While the holidays generally elicit feelings of joy and happiness, for some it can cause a lot of stress – especially financial stress. Between buying gifts for everyone, decorating your house, attending parties, and hosting friends and family, the expenses can really add up. Whether you are going into this holiday season with previous debt or not, the holidays can create financial issues very easily. Below are some tips for keeping your finances in check over the holidays. If you are looking for debt relief or bankruptcy options going into the holiday season, contact Littleton bankruptcy attorney Barry Arrington to discuss your financial situation.
Tips for Managing Your Holiday Spending: Advice from an Expert Centennial Bankruptcy Attorney
Budget: The most important thing you can do is set a budget for yourself. Determine how much money you can afford to allocate for holiday spending and then map out how you are going to spend that money. What portion will be spent on decorations? Gifts? Parties? This will help keep you in check as far as your spending goes. It’s easy to over spend when you don’t limit yourself ahead of time.
Partner up for gifts: If you want to get someone something that may be more on the expensive side, see if another family member or friend would want to pitch in and give the present jointly. This can help alleviate some of the burden of the price tag, while still allowing you to give the gift you want.
Shop the deals: Starting around Thanksgiving, stores start running sales and specials that can really cut down your costs. Watch for those deals, look for coupons or coupon codes, shop online and do research to make sure you are getting the best prices. You would be amazed how much you can save.
Organize a gift exchange: If you feel you have too many people to buy for, try and organize a gift exchange (like Secret Santa or white elephant) where each person in a group is only responsible for bringing one gift instead of a gift for everyone.
Don’t open new credit cards just for buying gifts: It is often tempting when a store offers a great coupon or perk for opening a credit card with them, but opening that door can be dangerous. If you already have credit card debt, opening a new card will not save you anything in the long run- especially if you are basically just paying off the interest with your monthly payments.