Page Law Firm

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Frisco bankruptcy lawyerThroughout much of 2020, most people have spent more time at home than they have in previous years due to concerns over the spread of COVID-19. Mandatory lockdown or stay-at-home orders were instituted in many states, including Texas. As people were instructed to stay home, and non-essential businesses were closed, online retailers experienced an unprecedented boom. In fact, market experts say that American shoppers have already spent more online this year than they did in all of 2019, and we still have the entire winter holiday season ahead of us.  In addition, Black Friday is now more than a day; it is a essentially a season of its own.

As you look ahead to the upcoming holidays, you probably plan to buy gifts for your family members and friends. In keeping with the trends of 2020, there is a very good chance you plan to do much of your holiday shopping online. There is no question that online shopping is usually hassle-free and convenient, and you can certainly find some amazing deals. However, there are some factors that make overspending online a common problem for many people. Fortunately, you can control your online spending this coming holiday season by doing a few simple things ahead of time.

Holiday Budgeting

At The Page Law Firm, we work with clients every day who are considering bankruptcy.  In many instances, it’s because of a job loss or decrease in income. Right from the start, we ask our clients to come up with a manageable budget. Many people never bother to keep track of their holiday spending, but this is a dangerous approach. Before you start buying gifts online, have a plan in place. Know whom you are buying gifts for and how much you will spend. Then, put your holiday shopping money aside so that you are not tempted to “borrow” money that was meant for something else.

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Denton County bankruptcy lawyerThe 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?

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National Association of Consumer Bancruptcy Attorneys State Bar of Texas
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