The holiday season can get even the most careful shoppers into financial trouble. During the holidays, it’s easy to let debt get out of control. And when debt gets out of control, debt collectors come calling. If you’d like to keep the debt collectors at bay this holiday season, follow these tips to keep your holiday spending in check.
Tips to Keep Your Spending in Check
Make a budget (and stick with it): Creating a budget is the first step towards a debt-free holiday season. Of course, a budget alone is useless unless you stick with it! The best way to create a budget is to review your income, expenses, and savings to determine much money you can allocate towards holiday gifts. Next, create a list of the gifts you’d like to purchase. If your gifts cost more than your budget allows, keep tweaking your gift list until you get it right.
Avoid credit cards: Credit card debt can snowball (no pun intended) during the holidays if you let it. Therefore, you must be cautious when using credit during the holiday season. In fact, if you stick to your budget, you should be able to avoid using credit altogether to purchase your holiday gifts. Making it through the holidays without using any credit should be your top priority.
Don’t buy yourself gifts: People sometimes buy a few things for themselves while shopping for others during the holidays. However, this is a surefire way to overspend. By foregoing gifts for yourself until after the holidays are over, you greatly improve your odds of sticking to your holiday budget.
Keep your gift receipts: Obviously, it’s a good idea to hold onto gift receipts for returns. However, there are other reasons to do so as well. For example, some stores have big sales after the holidays are over. If you purchase an item that goes on sale after the holidays, the store may refund the difference if you provide the receipt.
Don’t give too generously: It feels great to give generously during the holidays. However, you don’t want to give too generously. None of your friends or family members want you to suffer financially in order to give them gifts. Therefore, make sure that you only purchase gifts that will allow you to stay within your holiday budget.
Contact a Milwaukee Bankruptcy Lawyer
If you are having financial issues and want to explore your bankruptcy options, you need an experienced Milwaukee bankruptcy lawyer on your side. At Hanson & Payne, we offer bankruptcy and debt negotiation services for clients all over southeast Wisconsin. Our experienced attorneys understand that filing for bankruptcy is a big decision, so we are committed to providing you with the information and guidance necessary for you to make an informed bankruptcy decision. Please contact us today to schedule a consultation.