The calendar has officially turned over to October and today is National Savings Day. This means that we are only about eight weeks away from Thanksgiving, which, to many people, represents the beginning of the winter holiday season. Christmas, obviously, will follow just a few short weeks later. With this in mind, now is the perfect time to start thinking about how you will handle the winter holidays from a financial standpoint. Without proper preparation, it is extremely easy to overspend and to find yourself using credit cards to make up for the shortfall in your budget.
Make a Budget
When you book a strategy session with The Page Law Firm to discuss bankruptcy, you're asked to have some items on hand for the meeting. One of those items is a budget. Most of us don't even think about how much we spend during the 4th quarter of each year. Gift-giving is a wonderful tradition, but it costs money—quite a bit of money, if you are not careful. Before you start buying presents, create a plan that includes a maximum amount you will allow yourself to spend and make a list (checking it twice) of who will get gifts from you. You are probably going to spend more on your children than you will on a gift for your neighbor across the street, and all of that spending should be accounted for in your budget.
It is also important to know where your holiday money will be coming from. Do you already have money saved? If not, will you be able to save enough between now and when you plan to shop?
Do Not Forget…
Gifts should be just one part of your holiday season budget. Unfortunately, it is easy to overlook other expenses such as those associated with food, travel, and entertainment around the holidays. If you have family coming into town to celebrate Christmas, for example, you may need to set aside money for doing fun activities together. If you plan to visit family out of town, your holiday budget should also include travel expenses, such as gas or airfare, hotels, and food while on the road.
It is also very important to remember Thanksgiving. This might sound obvious, but as you focus your budget on the traditional “winter” holidays, the costs associated with hosting or attending a Thanksgiving get-together can put you in a financial hole if they are not accounted for in your budget.
A Denton County Bankruptcy Lawyer Can Help
The best thing you can do for your finances during the holidays is to avoid taking on new debt. To achieve this goal, you will need to make a plan and stick to it. At The Page Law Firm, we understand that debt can quickly spiral out of control, and we are here to help. If you are currently facing unmanageable financial obligations, contact our experienced Frisco bankruptcy attorney to discuss your available options. Call 214-618-2101 for a free consultation regarding your case today.