goes for countries, basically all of them are in debt too!
So many people are not in a financially good position, so you should ideally reach out to friends, family, or even a support group for encouragement. Basically, just speaking to someone about your situation can lighten the emotional burden and give you a fresh perspective.